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February 1, 2018

Three Super-Easy Ways to Boost Your Revenue for 2018

acceleratorsupport Business Development, Business Tips, Profitability Tips

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Every business has a gold mine in its current customer base. But not all business owners remember to mine this gold because they are too busy trying to attract new customers or developing new products or services. This is the perfect time of year to step back and remember the three easiest ways to grow your business revenue using your existing customer base.

1. Upsell current clients.

Offer steady customers a product or service with more features than they usually purchase. Examples include moving a client from coach to first class, from a budget vacation to a luxury one, from a standard model car to a luxury version, from an off-the-rack suit to a designer suit, from the standard service to an all-you-can-eat version, and from a regular meal to a super-sized one.

Some customers simply need to be given permission to splurge on themselves, so why not by you? Others have outgrown the standard package but find it hard to break routine. With a gentle nudge from you, a percentage of your clients will purchase the upgrade, therefore boosting your sales with little effort on your part.

2. Cross-sell current customers.

Restaurants practice this the most, asking us if we want appetizers, dessert, or fries with our entrée, and you can apply this to your business too. If you offer two services and a client is only participating in one service, make sure they know about the other service you offer, and find out if they have a need for it.

This is called cross-selling, where you offer a current customer a service or product that they don’t already purchase from you. For example, an attorney that does trademark work for clients might also let clients know that they do wills, too. A pool builder who also offers maintenance service will want to follow up with the new pool owner once the pool is built. A real estate agent who also manages properties will want to let rental property investors know about this service.

3. Raise prices on current customers.

If your costs have gone up but your prices have remained the same, you’ve accidentally given yourself a pay cut. No one wants that, so raising prices is an option that will restore your profit margin to the way it was before costs went up.

If it’s been a while since you’ve raised prices, it might be time to make an adjustment. Review your price list for your services and products and determine what you need to do to bring the numbers back in balance. Let us know if we can help with some profit margin or breakeven calculations to help you make this decision.

Raising prices requires careful consideration and timing. Customers do expect periodic price adjustments, so don’t let procrastination or fear hold you back from making a good solid business decision here.

All three of these strategies will help to raise your average revenue per customer and boost your overall revenue without a lot of additional work on your part. Try these strategies so you can enjoy a more prosperous 2018.

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Accounting and Bookkeeping Services for QuickBooks® Online

Scott Springer, CPA PLLC

402 A West Palm Valley Blvd #182
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If you track transactions by the QBO fields for Class, Location or Project, but this information is missing on relevant transactions, it can result in incomplete or misleading reports. We assign the proper values to those transactions based on information you provide.

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QBO Payroll is a full-service payroll subscription. You specify how much and when to pay your employees. Payroll calculations, tax deposits, payroll tax returns and W-2 filing are all done for you. Pay employees by check or direct deposit. Employees have an online portal to view pay stubs, W-2s and more. We will help you select the specific edition that best meets your needs.

We will prepare your Balance Sheet and Income Statement. These are key reports to help you understand your company’s financial position as well as the amount of revenue and profit you’ve made for the period. We will also provide Accounts Receivable and Accounts Payable Aging Summary reports to help you better understand who owes you and who you owe.

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We will categorize and record your bank, digital wallet, and credit card transactions in QBO. We will do so based upon information you provide and our increasing knowledge of your company. We will ask for clarification, as needed, to ensure transactions are recorded properly.

Go paperless! We provide a subscription to receipt capture software using optical character recognition (OCR), and we integrate it with QBO. The allows you to easily and securely capture and store supporting documentation for your expenses and vendor bills in the cloud.

QBO is the cloud accounting software we use with all our clients. We will help you select the specific edition that best meets your needs.

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If a vendor is not assigned to a check or expense transaction, it can result in incomplete or misleading customer reports as well as incorrect totals for Form 1099. We assign the proper vendors to those transactions based on information you provide.

We will prepare your Balance Sheet and Income Statement. These are key reports to help you understand your company’s financial position as well as the amount of revenue and profit you’ve made for the period.

