Indevia Accounting

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Checks and Balances: Four Things You Should Do Each Month to Keep a Pulse on Your Finances Keeping track of your finances regularly will help you catch any errors before things get out of control; it will also help you monitor where you are to hit your goals. If you find you are falling short of the goals, you can course-correct by adjusting your strategies to meet or exceed projections. If like most businesses, you have employees who handle your finances whether that be inco...me or expenses. Sadly, with hands-on money, there is an opportunity for dishonesty. Monthly monitoring will help you identify where and why there may be discrepancies and make necessary adjustments. 1. Create monthly cash flow projections. If your actual cash flow falls short of projects, dig until you find out why. 2. Review your business bank statements monthly. If you use paper bank statements keep track of their monthly arrival for auditing. As you review the statements, electronic or paper, make sure all spending is in alignment as it should be, and nothing looks out of the ordinary. 3. Review all credit card statements monthly. Business expense tracking is simplified with the use of credit cards however, the more employees who have company cards, the greater the chance of fraud. Just as you audit the bank statement, do the same for credit cards looking for anything that seems unusual. Be sure to require employees to submit all business expenses with detailed receipts monthly. 4. Review all outgoing payments. Compare payments to invoices. Watch for duplicate invoices, new vendors, or multiple invoices from the same vendor in a short time. Embezzling employees often use these tactics to pay themselves. Indevia offers systems and automation to help you help yourself. For more info http://www.indevia.com

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In addition to helping your business, the coronavirus relief package offers direct and indirect benefits to the individuals who work for you.

Off-premise experts share key action items. https://www.franchisetimes.com//Off-premises-Experts-on-Ac

We have compiled a list of updated articles and resources that we find most helpful for business and restaurant owners.

Today! Order carry-out or delivery to support our restaurants and their employees. So many choices...which yum? #TheGreatAmericanTakeout

The National Restaurant Association has put together a simple form to share with operators and community members to help easily request assistance on behalf of the restaurant industry from your local congress-people. It takes about 30 seconds and can make a world of difference to our community of restaurant owners, operators, and employees facing shut down, unemployment, or closure.

We've created a comprehensive list of articles and resources for businesses and restaurants and COVID-19. #COVID19

How to Calculate a Restaurant Break-Even Point

Some good advice for your business. #coronavirus

FOR BUSINESS OWNERS - Here are some ideas that can help your cash flow during this turbulent time: 1. Check if your state has passed an extension of the sales tax payment date. California has provided a deferral of sales tax payment till June 15, 2020. Florida is considering it and may pass it this week. It looks like many states are taking steps to help businesses hurt by the coronavirus. Please check with your sales tax administration before paying the sales tax. 2. Small b...usiness administration is providing Disaster Assistance Loans for Small Businesses Impacted by the Coronavirus. 3. If you use credit cards, please put them on the minimum payment. You will pay high interest, but it will be for a short period. 4. Negotiate credit terms with your vendors. 5. It may be more economical not to operate the stores if sales are too low. In such cases, please consult your franchise agreement as well as your franchisor about what your agreement compels you to do. If you are taking other steps, please share below.