• 6 Reasons to Keep Bookkeeping Up to Date

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Photo by Content Pixie on Unsplash

    In my years as a professional bookkeeper, this scene played out all too often. A small business owner chooses DIY bookkeeping. That decision works if – and only if – the business owner has the know-how, time, and technology to keep accurate records. I’ve seen the alternative! A business owner gets occupied by so many other responsibilities that bookkeeping falls to the wayside. They tell themselves, “I’ll get to my bookkeeping next week,” and weeks turn into months. Stacks of invoices, expense receipts, and paperwork pile up. At tax time, they spend their weekends feverishly playing catch-up, trying to remember and recreate past financial transactions. Their procrastination leads to stress and frustration, and potentially, inaccuracies that can result in costly tax penalties and overdraft fees.

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  • Improve Profitability & Efficiency: Set Fixed Fees for Recurring Services

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    For small business owners, long-term financial success hinges on a steady cash flow. Balancing the ebb and flow of cash in an organization contributes to a business’ growth and sustainability. Learn cash flow tips by requesting our free report, 105 Ways to Speed up Cash Flow in Your Small Business. In service industries, one of the most important financial decisions that business owners make is where to set their prices. Charge too much and they’ll l lose business because clients will find cheaper services elsewhere. Charge too little and they curb cash flow, making it more difficult to remain viable in the long run.

    The pricing of services tends to be a subjective task. Business owners typically base service fees on the value being provided to the client. Owners consider factors like the service provider’s education and skill that’s necessary for the job, the time involved, the client experience, and other factors. They look at the direct and indirect costs associated with their services. For more advice regarding setting prices for services, check out How to Price Your Business Services by the U.S. Chamber of Commerce. 

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  • Get Serious About Getting Paid: Why Weekly Follow-up Matters

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    When you run a small business, past due payments can slow your cash flow to a trickle. Stale invoices and late customer payments may make it difficult to pay employees, vendors and suppliers. No business owner looks forward to collecting late payments. Reminding clients that they’re late on their invoices is a tedious and oftentimes awkward task. Business owners walk a thin line. They respectfully request immediate payment while also trying to avoid conflicts that damage business relationships. Charging a late fee or cutting off products or service delivery puts all parties in an uncomfortable, unfortunate business situation.

    To get paid faster and avoid business conflicts, business owners need a few accounts receivable strategies. One strategy that works for Prosperity Bookkeeping is to follow up with payers every week. It is perfectly acceptable to send friendly reminders to clients to ask about their invoices. Reminders aren’t just for overdue or late payments. On the contrary, reminders work great as notices that a deadline is approaching.

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  • Can I Afford to Hire? Easy Method to Calculate Wage Cap

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Help Wanted signs are everywhere! In almost every sector of the economy, companies are scrambling to find workers. In today’s tight labor market, job seekers are in the driver’s seat. The U.S. unemployment rate was just 3.6%-4% in early 2022. This equates to nearly two available jobs for every unemployed person. As a result, employers have to compete harder to attract and hire the talent they need to be fully staffed. One way to attract job seekers is to pay well.

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  • Cash Flow Strategy: Increase Days Payable Outstanding

    Author: Prosperity Bookkeeping LLC | | Categories: 1300 , Accountant , Accounting , Accounting Services , Accounts Payable , Accounts Receivable , B2B marketing , B2B Marketing Strategies , Bookkeeper , Bookkeeping , Bookkeeping Company , Business Advisory Services , Business tip , Cash Flow Advisory Services , Cash Flow Management , Cash Flow Statement , Cloud Migration , Competition: 36/100 , customer relations , financial advice , Forecasting , Payroll Services , QuickBooks Certified ProAdvisor , QuickBooks Online , small business , Small Business Accounting , Small Business Bookkeeping , Virtual Accounting , Virtual Bookkeeping

