New Business Direction LLC
You may have heard reports over the past couple of years regarding the demise of QuickBooks Desktop.
Actually, if you search the web to purchase QuickBooks Desktop, you’ll be hard-pressed to find it.
Now that we’ve passed the May 31st, 2024 sunset date of the 2021 versions of QuickBooks Desktop – Pro, Premier, Mac and Enterprise Solutions v21, there is no more Intuit support for those 2021 versions and any integrations for connected services such as payroll and merchant services will no longer link.
There is a New Date on the Horizon
Intuit will stop selling new subscriptions of Desktop Pro, Premier and Mac as well as Enhanced Payroll to new US users on September 30, 2024. This is not a sunset or discontinuation; it’s a stop-sell.
If you don’t have a current subscription of the 2024 QuickBooks Desktop Pro, Premier or Mac or Enhanced Payroll on or before July 31, 2024 – you will not be able to purchase it.
Existing customers with 2024 Pro, Premier, Mac or Enhanced Payroll will not be affected and they will still be able to renew their software annually – this is only for new customers. Existing customers will be able to add seats, additional licenses, to their existing licenses.
QuickBooks Enterprise Solutions is Alive and Well
This stop-sell order does not affect QuickBooks Enterprise Solutions. Think of the Enterprise version of QuickBooks as the Pro/Premier software on steroids. It’s the same product, just more robust, with increased capacity and additional features.
Next Steps – What You Need to Do
Confirm that you have the 2024 version of QuickBooks Desktop and that your payment method on file with Intuit is current with the correct card number and expiration date. Do not let your subscription for Desktop Pro, Premier, Mac or Enhanced Payroll lapse.
If you need assistance with the renewal process or upgrading the file from an older version, please reach out.
As a business coach, one of the fundamental lessons I impart to my customers is the vital importance of cash flow management. Cash flow is the lifeblood of any business, and understanding the primary avenues through which cash is generated can make the difference between thriving and merely surviving. There are essentially three ways to generate cash for your business: through operations, financing, and investing. Let’s delve into each of these in more detail.
1. Cash from Operations: Doing What You Do Best
Generating cash from operations is the most sustainable and preferable method for a business. It involves the day-to-day activities that your business engages in to generate revenue. Your operations cash flow is like the engine room of your enterprise, where the core products or services are created, marketed, and sold.
The key business priorities for generating cash from your operations include the following:
- Generating revenue: This includes sales of goods or services. Consistently increasing sales while managing expenses effectively is crucial.
- Managing expenses: Controlling operating expenses ensures that more of your revenue is converted into profit.
- Improving efficiency: Streamlining operations can reduce costs and improve productivity, in turn boosting cash flow.
Prioritizing operational cash flow is vital to a successful business because it indicates a healthy, self-sustaining enterprise. Managing the above priorities while enhancing customer experience, optimizing pricing strategies, and continuously improving product or service quality will drive your operational cash flow.
2. Cash from Financing: Leveraging Debt and Equity
The second avenue of generating cash flow is financing, which involves borrowing money or raising funds from investors. While less ideal than generating cash from operations, financing is sometimes necessary to support growth, manage working capital, or navigate challenging times.
There are two primary types of financing:
- Debt Financing: This includes taking out loans or issuing bonds. While debt must be repaid with interest, it can provide immediate funds for expansion at a critical time for growth (or other needs).
- Equity Financing: Selling shares of your company to investors in exchange for capital. This doesn’t require repayment but does dilute ownership.
Financing can be a double-edged sword; it can provide the necessary capital to seize growth opportunities, but it also comes with risks, such as interest obligations and potential loss of control. A sound financing strategy should balance these risks, ensuring that debt levels remain manageable and that equity is only diluted when it aligns with long-term goals.
2. Cash from Investments: Selling Assets
The third method is generating cash by liquidating investments you’ve made for your business. This strategy can include selling off assets, such as equipment, real estate, or even entire business units that are no longer core to your business strategy.
Below are three critical considerations for your investing activities:
- Asset Management: Regularly review your asset portfolio to identify non-essential or underperforming assets.
- Strategic Sales: Consider selling non-core assets to free up capital, which can be reinvested in higher-return areas of your business.
- Investment Income: Earning returns from financial investments can also contribute to cash flow.
This method can provide a significant influx of cash but should be approached cautiously. It’s essential to ensure that selling assets aligns with your long-term strategic goals and doesn’t undermine your operational capabilities.
Balancing your Cash Flow Sources
Each of these three sources of revenue has its place in a comprehensive cash flow strategy. Remember, cash from operations is most reliable, and wisely leveraging financing can support growth and stability. At the same time, strategic asset sales can optimize resource allocation. All three avenues can help your business grow and remain stable. Strategically integrating these three methods of generating cash could look like this:
- Optimizing your operations to boost cash flow by improving efficiency and controlling costs.
