Are you ready for 2018?

Year-end can be a pretty hectic time for many of us. As a business owner though, this is an ideal time to work on positioning your firm for a prosperous new year. Important areas to focus on for 2018…

Megan Jaynes, CPA B2 Consultant

Megan Jaynes, CPA
B2 Consultant

Think about strategic planning. Evaluate your firm’s successes as well as areas that need improvement. Use this information to help establish goals for the upcoming year and modify policy and procedure as needed.

Update engagement letters and analyze rates. It’s a good practice to evaluate your rates and review engagement letters each year. It’s not enough to calculate how much you’d like to make per hour, it’s also important to determine if your rate is realistic. If your customers say you are a bargain and your competitors are raising prices, it could mean you need to look at your fee structure. Take a look at the market, and see where your firm fits in.

Develop a budget. A budget is important because it allows the business owner to assess the feasibility of their ideas and plans for the future. When you set a budget, it allows for an opportunity to assess whether your ideas are going be a success or a failure before it’s too late. Budgeting also provides an important view of where the firm is headed, and provides an opportunity to evaluate expenses for cost savings.

Analyze your cash flow. A good system of cash flow management can spell the difference between a successful business and a failed one. Obviously, you need positive future cash flow to meet your debt commitments. Strong cash flow management also provides the ability to invest in growth. Getting to a position of excess cash flow helps your company operate in a strategic, proactive way, and can help keep you from operating on the defensive. Year-end is an excellent time to document your cash flow, prepare a cash flow budget, and look for areas of improvement.

As a full-service management consulting firm, B2 partners with our clients to deliver solutions that help solve their most complicated needs. Utilizing decades of industry experience and functional expertise, we can assist you in growing your business in a strategic way and help prepare you for the future.

B2 is pleased to have Megan Jaynes join our Leadership Team! Megan is an experienced CPA that guides B2 clients in a thorough understanding of their financial position and addresses complex accounting issues. Megan practiced public accounting for eight years at PricewaterhouseCoopers LLP as a manager in the Audit division and worked with a diverse range of clients, including both public and non-public companies. She has extensive experience in financial statement preparation and analysis as well as application of accounting principles. Megan’s knowledge and analytical skills are used to help clients in forecasting, budgeting and maximizing financial efficiencies to help grow their business.

 

B2 is pleased to have Megan Jaynes join our Leadership Team! Megan is an experienced CPA that guides B2 clients in a thorough understanding of their financial position and addresses complex accounting issues. Megan practiced public accounting for eight years at PricewaterhouseCoopers LLP as a manager in the Audit division and worked with a diverse range of clients, including both public and non-public companies. She has extensive experience in financial statement preparation and analysis as well as application of accounting principles. Megan’s knowledge and analytical skills are used to help clients in forecasting, budgeting and maximizing financial efficiencies to help grow their business.

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