    Blog by Prosperity Bookkeeping LLC

    When I was a kid, I loved to page through the toy catalogs that came in the mail at Christmastime. I made a list of every toy I wanted from Santa. Likewise, small business owners have long wish lists of items that would make life easier and the business more prosperous. Having cash on hand to turn wishes into reality requires a steady, strong cash flow. One way to improve cash flow is to increase Days Payable Outstanding. Days Payable Outstanding, commonly abbreviated as DPO, is a financial ratio that shows the average days it takes for a company to…

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  • Be Prepared: Emergency Cash Reserve Funds

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Let’s face it, some things are simply out of our control. Even the best-laid plans can go awry. We learned that lesson during the COVID-19 pandemic. At any moment, pandemics, wildfires, floods, and other natural disasters can wreak havoc on a business. And the list doesn’t end there. What about a cyberattack, supply chain disruption, rioting, or the sudden illness or death of a business owner or key employee? Emergencies come in all shapes and sizes, so it’s best to plan for the unexpected. The ages-old Boy Scout motto, “Be prepared” holds true for businesses, too. Cash planning is a crucial process for any small business.

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  • Avoid a Tax Tailspin: Open a Tax Savings Account

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    I’ll never forget this candid email I received from an ever-so-thankful client: “So, I am going to sound super vulnerable right now. Thank God we started a tax savings...I went from paying nothing in taxes last year to $18,483 this year...”

    Wow! It’s so humbling to hear how we helped a client overcome a financial hurdle. Her appreciation for our financial foresight made my day. But I can’t take all the credit. This client started working with us because she read the book “Profit First.” She believed the author, Mike Michalowicz, when he said, “Profit is not an event. It’s a habit.” She chose Prosperity Bookkeeping not only because I read the book but also because I successfully implemented its principles in my business and the businesses of several clients.

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  • What Makes Prosperity Bookkeeping LLC Stand Out

    Author: Prosperity Bookkeeping LLC | | Categories: Accountant , Accounting , Accounts Payable , B2B Marketing Strategies , Bookkeeper , Bookkeeping , Bookkeeping Company

    Blog by Prosperity Bookkeeping LLC

    Thanks for stopping by our blog. If you’re looking for more information about Prosperity Bookkeeping LLC, you’ve come to the right place.

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  • Why You Should Choose Prosperity Bookkeeping LLC!

    Author: Prosperity Bookkeeping LLC | | Categories: Accounting Services , Bookkeeping Company , Payroll Services

    Blog by Prosperity Bookkeeping LLC

    If you’re searching for a professional bookkeeper for your organization, hiring the right person for the role is crucial. As your bookkeeper will need to document your business transactions, the candidate you choose will be critical in helping your organization monitor its finances.

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  • Profit Building Game Changer
    Transfer 1% into a Cash Reserve Fund

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Increasing profit can be a big hill to climb for entrepreneurs. But instead of sticking to the traditional cash management formula, Sales – Expenses = Profit, consider turning the formula around, Sales – Profit = Expenses.

    That’s the game-changing logic of Mike Michalowicz, author of  “Profit First.” The math comes out the same, but the business approach is much different!

    Simply put, Michalowicz’s business principle is to take your profit first. To do so, he advises business owners to open five different bank accounts: Income, Owners Compensation, Operating Expenses, Profit Hold, and Tax.

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  • How to Successfully Collect Upfront Payments

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Managing the ebb and flow of cash in a business requires a mix of art and science. Juggling bills while waiting for customers to pay you can be a difficult balancing act. Read more at “Why is Cash Flow Important?” To improve cash flow overall, businesses can ask clients to pay them upfront, before any work begins or services are provided. This business technique comes with several advantages. Manage Cash Flow By accepting upfront payments, business owners have the extra cash on hand to cover out-of-pocket expenses associated with a project. Consequently, the business owner isn’t digging into cash reserves to fund labor, supplies,…

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  • Reality Check: Ask Questions About Your Financial Statements

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Financial statements may look complex and intimidating, but these accounting records actually are helpful tools. Understanding financial statements is an essential skill for business owners. Financial statements help business leaders make decisions based on the economic health of their companies, not on guesswork or gut instinct. Hard data shines a bright light on business finances, sometimes providing a much-needed reality check. By asking questions about their financial statements, business owners gain a better understanding of their financial position. The result? Smart business decisions.

