I was referred to a business owner in the senior
care industry. When we finally connected on a live call,
within minutes of there was 101 bright and shiny objects the
business owner was distracted with.
Everything from people ringing the doorbell, call waiting
beeping, sounds of email alerts, employees inquiries, etc…
The reason this business owner was referred to me was,
although there was lots of success, they did not have
their accounting and payroll in order. Yes- this meant
they were paying wages under the table. I asked if they
had the contractor complete a W9 form for a 1099 to be
issued at the end of the year, and they said no. This
could be a huge mess if they were contacted by the state
labor board.
What’s even more frightening about this scenario was that
they just started the business last September and already
had five employees and two company vehicles, and two more
vehicles on order from the local Dodge dealer. All this and flying
blind with no financial indicators and hopes of selling in 5 years.
During our call the business owner shared with me that
they really did not know much about QuickBooks, and was
having a hard time keeping up with just the invoicing.
The biggest issue was about to be dropped on me…they
currently had over $22,000 in accounts receivables over 60
days past due! Yes, that was real money that they earned but
had not collected for a few reasons. Once those balances hit
90 days past dues it will be become increasingly more difficult
to collect.
Are you experiencing big success right now in your business,
but are waking up in the middle of the night wondering how
much longer you can keep it going before it implodes because
you are guessing with your accounting?
If this message connects with you, and you are not too
busy to talk, let’s connect for a 10-15 minutes about your
situation. I talk with business owners everyday and you
might find that a simple suggestion could change everything.
Go ahead and send me an email to todd@simplebackoffice.com
or give me a call at my office at (916) 520-8560.