- Seeking financing to invest in new technology to expand your capacity to produce
- Selling outdated equipment to raise additional funds.
As your business coach, my goal is to help you navigate these avenues effectively, ensuring your business can not only survive but thrive in any economic climate. As always, if you have any questions or want to learn more about cash flow management services for your business, please feel free to contact us anytime.
Implementing a new accounting system is no small feat. It requires careful planning, coordination, and commitment from every team member. We’re always excited to help a business with a new accounting infrastructure implementation because we know the positive impact it can have on a business.
We also understand that, as a business owner, transitioning to a new software solution can be both exciting and daunting. You’re taking a giant leap in a positive direction to increase your efficiency, enhance the functionality of your accounting system, and optimize your processes.
But great reward doesn’t come without some risk: you’ve likely already considered employee learning curves, potential technical challenges during the transition period, and how a new implementation could disrupt daily operations. These concerns are valid, and with the right expectations, the journey can be smoother and more rewarding for everyone involved.
Hard Work Ahead: Embracing the Challenge
Let’s be honest: implementing a new accounting system isn’t a walk in the park. It requires time, effort, and resources to ensure a successful transition. From data migration to process reengineering, numerous tasks need to be completed with precision and attention to detail. It’s a journey that will test the resilience and determination of the entire team.
Rowing in the Same Direction: Unity in Purpose
Implementing a new accounting system requires a collective effort from your entire team. Everyone on board must be rowing in the same direction; if you notice team members resisting the change, it’s best to address the issue head-on. Ultimately, the goal is not to make their jobs harder; it’s to improve their workflows and processes in the future by putting in the hard work now. And for your implementation to be as successful and pain-free as possible, every team member must be ready to embrace change, adapt to new processes, and support one another throughout the transition. With a company culture of collaboration and communication, we can overcome any challenges that come our way while implementing your new accounting infrastructure.
Charting the Course: Milestones and Deadlines
Like any major project, implementing a new accounting system involves setting milestones and deadlines to keep the team on track. These milestones serve as checkpoints to assess progress and make necessary adjustments along the way. Whether we’re completing data migration or conducting one-on-one training with your team, each milestone brings us one step closer to our ultimate goal: to give you a beautiful accounting infrastructure that meets your current business needs and still leaves room for growth.
Bringing It All Together: The “Go Live” Date
The “go live” date is the culmination of your months of hard work and preparation. It’s the moment when the new accounting system officially replaces the old one, and all systems are a go! Reaching this milestone involves coordinating a multitude of moving parts, from finalizing configurations to conducting system testing. Everyone needs to be aligned and working together towards this common goal.
Embracing Differences
Transitioning to a new accounting system inevitably brings about comparisons between the old and the new. From software functionalities to workflow processes, there will be changes that require adjustment and adaptation. It’s important to acknowledge these differences and approach them with an open mind and a willingness to learn. We wouldn’t be guiding you through an implementation if we didn’t already understand your business’s unique needs and believe we were charting the best path forward for you. With the right mindset, we can turn the differences between your former and future accounting systems into opportunities for growth and improvement.
Implementing a new accounting system is a significant undertaking that requires dedication, perseverance, and teamwork. By setting clear expectations and rallying the team around a common goal, we can confidently navigate this journey and achieve success. You can learn more about our implementation services here.
As a business coach and advisor, I’ve witnessed firsthand the transformative effects of company-sponsored team retreats. While retreats may conjure images of luxurious vacations, they are far more than just an opportunity for relaxation on the company dime. When strategically planned, a winter retreat to a warm weather climate–or a summer retreat to a more temperate environment–can be a powerful tool for fostering team cohesion, enhancing communication, and strengthening relationships among co-workers.
Let’s explore a few best practices for creating an impactful retreat, including a well-balanced itinerary, programming that aligns with your goals, and how to craft a retreat that ultimately benefits your organization and employees.
Striking the right balance: How to create a company retreat itinerary that prioritizes both work and play.
One of the most common misconceptions about team retreats is that they are solely about leisure and relaxation. While downtime and recreational activities do play a crucial role in fostering camaraderie, a successful retreat should also include structured work sessions aimed at achieving specific goals and objectives.
To craft a productive and meaningful agenda for your retreat, start by building out a timeline of the trip, accounting for structured planning sessions, meals, team-building activities, team leisure, one-on-one time, and independent time.
Once you have the framework for your retreat, it’s time to start planning your structured projects.
How to develop an agenda that aligns your team retreat with your company’s goals.
Integrating structured projects into the retreat agenda ensures that the time spent away from the office sets you up for success when you return. Depending on the objectives of the retreat and your team’s needs, these projects can range from brainstorming sessions to professional development, skill-building workshops, and strategic planning exercises.
