Growing Broke – Cashflow (Part I)
At DeepSky, we know that unfortunately just working hard at your small or medium-sized business sometimes isn’t quite enough. Even rapid growth and making money with your goods or services might not be enough. In fact, you can “grow broke” and end up with your business becoming an epic fail! Rapid Growth = Big […]
How to Hire the Right People for Your Team and Save Money
Hiring the right people for your team is easier said than done. Many entrepreneurs put time and effort, and it turns out that person isn’t the right fit. This Money Talk episode, Michael shares why that is and one simple step to steer you towards the right direction. How to Hiring the Right People for […]
How much should I pay myself at my business?
Are you an owner without being paid? If you’re not, that’s great! If you are, you definitely need to watch this video because you may be deceived by your financial without knowing it. Our founder, W. Michael Hsu clearly explains why as an owner, you should get paid and how your number may deceive you. Let’s roll! […]
Be Strategic About When You Pay Bills
How to be strategic when you pay bills One of the biggest issues in anyone’s profitability is cash outflow. What is cash outflow? It is a fancy way of saying the money paid out by your organization. When I ask most of our client’s bookkeepers pay their bills, they say: “When we do our check […]
Getting Paid Faster: Systemize Accounts Receivables
Last time we talked about Steve’s Dilemma: Invoice rich, but cash poor. One of the things Steve started doing was getting his accounts receivable systems in order. Not just bookkeeping, but the actual accounts receivable system that involves invoicing, monitoring receivables, receiving payments, and addressing balances. Getting paid is important. After all, they’ve already sold and […]
The Rockefeller Guide to Accounting (Part 2)
Charting the Course by Figures Making business decisions based strictly on the numbers came easy to Rockefeller, but for most young entrepreneurs, it is a skill that must be refined through practice and discipline. Removing emotion from decision-making in business virtually always results in an outcome most favorable to the success of the business, but […]
The Rockefeller Guide to Accounting (Part 1)
John D. Rockefeller The name John D. Rockefeller elicits a wide range of emotional responses, but seldom succeeds in conveying banality. From the socialites of high society that tout his entrepreneurial spirit and philanthropic endeavors as nearly god-like, to circles in which he has been demonized under the conspiratorial view that his rise to such […]
What’s My Break Even Point?
What’s your break-even point? I woke up this morning to a wise tweet from an amazing entrepreneur, Norm Brodsky: When you are starting your #business the most important questions are 1. what’s (yo)ur break even point 2. how will you get there Great point. Unfortunately, entrepreneurs who can answer this question is few and far […]
Restaurant Impossible and… Accounting?
Last week, I accidentally stumbled upon Food Network’s Restaurant Impossible and was immediately intrigued by a scene I saw. For those of you, like me, who don’t watch TV often – Restaurant Impossible is a show where Chef Robert Irvine is given the mission to save failing restaurants through various means in just two days […]
Are Profits the Only Business of Business?
Last week I had to write a paper on a pretty interesting article for school (Yep, I’m still in college.) I was told to evaluate the opinions of an economist and decide for myself if he is crazy or brilliant. The article in question was Milton Friedman’s “The Social Responsibility of Business is to Increase […]