Gambit Financial

21/04/2022

A business cash flow forecast will give you vital business intelligence to help you scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow position.
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A business cash flow forecast will give you vital business intelligence to help you scenario-plan, search for cost-savings and look for strategies that...

15/04/2022

A strong strategy is the heart of your successful business.

A strong strategy is the heart of your successful business...

04/04/2022

At Gambit, Birthdays are kinda big deal! 🤫

13/09/2021

6. How much should you expect to pay an accountant and why?

As with any professional service provider, accountancy fees will generally come down to the level of expertise and the number and complexity of services.

Rule of thumb, you’re looking at:
◊ A minimum of 1.5% of revenue per month for basic reporting and compliance;
◊ 2-3% of revenue per month for compliance plus education and customized
reporting;
◊ 3%+ of revenue per month for a full service financial department, including
proactive reporting, strategy sessions, goal setting and accountability, and
education.

You should know exactly how much you’re paying each month, with absolutely no surprise bills.

How great accountants do it… 😎
They work on a fixed pricing model based on services provided, and not on hours worked. Their reasoning is simple: If you don’t know how much you’re paying from one month to the next, or if a
random phone call is going to make its way onto your next bill, how can there be any trust?

12/12/2020

5. What else should you expect from your accountant?

Although by no means an exhaustive list, you should expect the following from an accountant working in the modern, cloud-enabled age:

◊ Responsiveness - You shouldn’t have to track down your accountant via multiple phone calls and emails just to have a conversation.

◊ Education + Communication - Your accountant should be proactive in teaching you about your finances and tax situation. They should park the jargon at the door and speak to you in plain English to help you understand your numbers.

◊ Accountability (No pun intended) - Your accountant should give it to you straight.
What were your goals last quarter? How did you perform against them?

◊ Trust - This is someone who gets to peek behind the curtain. It’s vital that you trust them to be constructive and helpful.

◊ Advocacy - Your accountant should care deeply about your success and actively participate. They should shout from the rooftops, and never miss an opportunity to help you make a connection or take that next step.

◊ Proactivity - Your accountant should be reaching out to schedule your next call, check-in meeting, piece of advice, suggested software, tax planning strategy, tax payment deadlines, etc. You shouldn’t have to take the lead with regards to any of this.

◊ Confidence - You shouldn’t be scared to reach out to your accountant because he’s tracking his time by the minute to bill you. That isn’t the mark of a healthy relationship.

◊ Empathy - Your accountant should understand that finance is just one aspect of the business you’re trying to build. It should fit with your operations, marketing, HR, etc.

Processes, accounting, communication, and education should all be considered from the client’s point of view for better understanding and collaboration. We’re always asking “Will the client understand this email?” or “How does this fit in to the client’s day-to-day lifestyle?” or “Does this report reflect the way the business owner sees their business?”

Your accountant should understand the challenges of running your day- to-day business. In short, the great accountants tick all of those boxes and more.

08/12/2020

4. What should your bookkeeper be tracking?

Think of your business as a trek up an unfamiliar mountain path. You’ve got your provisions and your equipment, but that won’t matter at all if you don’t know where you’re going.

Enter your bookkeeper. They should act as your Sherpa, guiding you along the way, and making you aware of the obstacles and challenges yet to come.

You shouldn’t be caught by surprise with a bookkeeper by your side. They should track and communicate and keep you up to date:

◊ Where your business is spending money
◊ Where your money is coming from
◊ GST, taxes and bills to be paid, giving you plenty of lead time to make arrangements

04/12/2020

3. Why is cloud accounting the OG in todays business?

Your ability to access important financial data could be the difference between success and failure. In fact, we believe using cloud accounting software should be a prerequisite for owning a business nowadays.

If your accountant isn’t in your ear, buzzing about the cloud and telling you it’s the OG, it might be time to look elsewhere. Particularly if they’re happy letting you continue to use outdated desktop software, or an error-strewn spreadsheet to run your numbers.

Why is the cloud so great? Let us count the ways…

# Real-time Data
You’re not waiting weeks or months to understand how your business has performed. You can see straight away, with a few taps or clicks. Better yet, you can sit with your accountant and discuss this information together, without first being tasked with mind-numbing manual data entry.

# In-depth Reporting
It’s not just the fact that cloud accounting platforms can give you access to reports, it’s the amount of detail they can provide. Want to know just how much you spent on office supplies this time last year? It’s only ever a few seconds away.

# Third-party Integrations
As your business grows and evolves, you can start taking advantage of time and money-saving apps, all of which interface with your accounting software. CRM and POS systems, payroll, inventory management, debt tracking, and so much more - building a streamlined, savvy, and efficient business is more affordable and achievable than ever.

# Instant Access, Anywhere, Any Time
Unlike traditional accounting software, the cloud-based version lets you login from anywhere. Open an app on your smartphone as you’re sipping Mai Tais on the beach to make sure an important invoice was sent. Using the cloud keeps you connected and in-tune with your business, no matter where you are in the world.

24/11/2020

2. How often should you be meeting with your accountant and what should you be discussing?

If you’re only hearing from your accountant once or twice a year, and that’s simply to file a tax return, there’s a fair chance you’re being short-changed.

Yes, accountants can save you time by handling the paperwork and keeping you compliant. But we’re oh-so much more valuable to your business than merely existing as an extension of your admin function.

To make the most of your working relationship, you should be meeting with your accountant regularly to discuss:

◊ Set goals and how best to achieve them;
◊ What funding you might require to meet those goals;
◊ When you might run out of cash;
◊ When to hire new staff or expand into new markets;
◊ When and how to buy equipment;
◊ And much, much more.

21/11/2020

1. What reports should you be receiving?

Whether it’s weekly, monthly, or quarterly, you should be seeing reports of your business’s performance. Without access to those numbers and the insight they provide, you’re essentially driving blindfolded.

Here’s what you should be receiving:

* Income Statement (month and year-to-date) - This will help you identify how your business is performing over the months, pinpointing trends and opportunities.

* Balance Sheet (month over month with change column) - This report shows your financial position and helps you plan how to meet your financial obligations.

* Accounts Payable (weekly) - In other words, who do you owe money to? Do you have sufficient funds to make those payments?

* Accounts Receivable (weekly) - Likewise, who owes you money? Do you need to chase someone for payment?

* Cash Flow (monthly) - Where is your cash coming from? Where is it going? Are there any gaps coming up that you need to fill with external funding?

* Bank Balance (daily) - What is your current cash situation? Checking in on your bank balance helps you keep your finger on the pulse of your business.