Small Businesses and Money: Everyday Challenges

 💲 How do businesses make more money?

💹 By increasing cashflow!
💲 "Well, thanks Mr. Genius Accounting guy! I'll go do that right now!"
😁 Taking a step back, how does one increase cashflow?
🤔 Well, sometimes it's just doing the "little things" well, like increasing inventory turnover (without losing your shirt!), lowering your receivables, taking advantage of vendor discounts, and implementing modest general price increases.

👍 Besides these starting points, there are other focus areas we can look at during a free thirty-minute consultation. To elaborate a bit, a consultation might look at:

• The last three to five years of tax returns (1065 if a partnership, Schedule C from your 1040 if a sole proprietor, or 1120-S if a S-Corporation). 
• Plenty of nuggets we can draw from each of these, such as:
• Were there tax deductions or credits missed? Are they worth an amendment or just something to make sure we capture in the current year going forward?
• A/R Aging
• Do you have a high concentration of receivables (accounts) over 90 days? Do these customers need to go to collection and then be placed on COD terms?
• AP Aging
• Is the business missing out on 2/10 or 1/10 Net 30 discounts because it's occupied paying down older debts over 60 or 90 days? 
• These discounts add up quickly to lost money. Quick math says 36% in lost discounts on purchases each year for a given vendor with 1/10 Net 30 terms, assuming 3 purchases each month.
• Inventory Turnover
• Is there a noticeable concentration of old inventory with a high carrying cost? Carrying costs could be a combination of financing needed to purchase the inventory, warehouse/retail space rent, manpower + software + equipment needed to manage inventory, and lost opportunity costs in not being able to purchase fresh inventory because your money is tied up in the old.

☎ Call 509-953-4298 to schedule your consultation and find out more! You may also email us at inwaccounting@protonmail.com.

Part-Time CFO: Saving the Day for Small Business Owners Everywhere!

Perhaps the highest value service we can provide at INWA is for our owner, Kevin Strain, to fill in as your interim CFO. 

High-performing CFO's and controllers are a rare breed and when you have one retire or otherwise depart, filling that spot permanently can be a lengthy and expensive affair. This is where the interim CFO comes into play.

Having a strong part-time or interim CFO assist in negotiating loans with banks, preparing the monthly/quarterly/yearly financials, mapping out tax-mitigation strategies, and ensuring GAAP and overall financial regulatory compliance means peace-of-mind for owners and security for the business, not to mention potentially increasing profitability!

Kevin has extensive practical experience as a financial controller, working directly under three different small-to-mid-size business owners during the last ten years, and can attest to the high demands placed on them by the nature of their businesses. On two occasions, Kevin was called upon to replace the outgoing CFO permanently, so your business is in good hands.

You may need Kevin's assistance for only a few weeks, several months or even up to a year in maintaining a well-ordered financial house. Everything can be tailored to your needs and we place the highest value on your time and ventures!

Call 509-953-4298 or email us at inwaccounting@protonmail.com to ask for a free 30 minute consultation and learn more about how we can best serve you! Godspeed!

Full-Service Accounting; What the heck is that?

What does "full-service accounting" mean? In a general sense, this is an accounting firm (usually a public accounting firm with a staff of CPAs) offering a broad spectrum of accounting services such as bookkeeping, payroll, tax, audit, estate planning, and perhaps even branching into more specialized fields like forensic accounting and fraud investigations.

At INWA (Inland Northwest Accounting) we focus on filling the gaps small businesses may have in just getting their books straight, state reports filed on time, business and personal tax returns prepared and myriad other critical business done right and on time.

Don't have an accounting manager? We can fill that gap.

Don't have a controller? That's our bread-and-butter!

CFO or Director of Finance retired? No sweat; we'll do an in-person review, figure out next steps, and be there to handle critical functions in the interim.

Have a stellar team in place and just need a little extra help? Consider it done.

Call 509-953-4298 to set up a 30-minute consultation or just chat about your challenges. You may also email us at inwaccounting@protonmail.com. Thanks for reading and Godspeed!

Open for Business!

Welcome to Inland Northwest Accounting, where we help you make cents of your business!

We offer a full range of accounting services sprinkled with a modest helping of advice on business optimization and process improvement. 

You know your business best and we're here to help you not stress over the boring stuff like payroll, taxes, bookkeeping, financial statement preparation and so on.

Please call 509-953-4298 and ask for Kevin to learn more about how we can help you. You may also contact us through email at inwaccounting@protonmail.com