Let’s Get Fiscal! Year End Accounting Wrap Up Workshop ! 1

Let’s Get Fiscal!Year End Accounting Wrap Up

Workshop !

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Plumber’s Wife – not a CPA

2www.barebonesbiz.com

www.barebonesbiz.com 3

FREEDOM

THIS TIME OF YEAR?!

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Three Things

Here’s the plan1. The Wrap Up/The Clean Up2. Tax Tips

– Before the year ends…– Before tax due date…

3. Best Year Yet in 2015

• Forms, recording• YOUR Questions?• GOAL: Prepare YOU as Financial Manager!

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www.appleseedbusiness.com www.barebonesbiz.com

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Wrap Up/Clean Up

Bean Team Meeting before 12.31


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Chart of Accounts

• SIMPLE…use it to make a decision?• Big Rocks…Sales, Labor and Materials• Allocating Overhead?• Job Costing…Big Rocks• Make notes on YOUR financials!• Best advice… WHAT IS THIS?

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What if it’s a mess?Troubleshooting Tips


K.F.P.THE YEAR END CHECKLIST

Known – current, accurate, understood

FinancialPosition

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The Balance SheetWDTMG pg 70

ASSETS = LIABILITIES + EQUITIES


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$ Sales 100%

- $ Costs 75% _____________________ $ Profit 25%

The Profit & LossWDTMG pg 71

Cash v. Accrual?Cash Flow Statement



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Tax Tips – now and by 2.15

Pay the right amount of tax!


Tax Tips Laundry List - NOW• KFP! Year End Checklist – GO!• Review WHOLE empire• Make notes on YOUR financials• File for YE statements, info, tips• Cash v. Accrual – estimated tax burden now

•1.15.2015 – last chance ETD• Time sales and expenses - CAUTION• Donate to Charity• Bonuses, retirement contributions• Pre pay – Loans, medical expenses, ed?• Defer Income• Adjust Inventory• 70+? Take $$, can give up to $100K to charity• Gift $13K• Buy equipment, vehicles…leasing company?

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Tax Tips Laundry List – by 2.15• It’s YOUR job• Research! • Additional IRA contributions for 2014?• Loan docs – go get ‘em. • Make entries early – monthly estimates• Update the YE Checklist• Reconcile and close – Month End Checklist• Create/update procedures• Drop file for YE stuff…all year long• CPA - Qtrly

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Where did I put that?Recordkeeping Checklist


Best Year Yet - 2015


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Time to upgrade the Team?

Time to upgrade software?• I <3 QBs• Dispatch/CRM Software

• Field Service• Service Titan• Kickserv• Serveman• Service CEO

•Best advice… start in New Year!

Use a Payroll ServicePayroll Procedure Forms


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The “B” Word

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Your Budget delivers…Your Budget delivers…

• GOALS• Sales• Expenses• %s, $s

• SELLING PRICE• Justification for HOW MUCH

• CONFRONT the numbers!• Divide costs by Widgets, Billable Hours.• Charge more than it costs!• IGNORE what others do

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Selling Price Formula… the Frank Blau Method

The Financial Quick Check


The Financial Quick Check

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“Ellen changed my company forever! The most immediate change made was, as we started to get into the company’s books, I realized that what my bookkeeper was saying he was doing, he was not doing. He was being coy about my direct questions…so he is gone.

“Now there are no secrets! Every week, we go through the FQC. The numbers are real, we have a plan in place, and we know what questions to ask and where to get them answered if something looks off. ~Jim Papalia

Shake on it!• The Balance Sheet• The Profit & Loss• The Budget• FQC – Actual to Budgeted…weekly• The Month End Checklist• The Year End Checklist

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Questions?


Forms, Recording!http://www.ellenrohr.com/online-business-workshop/lets-get-fiscal-year-end-accounting-wrap-up

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http://www.ellenrohr.com/online-business-workshop/lets-get-fiscal-year-end-accounting-wrap-up/





Documents

Let’s Get Fiscal! Year End Accounting Wrap Up Workshop ! 1