Blog | Prosynergy Bookkeeping

Good compared to what?

How do you know your business is doing well? Most owners answer that by how they feel. The annual revenue is more than it was last year, the phone has been ringing off the hook, and nothing is on fire this week. That's good, but it tells you you're surviving. It doesn't really tell you how healthy your business is. A quick way to compare your business to other businesses Pull last year's numbers. Annual revenue, cost of goods sold — the materials and labor that went into the

Mike Weaver

6 days ago2 min read

What are you doing with your financial reports?

Do the reports you get at the end of the month tell you why your margins are down? Probably not. Do they tell you why you had a strong net profit but less cash in your checking account than you started with? Also probably not. If this is the case, what you have isn't really a financial report — it's just another PDF. Likely there is nothing wrong with the document. The numbers are right, the reports are accurate, and it showed up on time. But a report earns its keep by changi

Mike Weaver

Sep 103 min read

Some days you wish to just go back to the 9-to-5

Do you ever look back at the job you left? Steady paycheck, benefits somebody else paid for, and the ability to go home at five and not think about work until Monday. Some weeks you almost wish you'd never started this business thing. Maybe you took a pay cut to do it. The money that should have been your raise went into another truck, a hire, or a new piece of equipment. Let's say you could make $100k at the old job and only pay yourself $75k now. That's $25k a year you feel

Mike Weaver

Aug 283 min read

Leftovers aren't a paycheck

A lot of owner-operators we meet don't take a salary, they just take whatever is left. Money builds up in the business checking account. The month ends, but a truck needs tires, or the family takes a weekend vacation, and a transfer goes over to personal checking. Some months it's a big number. Other months it's nothing at all. That feels responsible. The business comes first and you take what's left. Here's the problem. If there's no owner salary on your P&L, that statement

Mike Weaver

Aug 213 min read

You're a craftsman, not a bank

The number one reason businesses fail isn't bad work, bad luck, or a slow market. It's running out of cash. It’s not because they are not making a profit or running out of customers. It’s running out of cash — the actual dollars in the actual account on the day payroll is due. And in the trades, the most common way that happens is a company’s accounts receivable gets out of control. The pattern to pay attention to Here's something we see more often than you'd think: a busine

Mike Weaver

Aug 133 min read