Time To Close Your Books

October represents turning leaves, cooler days, Halloween candy, and from a small business owner’s perspective…time to close the books.

If you are already a valued customer of ours, we’ve got you covered. If you are a small business owner still struggling with a manual accounting system or outdated accounting software, we’d offer a few October suggestions…

Bring in those end-of-year receivables

It’s rare that a business gets to the end of year without having some outstanding invoices. Especially if you aren’t using invoicing software, there’s a tendency to forget to collect or write off those “no pay / slow pay” customers, so it’s time to be sure every dime is collected and accounted for.

Gather and organize receipts

Hopefully you were not using the proverbial shoebox and can deliver your accountant a  list of receipts from a software solution that syncs with your credit card and/or bank account. 

Review the year’s P&L

This statement is a 30,000-foot view of how you’re spending your money and managing your expenses. Only when you honestly assess your business’s financial strengths and weaknesses can you make wise decisions for the coming year.

Make a payroll checklist

If you’re worried about withholding taxes for fringe benefits, deferred compensation or end-of-year bonuses, you want to prepare a checklist to be sure taxes and employee-related issues are in order.

Take physical inventory 

If your business requires inventory, take an accurate count, match it with your year end balance sheet, and record money spent on inventory with current value.

The U.S. Tax Code is complex and challenging. It’s always changing. We can help you keep your books in good order and make tax season a breeze. 

When Halloween comes around, at least at the office you won’t feel spooked by year-end tasks. If you are one of our valued clients, thank you for your business! Feel free to forward this to a fellow business owner who might be able to use our expertise. Happy Halloween!

New Marketing Strategy

“Every victory, every loss, everything you do in life will boil down to your next five moves.”

At times such as these, more than few business owners feel as though they’ve hit a wall or have lost the enthusiasm that existed before lockdowns and compulsory mask-wearing.

A bestseller currently getting strong reviews these days is Your Next Five Moves, Master the Art of Business Strategy, by Patrick Bet-David with Greg Dinkin. The book delivers a fresh perspective on compassion in business and an innovative strategic approach to get clarity on what you want, and who you want to be, now and moving forward in this changing world.

Patrick is founder of PHP Agency, a national financial services marketing company out of Texas that is developing a way to “change the culture and diversity of the insurance industry and build the world’s largest financial services marketing company in history.” Basically, they want to bring life insurance to multi-cultural middle-class America while at the same time providing opportunities to individuals in these communities to become licensed agents.

With authority and style, the author suggests that as business owners, we need only to look at what’s in front of us to anticipate our next five business strategy moves. More about the strategic concept and the book here.

In these tough and uncertain times, there’s potential to make a positive difference. According to Steve Wozniak, co-founder of Apple, “[the author] has the drive and the fire to make a difference.” This also describes why we started DL Money Matters years ago, and why we’ve expanded our services to small business accounting services. We never want to be the world’s largest accounting services provider, but we do want to be Cincinnati’s most trusted and compassionate provider of these services.

If you read the book, drop me a note to share your thoughts. —Diana

Entrepreneur, or Small Business?

The bulk of our client base are entrepreneurs and small business owners. We believe that we serve our customers better when we understand what make them tick.

  • Our entrepreneurs are “business creators” willing to bear some or a lot of risk to enjoy reward. They invent, innovate and improve products and services.
  • Our small business owners are “business managers” making decisions that minimize risk. They hire, train, manage, and motivate people.

Both business types want an impartial, experienced accounting office they can trust to handle the confidential, financial and compliance needs of the business. What our clients expect from us—and why—can be described as:

Budget Planning: Without a proper accounting system, earnings can be underestimated or overestimated, leading to thwarted intentions even as much as business failure.

Accounts Receivable: When sales are down, knowing where the money is coming from and who owes what and when can be the difference between failure and survival.

Accounts Payable: When accounts are paid late, outcomes can be catastrophic. Product could be delivered late or not at all, utilities disconnected, insurance dropped, reputations ruined.

Tax Preparation: Executing procedures throughout the year guarantees a no-headache tax season and helps avoid late payment penalties and fines.

Technical Expertise: Using the best accounting software for professional service firms and keeping it updated is more important than ever. 

At the end of the day, we are a small business too. Described as entrepreneurs, we have a relentless focus on being detail-oriented, trusted, organized, flexible, purpose-driven, collaborative, committed, and able to talk about financial/accounting issues using language that business owners easily understand. Described as small business owners, we describe ourselves as fair, friendly, proactive, trustworthy, and quick to return phone calls and email. 

To our customers, a heartfelt thank you for being you! Please share this post with others in your business circle that may be interested in talking to us about our services. 

Prosper and be safe!