Since I became involved in accounting for assisted living facilities and adult daycare centers, I have had the opportunity to learn a lot about financial management. I have had the privilege of helping dozens of clients start, grow, and sell their facility businesses, too. I’m sure that I learned most of what I know from the mistakes that I made. Tuition is what I call costly mistakes. Lessons that come with a price. Many of my clients have made mistakes, too. I see them every day. But I also get to see great ideas and best practices. In this post, I want to share with you a list of the biggest mistakes and the corresponding best practices in financial management by small and large assisted living facilities and adult daycare centers providers.
Bookkeeping professionals will tell you Profit is the revenue remaining after deducting business costs, while cash flow is the amount of money flowing in and out of a business at any given time. Profit is more indicative of your business’s success, but cash flow is more important to keep the business operating on a day-to-day basis. Over the long term, lack of profit has a negative impact on cash flow.
One of the most important things about bookkeeping services is understanding the difference between cash flow vs. profit. Many entrepreneurs start businesses with the goal of turning a profit. But what they don’t realize is that cash flow is what keeps the lights on.
Bookkeeping Services in Miami Adopt Intuit’s New Version Of QuickBooks Intuit has released a new version of QuickBooks designed for Bookkeeping Services in Miami. QuickBooks Professional Bookkeeper 2012 includes all of the features available in QuickBooks Pro, plus offers multi-client tools and time-saving features. The small business management system is available starting exclusively as a …
Bookkeeping Services Bookkeeping Services remind business owners who often look for ways to bootstrap or ask employees to go above and beyond. But overlooking overtime could land you in a heap of trouble, according to Bookkeeping Services VieraCPA. Bookkeeping Services in Miami Bookkeeping Services VieraCPA notes this is the age of expensive equity and debt financing for startup …