Tidy up that Chart of Accounts
Stick to 5 core categories: Advertising, Cost of Labor, Operating Expenses, Facilities, and Travel. Simple is best!
Watch that net profit margin
You’re aiming for 15%+. Pro tip: Refer to the Profit and Loss % of Total Income Report.
Split it up
Keep your direct costs separate from fixed overhead to see a clear Gross Profit Margin.
Build that rainy day fund
Shoot for 2 months of operating expenses for cash.
Make it count
Make sure your services/products/people are pulling their weight with at least a 30%+ profit margin.
Break it down
Segment your revenue streams and find out which ones are really working for you.
Plan ahead
Forecast next year, plug it into your QuickBooks Budget, and regularly check that Budget vs. Actuals Report to stay on track.