If you require historical reports, then it’s important to resolve issues that affect your Income Statement as well. It’s not uncommon for us to find numerous issues, but not all of them necessarily need to be resolved. We let you decide how extensive you want the cleanup to be based on your needs. How do we do this? By separately identifying:

  • issues that affect section subtotals (such as total income, total cost of sales, total operating expenses)
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If you require historical reports, then it’s important to resolve issues that affect your Income Statement as well. It’s not uncommon for us to find numerous issues, but not all of them necessarily need to be resolved. We let you decide how extensive you want the cleanup to be based on your needs. How do we do this? By separately identifying:

  • issues that affect section subtotals (such as total income, total cost of sales, total operating expenses)
  • issues that do not affect section subtotals but are not categorized properly within a section

Issues affecting your balance sheet account balances (assets, liabilities, equity) should always be resolved even if you don’t need historical reports. That’s because you need accurate balances as a starting point going forward.

If your bank and credit card reconciliations have not been done or are done but need to be fixed, we will take care of it for you. Reconciliations help ensure your account balances are correct by identifying missing, duplicate or incorrect transactions.

If your diagnostic review revealed that your QBO file has unprocessed bank feed items or there are missing transactions (based on bank or credit card statements), we will record those for you. We will ask for clarification, as needed, to ensure transactions are categorized properly.

If your diagnostic review revealed that some of the QBO “products” and “services” are assigned to incorrect income accounts, we will make the proper adjustments to prevent invoices from continuing to be incorrectly categorized.

We will design your new chart of accounts, tailored to your company’s needs, based on information gathered during the diagnostic review as well as other discussions with you. We will then implement the new design in QBO for you. This includes carefully mapping existing accounts to the new ones.

We will prepare your Balance Sheet and Income Statement. These are key reports to help you understand your company’s financial position as well as the amount of revenue and profit you’ve made for the period.

We will set up the open Accounts Receivable invoice balances for each customer, and we will set up the open Accounts Payable bill balances for each vendor. For each customer or vendor, you have the option of having us set up the balance for each individual unpaid invoice/bill OR you may combine the open invoice/bill balances for each customer or vendor.

We will meet with you in a screen sharing session and walk you, step-by-step, through creating your QuickBooks Payments account and connecting it to QBO. If you already have a payment account with Inuit, we will walk you through connecting it to QBO.

If you want financial statements for additional historical periods, we will prepare your Balance Sheet and Income Statement for those periods.

We will reconcile bank, digital wallet, credit card, line of credit and loan accounts. This means we will compare your statement balances and transactions with the ones in QBO, and we will make any necessary adjustments. We will alert you regarding any uncleared items that may need your attention.

We will categorize and record the following transactions to QBO. We will ask for clarification, as needed, to ensure transactions are recorded properly.

  • bank, digital wallet, and credit card transactions
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  • payroll journals for non-integrated payroll, if applicable

We will set up your budget(s) in QBO using information you provide.

“Products” and “Services” are used in QBO to record customer invoices, sales receipts and credit memos. We will set them up for your use in QBO and map them to the correct income accounts.

If you want to track income and costs by specific projects, we will set up your client projects in QBO using the information you provide.

We will set up your customers/clients and vendors in QBO using the information you provide.

You provide your general ledger account balances to us from your previous accounting system or tax return. We will provide guidance if you’re not sure how to get the information we need. We will set up your account balances in QBO.

For each of your financial accounts supported by QBO, we will either set up the bank feeds for you or we will meet with you and walk you, step-by-step, through setting it up.

We will design your chart of accounts, tailored to your company’s needs, based on information gathered during the planning meeting. We will then implement the new design in QBO for you.

We will configure your QBO settings optimally for your company based on information collected during the planning meeting. We will explain the types of QBO user permissions available, and we will set up your users and permissions based on a list of users that you provide.

We will set up your QBO subscription on your behalf after the planning meeting.

The planning meeting is critically important because we will ask you questions about your company processes and accounts. This information will help us properly plan your implementation.