Benchmarking – What Is It and How Can it Help My Business?

Karen Johnson • March 4, 2020

Do you find yourself staring at your financial statements and wondering what does all this mean? What does it mean if the numbers or up or down? Your balance sheet and income statement show historical information. In other words, these numbers represent actions and transactions that have happened in the past. A business owner, such as yourself may ask, “how does this information help me grow my business”? Or, “what steps do I need to take to improve my profitability”?

Thanks to technology, the bookkeeping process can give you the live data in a timely manner, but what management wants to know is what can I do with this data? What does it mean to me? What if I changed this? What would happen if I didn’t take this next step? Management needs to have reports that can provide actionable items, not just flat data.

We have a solution for you. We can help you turn financial reporting into actionable items that will help you make wise decisions for your business. ProAct Bookkeeping can help you with Industry Benchmarking . Benchmarking is the process of comparing your financial data against others in your industry. This information can be used to generate ideas for improving processes, to reduce costs, or increase profits. We can help you keep track of quick and current ratios, labor cost percentage, gross profit margin and much more.  We can also check key metrics that will increase your ability to get a bank loan.

If you are interested in taking your business to the next level, give us a call to discuss how we can help you.

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Error on your Tax Return, What You Can do

By Karen Johnson • August 25, 2021
  If you made an error on your tax return, don’t worry—there are two easy ways to fix it:  A superseding return A qualified amended return A superseding return is an amended or corrected return filed on or before the original or extended due date. The IRS considers the changes on a superseding return to ... Read more The post Error on your Tax Return, What You Can do appeared first on ProAct Bookkeeping.

The Work Opportunity Tax Credit Rewards Your Good Deeds

By Karen Johnson • August 25, 2021
The Work Opportunity Tax Credit rewards your good deeds.  And now, because of new legislation, the rules are in place for longer than usual.  If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In ... Read more The post The Work Opportunity Tax Credit Rewards Your Good Deeds appeared first on ProAct Bookkeeping.
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