Momentum Accounting, Inc.

What's the difference between a bookkeeper, a controller, a CFO, an FP&A analyst, and what your CPA does? But wait, there's more than that?? Yeah... here are 12 experts you need on your money team! Do you have someone excellent in all of these areas?

We’re looking forward to seeing you in Austin!!

Are Your Financials Lying to You? Why Cash-Basis Accounting Is Holding Your 2M+ Business Back

At Momentum Accounting, we’ve spent the last 10 years perfecting a financial operating system that gives CEOs clarity, confidence, and control over their numbers. Too many CEOs don’t know what they don’t know when it comes to their finances. They end up asking for data from their accountant sporadically, rather than having regular info pushed up to them. This leads to frustration and chaos. We’ve built a proven financial operating system that helps business owners take control of their finances, improve cash flow, and make smarter, more profitable decisions. If you want to lead your accounting function with confidence, know exactly what to ask for, and establish a financial routine that actually works, this guide is for you.

So excited for another year of Capital Factory's Startup Crawl at #SXSW with my favorite crew (plus Nikole + Momentum Accounting, Inc. ??)

Having profitability problems? I'll be talking about a quick and easy hack to fix your profitability by applying my 50-30-20 rule in an upcoming live event with Modern Ideas for Business Sign up here: ? WHEN: OCT. 10, 2024, 10—11AM PT WHAT:?THE SECRET TO SUSTAINABLE PROFITABILITY- The 3 Magic Numbers You Must Know ? In this session, you'll learn a proven framework for achieving long-term profitability using a simple but effective methodology that ensures a 20% net profit margin. I’ll walk you through how to properly structure your financials for more valuable analysis, benchmark your performance, and price your services or products for profit. By the end of the session, you'll have clear and actionable steps to improve and monitor your profitability. Join me on Oct 10.?(Link to sign up in comments)

Good accounting v bad accounting Here's why you should care

We are looking for more topic ideas for Cash Flow Show! (The most difficult part of podcasting ??) The primary target audience for the show is 7 figure business owners. The secondary audience is advisors (bookkeepers, accountants, CFOs, bankers, etc) who serve small businesses. So far, we've recorded 23 episodes on the following topics: 1. Understanding COGS v OH - the foundation for a useful P&L, intro to the 50-30-20 rule 2. Strategies for getting paid faster to boost cash flow 3. Paying yourself as an S-Corp owner 4. Setting up your AP process/paying vendors/AP automation tools 5. Common payroll mistakes, payroll and benefits (401k, health ins) integrations for saving admin time 6. Building the ultimate accounting app stack! 7. Roles in an accounting department 8. The 5 KPIs every business should be tracking 9. Reporting rhythms - the stuff you should be looking at weekly, monthly, quarterly, and annually to make sure you're staying on top of your biz 10. Mistakes to avoid when buying accounting services 11. Do you reallllly need a cash flow forecast? Tips for fixing your cash flow troubles on the front end, plus cash flow forecasting methods for clients with "lumpy" revenue or constantly at risk of missing payroll 12. Marketing strategies and budgeting tips 13. Who should you hire next? 14. Can I afford to hire an employee? 15. 7 signs your business needs a controller 16. How to guarantee a 20% profit from your business, a deeper dive into the 50-30-20 rule 17. Getting your business ready to sell 18. Pricing strategies for service business 19. Creating a walkway price: understanding the basics of pricing 20. What if you have TOO MUCH cash? 6 ways to invest excess cash 21: What to do when you're RUNNING OUT OF CASH!? 22: Tired of your bank's old technology? Consider a neo-bank 23: How much should you pay for accounting? Feel free to comment here or send me a private DM. I'd love to hear from you! Also open to bring on experts in various areas of expertise. Thank you ?? Nikole & Scotty Scotty Scarano ?????? Accounting High Momentum Accounting, Inc.

Feeling overwhelmed with all the hats you're wearing as a business owner? It might be time to hire an "integrator"—a game-changing role that bridges the gap between your visionary ideas and day-to-day operations. In our latest Cash Flow Show podcast episode, Scotty Scarano ?????? and I explore how an integrator can take your business to the next level, manage your functional areas, and free up your time for strategic growth. Learn the best practices for identifying when to hire, choosing between part-time, full-time, or outsourced help, and ensuring your new hire fits within your budget. Podcast Episode link in comments (Keep all lidless cups away from me or they will get knocked over and spilled)

We're thrilled to share the results we've been able to produce for our client! Here's how solid financial operations infused $558,219 into a $5M business. Profit Increase: By moving to accrual basis accounting and tracking benchmark targets around COGS and Overhead, the business was able to start making small operational changes that resulted in a 5% increase in net profit over the last 12 months DSO* Improvement: Usine our accounting department accountability matrix, we created more clarity around who is responsible for AR collections and set cadences around invoicing. We also set policies for the sales team about taking retainers, and implementing electronic payment methods, the company was able to reduce the time it takes customers to pay from an average of 45 days to 30 days DPO* Improvement: Implementing BILL and a solid bill pay process gave the company more control over their cash outflows and now they only pay bills as close to the due date as possible, resulting in increasing the time they take to pay vendors from an average of 15 days to 30 days. The result?? Total Cash Impact: - Profit increase $5M x 5%: $250,000 - Cash flow improvement from DSO reduction of 15 days: $205,479 - Cash flow improvement from DPO increase by 15 days: $102,740 Total Impact: $250,000 + $205,479 + $102,740 = $558,219 ?? Total Cash Impact: A remarkable $558,219! (*DSO is a measure of how long it takes customers to pay on average) (*DPO is a measure of how long it takes a company to pay vendors on average)