Cash in the bank is comforting. You use it to pay bills, buy inventory and expand your business. Your bank account balance tells you how much cash you have at that moment. But how much will you have in a week, a month, a quarter?
That’s where cash flow comes in. Cash flow is a measurement of the money moving in and out of your bank accounts. Cash flow is the cash received minus cash paid. Being cash flow positive means that more money is coming into your business than is going out. Being cash flow negative means more money is leaving the business than coming in.
The most important thing to know about cash flow is that it isn’t the same as profits. A business may use its profits to buy inventory and have no cash left.
How do businesses track their cash flow? Use QuickBooks to automate recording your financial activity. Connect LivePlan to QB to view and project cash flow into the future. Cash flow is a key performance indicator by which you will make important business decisions.
We at Redmond have been using Bill.com for a decade. It is an intelligent way to create and pay bills. And it is truly a cornerstone of our business. It exemplifies the modern methods of accounting that we evangelize - from security to automation to electronic payments to online access. In December, we were invited by Bill.com to the floor…
We were spotlighted as a "Great Practice" by CPA Practice Advisor: An all-online attitude, extreme organization, and an outsourced accounting service model create the perfect mix for success. Standardization has a new poster child—and her name is Laura Redmond, owner of Redmond Accounting. For those that pride themselves on being ultra organized…you may have met your match. Read the rest…
There’s so much information circulating at our fingertips via social media, email and push notifications. I can’t possibly read all the articles I’m interested in and still get all my work done. When I see an article or website that I want to read when I don’t have time, I click the Zap extension on my browser. Zapier adds the date,…
Over 5.6 million customers globally use QuickBooks Online (QBO). Keeping that data secure is a top priority for Intuit, the makers of QBO. QuickBooks Online automatically backs up your data with the same level of security used by banks and financial institutions. Whenever there are changes to your QBO data, it is saved in multiple locations on Intuit’s servers to…
You’ve heard us preach about the benefits of paying vendors by using online bill pay solutions. Bill.com is our favorite app for this. Over 3 million users process more than $60 billion in payments annually using Bill.com. This app allowed us to stop printing checks, obtaining signatures, stuffing envelopes, affixing stamps, and taking them to the post office to mail.…
Last week we spotlighted one of our favorite apps for online bill pay to vendors - Bill.com. We showed you their new interface along with this checklist with step-by-step instructions for users approving bills. Let’s take a closer look. Our experts can automate your bill pay process. Schedule a free consultation! Schedule now The Bill.com approval process allows for multiple…
Businesses generally follow best practices for purchasing goods and services by using controls such as purchase orders, check requests, and approval for vendor bill payments. But what happens when they pay by credit card? Our experts can automate your company credit card process. Schedule a free consultation! Schedule now Some businesses have one or two company credit cards that are…
Redmond Accounting was featured in this case study on Business Process Outsourcing. For many CPAs, outsourced accounting or business process outsourcing work is not entirely new, but now more firms are discovering cloud-based accounting systems that allow them to be more collaborative with their clients, as well as adding a previously unrealized revenue stream by being a virtual back office.…
by Kaitlyn Means Chrome is the browser of choice for most internet users. It has so many features that make my work as a cloud accountant at RAI easier. Here are my favorite Chrome tips, tricks, and hacks. Back button history Have you ever been on a website or in a cloud app and found yourself clicking your browser back…
