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Survey: Do you know how much you made today?

Discussion in 'Business Operations' started by Lovingreen, Jan 29, 2008.

  1. Lovingreen

    Lovingreen LawnSite Member
    Posts: 147

    I am curious...

    How closely do you watch your numbers?
    How do you all handle your all of your finances?
    Do you hire a CPA and if so what do you pay him/her to do?
    Do you really know what you are making? Tax returns don't count!

    If you don't pay a CPA or bookkeeper why not?

    I know I can't ask these questions without answering them myself. I watch my numbers too closely...I use quickbooks...I do not hire out the financials....and I don't pay a professional because I have an accounting background and hold a bachelors degree in accounting.

    I have watched three of my competitors fall around here in the last year mainly because they didn't know the numbers. They thought they were making money until they woke up one day and couldn't pay their employees. Two of the three didn't track anything except their bank account and credit card statements. They would put down whatever they thought on their taxes. The third would separate the receipts at the end of each year to do taxes, but besides the tax return had no clue where his business was until way after the fact.

    Is this common? How many of you honestly operate this way?

    What would it take for you to turn over the financial end of your business to a pro?
  2. Mrs. H

    Mrs. H LawnSite Senior Member
    Posts: 708

    I use Quicken and Groundskeeper pro at the same time. And I add and subtract all income and outgo daily or every other day. Then make a weekly report to David.

    I have a set amount that I take for household expences so that I can budget our personal life separatly. And David is the king of reciept collecting. (I say that because I'm pretty convinced he's the king of spending.):eek:

    We have a CPA do our taxes ever year and it runs about $150.

    We try to figure what we make per day by breaking the jobs down by the man/hour/expense etc. I have a monthly report done on the actual income/outgo.

    Well... since all I'm doing is raising kids, answering the phone, doing the housework, homeschooling, schedualing customers, setting up contracts, buying advertizing, opening the mail...etc. What's another 10 or 15 mins to record a few reciepts and file them?

    Really, it doesn't seem like that big of a deal, if you have a computer program and a workable system.

    I took ART in college, and I sometimes wish that I had taken at least one bookkeeping or business class of some sort. Do you believe that there is a significant benefit to taking a class? I mean besides the obvious trial and error.

    I don't know how common it is, but I know that at least one of our competitors does not really keep track or know how much his bottom line is.

    It's really hard to work for your husband, so I have let it get "outsourced" on 3 different occasions in the past 7 1/2 years. Each time it has came back to me in less than a month! It is just far easier to run a company of our size (Less than 5 employees) out of our home and leave the middle man out. Each time I've gotten back a mess to clean up.:dizzy: The last time I told David that I'd better be dead.

    So, I guess I would turn it over to a professional over my dead body. :laugh:
  3. Lovingreen

    Lovingreen LawnSite Member
    Posts: 147

    If everyone had a wife like you! I agree that with the right software it is very simple, but after the casualties here, I was wondering how common it was. By the number of replies, it seems that it is more common than we know
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    I have been told I'm werid....

  5. Grassbuster

    Grassbuster LawnSite Member
    Posts: 117

    Go out and make as much money as we can and come home and spend it all and start over again....... life is to short.........enjoy what you can.

    I use Quickbooks, CPA, and never meet my goals because I set the bar to high. I write off everything I can think of and then some more stuff... buy new equipment every couple years.
  6. Mrs. H

    Mrs. H LawnSite Senior Member
    Posts: 708

    lololol...oh, oh, eh...not! :help:

    A little OCD can go a long way...

    Bohiaa, I don't think your weird. You've just gotta' know. I can't think of a time ever that I didn't know exactly what I did or didn't have in my pocket.
  7. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    Thank you Very much.....

    I come from an enginering background, and 2 + 2 MUST = 4 With me

    that';s why I CANT serve on a jury
  8. M&MLawn

    M&MLawn LawnSite Member
    Posts: 132

    I also do all the books for our business. My husband is the one that runs the jobs, but like Mrs. H I do everything on the backend. I actually do this type of work for a few other small business owners in town.

    I use quickbooks and reconcile on a daily basis. All expenses are recorded and then checked again at month end. I know what minute we enter each driveway and what minute we pull out and how much we made.

    I love it! I love knowing what we are making (or losing if that is ever the case). I have my Masters in Small Business Management and so I was just born to do this stuff.

    I am taking on new clients now....and currently have two that I have never met as I do all their books on a virtual basis...they fax, email or whatever me their info and I put it all in for them and do their invoicing. Works out well.

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