Kim | Accounting MD, LLC

Accounting MD specializes in providing comprehensive bookkeeping and controller services.

[Kim | Accounting MD, LLC @Accounting_MD]

My story: The last year and half has tested me beyond what I could imagine. I lost my dad, my job of 10 years, and spent months navigating the chaotic job market- facing countless rejections and uncertainty. It was a tough, eye-opening journey. 🧵

[Kim | Accounting MD, LLC @Accounting_MD]

Keep detailed records of expenses.

A well-organized chart of accounts helps track spending and maximize tax deductions.

[Kim | Accounting MD, LLC @Accounting_MD]

Internal controls matter.

Require approval for large transactions to reduce fraud risks and maintain financial integrity.

[Kim | Accounting MD, LLC @Accounting_MD]

Review your profit and loss statement monthly.

Knowing where your money is going helps you make smarter financial decisions.

[Kim | Accounting MD, LLC @Accounting_MD]

Don’t scale too fast.

Make sure your cash flow and operations can handle growth before making big investments.

[Kim | Accounting MD, LLC @Accounting_MD]

Something all small business owners should know about BOI filings.

A win for US SMBs for sure!

[Treasury Department @USTreasury]

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines…

[Kim | Accounting MD, LLC @Accounting_MD]

Cash flow problems can sneak up on you.

Track income and expenses weekly to stay ahead and avoid financial surprises.

[Kim | Accounting MD, LLC @Accounting_MD]

Build strong vendor relationships by paying invoices on time and negotiating better terms to improve cash flow.

These relationships can be critical to scaling your business down the road.

[Kim | Accounting MD, LLC @Accounting_MD]

Know your key performance indicators.

Metrics like gross margin and net profit margin give insight into your businesses overall health.

[Kim | Accounting MD, LLC @Accounting_MD]

Build an emergency fund.

Unexpected expenses happen, and having cash reserves keeps your business stable.

[Kim | Accounting MD, LLC @Accounting_MD]

@lucahowey If you’ve already cut out unnecessary subscriptions, the next step could be to focus on increasing your income, investing wisely, or setting up an emergency fund.

Regular expense reviews can also help catch any new inefficiencies over time!

[Kim | Accounting MD, LLC @Accounting_MD]

Evaluate expenses quarterly, at a minimum.

Cutting unnecessary subscriptions or services can free up cash for more important needs.

[Kim | Accounting MD, LLC @Accounting_MD]

Set clear payment terms with clients upfront to avoid disputes and ensure timely collections.

This can save you time and money in the long run!

[Kim | Accounting MD, LLC @Accounting_MD]

Reconcile your bank accounts monthly.

Catching errors early prevents financial headaches later.

[Kim | Accounting MD, LLC @Accounting_MD]

Customer experience drives success.

Quick response times, clear communication, and reliable service lead to repeat business.

[Kim | Accounting MD, LLC @Accounting_MD]

@TJ_AxsAmerica @live_free_603 It’s A LOT of work for sourdough! Maybe if you’re lucky…someday! 😊

[Kim | Accounting MD, LLC @Accounting_MD]

Stay on top of inventory.

Overstocking ties up cash, while understocking can lead to lost sales and unhappy customers.

[Kim | Accounting MD, LLC @Accounting_MD]

Networking isn’t just for sales, it’s also for learning.

Connect with other business owners to share strategies and insights.

[Kim | Accounting MD, LLC @Accounting_MD]

Time is money.

Automate repetitive tasks like invoicing, payroll, and reporting to focus on growing your business.

[Kim | Accounting MD, LLC @Accounting_MD]

A solid financial strategy includes more than just bookkeeping.

Budgeting, forecasting, and strategic planning keep your business on track for long-term success.

[Kim | Accounting MD, LLC @Accounting_MD]

Profit is great, but cash flow keeps the doors open.

Monitor inflows and outflows regularly to avoid surprises.