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5 Questions to Ask Your Accountant and Bookkeeper to Maximize Profitability

When you are running a business, having an accountant and bookkeeper in your corner is essential. These professionals can help you keep track of your financials, stay on top of taxes, create budgets, and more. That said, many business owners and entrepreneurs don’t know how to get the most out of their accountant or bookkeeper.

Here are some questions that you should ask them to ensure that you are getting the most from your professional relationship.

1. What Are My Tax Liabilities?

One of the most important things that you will want to ask your accountant is what your tax liabilities are for the current year. This information can be invaluable when it comes to budgeting for taxes and ensuring that you have enough money set aside for those payments.

It can also give you a better idea of where else funds could be allocated so that you can achieve optimal profitability each quarter.

2. What Financial Reports Should I Be Tracking?

It’s vital to have a handle on all aspects of your finances in order to make sound decisions as a business owner. Knowing which financial reports you should be tracking is key here, so be sure to ask your accountant or bookkeeper what they suggest keeping an eye on regularly.

This helps keep everyone up-to-date and aware of where the business stands financially at any given time.

3. What Financial Goals Should I Have for My Business? 

One of the most important questions you should ask your accountant or bookkeeper is what financial goals they think your business should have. Every business has different needs, so it’s important to hear what your professional thinks would be beneficial in terms of financial goals. This could be anything from lowering costs to increasing profits margin and more.

4. Do You Have Any Cost Saving Recommendations?

If there’s one thing every successful business knows how to do, it’s save money whenever possible. Ask your accountant or bookkeeper if there are any cost saving recommendations they may have after taking a look at your books.

They may suggest tightening up spending policies or reducing overhead costs such as utilities or office supplies in order to maximize profitability each quarter and increase overall savings in the long run.

5. What Are The Benefits Of Automating Certain Processes?

Automation is becoming increasingly popular as businesses look for ways to streamline processes and save time and money. If you’re considering automating certain aspects of your business operations such as payroll management or customer service, then it’s worth asking your accountant or bookkeeper about the benefits this could bring in terms of cost savings and efficiency improvements.

GROW YOUR BUSINESS

Asking these 5 simple questions—what are my tax liabilities; what financial reports should I be tracking; do you have any cost saving recommendations; What Financial Goals Should I Have for My Business; What Are The Benefits Of Automating Certain Processes  — can help ensure that you get the most out of your accountant or bookkeeper relationship by helping you stay aware of where funds are being allocated and making sure expenditures align with company goals.

With their expertise by your side, there’s no limit as to what heights your business can reach!

In this video, Simone gives you the step by step guide to what to ask your accountant and bookkeeper. VIDEO 

Find a the FREE SOP here:  (maybe this could be a separate landing page as a Lead Magnet)

Live with purpose

Kristian Livolsi

“How to Strategise” for People Who Don’t Think They Can!

So many people think that strategy is difficult and reserved for the “Ivy League” graduates and top strategic thinkers at McKinsey and Company or Boston Consulting Group.

The truth Is, strategy isn’t difficult. It’s not a purely scientific exercise and nor is it complicated.

Strategy is simply the basic methodology you will apply to achieve your company’s mission.

It’s not a mystery and it’s not a difficult concept to apply.

Business, like life, cannot be planned entirely.  There are many uncertainties and opportunities that present themselves unannounced. So, there is little point creating a thick, ridged plan that outlines every step and takes a team of experts and stakeholders six months to create.

In traditional strategy development there are six steps.

They are;

    1. Assess
    2. Analyse
    3. Evaluate
    4. Define
    5. Formulate
    6. Execute

These steps will serve you well, however there is a smarter, simpler, more powerful way to create good strategy. 

The key to good strategy is to have a simple, thoughtful and uncomplicated approach for attaining your mission.  It’s imperative to leave room for individual initiative, market conditions, experimentation, change in landscape, opportunities and innovation.

When setting strategy with clients, I follow Jim Collins four basic principles;

    1. The strategy must descend directly from your vision. Vision first then strategy.
    2. The strategy must leverage off the strengths and unique capabilities of your organisation. Do what you’re good at.
    3. The strategy must be realistic. It must consider internal constraints and external factors.
    4. Strategy should be set with the participation of those who are going to be on the line to make it happen. Buy in and action takers.

What’s important to note is that without the CORE you will be rudderless in creating your strategy.  The CORE is made of up purpose, aka vision, values and competencies. These are the guiding principles your organisation is formed upon, it’s the foundation that affects your journey.  

Once you have your CORE, you need to think first WHO then WHAT? Making sure you have the right team onboard is critical to how your strategy unfolds.

The essence of strategy comes done to having insightful and analytically validated answers to three essential questions;

    • Where to place the big bets?
    • How to protect the flanks?
    • How to extend Victories?

We find that breaking the strategic decisions down into key business areas helps and the five areas we consider are;

    1. People
    2. Infrastructure
    3. Customers
    4. Products
    5. Cash

Before you embark on the learning from today’s blog, REMEMBER:

 “Think vision first, then strategy and then tactics.”

In 2022 we have limited availability to help transform new clients. Our CORE workshop helps you uncover your purpose/vision, mission, values and competencies. If your company is unclear or uncertain about your CORE, then get in touch with my team and see if we are the right fit. I love running these workshops with clients, they inspire me and helps me to know what matters the most so they can build a wonderful team that achieves a common goal.

If you already have a clear vision and well-established CORE, then get in touch with my team to see if we can support you in developing a great strategy that aligns with your CORE and answers all the tough questions, supporting you to achieve your BHAG.

As always, live with purpose.

Ten truths that will help you live your best life

Today I am going to share with you ten truths that will help you live your best life.

Too often I hear business owners telling themselves lies about why they are stuck and frustrated about their journey. These lies are why they stuck and the fixed mindsets they have formed along with the self-limiting beliefs is why they are constantly frustrated which leads them to giving up and failing.

But I am here to tell you that I doesn’t have to be this way and that by reframing, developing a growth mindset, and manifesting the truth you can overcome these frustrations, get unstuck and move from surviving to thriving.

Let’s get started.

1. Time is infinite

How you choose to use it is up to you—it’s all a matter of priorities and boundaries.

2. You can efficiently and effectively complete tasks

When you feel excited and confident about them

3. Your negative thoughts are not your reality

You can shift from judgment to curiosity, and learn to trust yourself

4. Doing it all isn’t a mark of excellence

It’s a way to excuse poor results, justify inaction, and let yourself off the hook for not playing bigger.

5. You have absolute control over how you think, feel, and behave

Trying to control anything else is futile and will only lead to frustration, disappointment, and resentment.

6. Without a plan with priorities and boundaries

You will aimlessly wander and ultimately never find your way – make a plan and execute it with purpose.

7. Giving up or running away

Is the best way to avoid failure, rejection, or unwanted feelings—but it’s also the only guaranteed way to never get what you want.

8. Overthinking is a poison

That undermines your confidence, keeps you stuck in place, and robs you of the opportunity to live your best life.

9. Bet on yourself and put your needs and feeling first

Give yourself the best chance to serve others by serving yourself and living your best life.

10. Being a victim gives away your power

Learning to control how you react and act is key to living a fully empowered life