For example, teams may collaborate on developing innovative solutions to current challenges, refining company values and goals, or enhancing communication and teamwork skills through interactive workshops. Retreats can also be a good time to address more serious topics, like disaster management and business continuity. By aligning the work with the retreat’s overarching goals, employees can benefit from a sense of purpose and accomplishment, and the company can benefit from a clear path forward and an engaged, satisfied team.
Meet with your team a few weeks before the trip to discuss the proposed itinerary, their perceptions of the company’s and team’s needs, and the results you’d like to achieve during the retreat.
A retreat is an investment in the health of your organization.
A company-sponsored employee retreat is not just a vacation. It is an investment in your team’s well-being and professional development. It is an opportunity to step away from the day-to-day grind, gain fresh perspectives, and strengthen bonds with colleagues in a relaxed and inspiring setting.
However, striking the right balance between work and play is essential. While recreational activities are important for promoting relaxation and socialization, they should complement, not overshadow, the work component of the retreat. By carefully curating the agenda to include a mix of structured projects and leisure activities, you can create a retreat experience that is as impactful as it is enjoyable.
A company retreat to an enjoyable climate offers a unique opportunity for team-building and relationship-building among co-workers. By combining structured work sessions with recreational activities, companies can foster a sense of camaraderie, boost morale, and enhance productivity. So, embrace the sun and consider investing in a company-sponsored retreat for your team!
Remember, it’s not just about the destination—it’s about the journey and the connections forged along the way.
Time is a precious, valuable, and finite resource. We all have only twenty-four hours in a day and only seven days in a week to get everything done. And for entrepreneurs, that can often seem like barely enough.
So, why does it seem like some of us can get more done in a day than others? The answer could lie in a few possibilities:
- Are you doing what’s important or simply what seems to be the most urgent at the moment?
- Are you wasting time on tasks that should be delegated, automated, or ignored completely?
- Have you ever considered tracking what you spend your time on?
I was curious about how I really used my time, so I tracked my time and activities for one week. I uncovered valuable information regarding inefficiencies in my world and have been able to take steps to eliminate, automate, and delegate better. I encourage you to do the same, and this article should help you get a good start on reclaiming your time and working more productively.
Day 1: Establish the Habit of Time Tracking
- Begin your day by setting up a simple time-tracking system. Whether you prefer digital tools or the classic pen and paper, make a note of every task and its duration.
- Be honest about where you’re spending your time. This is a judgment-free zone, and having more accurate information here will only benefit you in the long run.
- Reflect on what’s driving your activities:
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- Are you stuck in an endless loop of emails?
- Are you using your inbox as a to-do list?
- Are you wasting time on technology issues?
- Are you answering the same questions over and over from team members or customers?
Day 2-6: Document Your Activity, Reflect on Your Data, and Adjust Your Habits Accordingly
- Log your activities throughout each day, including breaks and interruptions.
- At the end of each day, reflect on the activities you tracked. What surprises you? What patterns emerge?
- Identify tasks that took longer than expected or seemed unproductive.
Day 7: Analyze Your Data and Strategize Improvements
- Compile your week’s data. Look for trends, time wasters, and areas (or times of day) where you were most productive.
- Categorize these activities into groups:
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- Critical tasks – those that only you can do
- Enjoyable tasks – Those that you really like to do
- Delegate-able tasks – Things that you could outsource or delegate to your team
- Automatable tasks – recurring activities that could be completed more efficiently with technology
- Useless tasks – activities with minimal impact that could be eliminated; you’re only doing them because you’ve always done them, and practice makes permanent
Next steps: Delegate and Automate
- Pinpoint tasks that could be delegated to your capable team members, or outsourced to a vendor. Empower your team members, entrust them with responsibilities, and create standard operating procedures on how these tasks should be done to your specifications. Even if it feels like training your team will only make the process take longer, in the long-term, delegating tasks to your team will free up your time for strategic decision-making activities.
- Research opportunities to automate repetitive tasks and leverage technology to save time and reduce errors.
- Be open to the possibility that certain tasks may not be adding significant value and consider eliminating or outsourcing them to focus on what activities will have the greatest impact on your business.
Starting 2024 off on the right foot
This exercise may seem simple but its impact can be profound. Its purpose goes beyond increasing efficiency – it’s about creating a business that thrives on your unique strengths.
By gaining insight into how you allocate your time, you’ll be able to identify areas for improvement, empower your team to take on more responsibility, and free up valuable time for more rewarding and impactful activities.
Time is your most valuable asset, and by mastering the art of effective time management, you can unlock doors to unparalleled productivity and success. I look forward to hearing about your time-tracking experience and findings in our next coaching session.
Regards,
Rhonda Rosand, CPA
CEO, New Business Directions
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