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  • Small Business Customer, Negotiations: Don’t Leave Money on the Table

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    As a small business owner, chances are that you negotiate more often than you’re aware. For example, you negotiate terms with employees, vendors, suppliers, even the bank.

    When negotiating with customers, confidence in your negotiating skills will help you strike effective deals. The time and energy it takes to improve your negotiation skills are well spent, because of the enormous payoff. Effective negotiation skills will help you reach outcomes that might otherwise slip through your fingers. You bring your A-game to the bargaining table, thereby maximizing the value of the agreements you reach. As the saying goes, you don’t leave money on the table. You confidently flex your negotiating muscle to close a sale with a customer.

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  • Cash Flow Strategy: Reduce Days Sales Outstanding

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Cash flow is the lifeblood of any business. Consequently, running into cash flow problems can quickly drain the life out of a business. Steady cash flow strengthens an organization’s financial position. When no money is coming in, people tend to stop working or providing services. It is important for small businesses to monitor their financial statements and manage cash flow in order to have cash on hand to run day-to-day business operations.

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  • Staff Appreciation

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Have a good employee? Well, then you’ll want to retain that individual. The cost to replace an employee can cost a thousand dollars or more, depending on the industry. So, what’s one way to motivate good employees and earn their loyalty? Staff appreciation. Appreciation sends ripples through an organization. An employee who feels appreciated is:

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  • Own a Business, but Not Compensating Yourself - It's Time to Reassess

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Business owners put in long hours. I know this because I get emails from bookkeeping clients after hours and on weekends. A business start-up is especially demanding. Plus, cash flow is tight when a business is new. Because cash flow is limited, some small business owners forgo compensation. After all, won’t the business be stronger if the earned income is invested back into the company, not spent on compensation? While that’s a logical argument, I advise business owners to follow a different financial strategy. Here’s why business owners should compensate themselves fairly.

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  • Meet The Face Behind Prosperity Bookkeeping LLC

    Author: Prosperity Bookkeeping LLC | | Categories: Accounting Services , Bookkeeping Company , Payroll Services

    Blog by Prosperity Bookkeeping LLC

    I’m Kristie Van Pay, the proud owner of Prosperity Bookkeeping LLC. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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  • Conquer credit card debt rebuild profits

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Credit cards certainly are handy financial tools. It’s so simple to pull out a credit card from your wallet and pay expenses on the go. Credit is handy for one-time and recurring business expenses, also. Financing purchases with a credit card is simpler than taking out a loan. Plus, plastic is easier to track than cash payments. Businesses like the convenience of plastic – along with its special perks like miles, points, and cashback. Companies that pay the full balance of their credit cards every month have a convenient and effective way to pay their bills. These organizations avoid costly interest and penalties often associated with credit cards. Whenever possible, businesses should pay off their balance in full, or at the very least, pay more than the minimum due. However, sometimes paying more than the minimum just isn’t possible. That’s when credit card debt mounts and profitability suffers.

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  • Subscription Services: Take Stock of Hidden Expenses

    Author: Prosperity Bookkeeping LLC |

    Blog by Prosperity Bookkeeping LLC

    Subscription services are everywhere. While many are critical to small business operations, others can slowly drain your accounts. Subscription services often become background noise, and you don’t realize the money you’re spending.

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  • Outline: How Financial Reports Can Quickly Help You Improve Your B2B Marketing Strategies

    Author: Joan Koehne | | Categories: 1300 , B2B Marketing Strategies , Business tip , Competition: 36/100 , customer relations , financial advice , small business

    Blog by Prosperity Bookkeeping LLC

    Buyer Persona: Current Client/Outsource

    Julia runs a consulting agency in Green Bay. After five years of building her customer base, she has an overall picture of what type of customer is the most profitable to work with. Moving forward, Julia would like to work with more of these types of “A-List” clients. They’re a good fit for her agency’s capabilities, and they’re making her money. Thus, Julia combines the information she knows about her ideal customer. By doing so, she creates a customer persona. A customer persona is developed by compiling the demographics that top customers share:

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