Generations Law Group August 2019

The Business Brief

August 2019

The Automated Chief Financial Officer

The Profit Beacon

The stark reality is that very few business owners had any financial management experience before they started their companies. Maybe they had a certain skill set and thought it would be better to work for themselves than to help someone else deliver that same product or service. Or maybe they had a good idea they could develop and sell to customers who were hungry for a solution to a particular problem. Either way, they are basically technicians and not finance-oriented. In fact, they usually loathe the numbers. However, without an ability to plan with some level of financial accuracy, business owners are at risk of making a fatal decision at any moment, and they may not know it until it’s too late to do much about it. That’s why the failure rate for small companies is so high: 30% fail in their first 24 months, 50% within five years, and 67% in 10 years! And more specifically, 82% of business failures are due to poor cash management. Fortunately, operational performance and cash management can be improved significantly with the right tools and a little discipline. A mistake most business owners make is assuming their internal staff or outside CPAs will warn them of a financial problem in advance. Don’t fall into this trap. Most small-business CPAs and accountants are largely focused on compliance-related activities, such as accounting services, payroll services and tax payments, and tax planning or filing returns. They are not focused on the operational functions in the business, and they rarely look at the financials in that way.

The Profit Beacon™ is the solution. It’s an automated chief financial officer that gives the business owner (and their staff) the clarity they need to make

better decisions much faster. It’s easy to use and very affordable. Users have been able to create a new account, set up a new company, load >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6

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