Quarterly and Bi-Monthly packages now available!

So you just started your business. You are making money, and fully engaged in the process of building your new business into your personal vision of success.  You are experiencing the typical ups and downs that a fledgling business goes through.  Your business is growing and profits are also growing monthly.  You know that you need a bookkeeper, as any serious business does, so you inquire about the services of a professional.  The price is a bit more than you can justify for your business monthly at the moment, so you hesitate, while your books become more and more of a problem. If this situation sounds familiar, Heru Bookkeeping LLC has a solution!  Heru Bookkeeping LLC is now offering alternative quarterly and bi-monthly plans for fledgling businesses and any businesses for whom such a plan would fit!

The way this would work is that I would check in on your books during specific intervals.  For a bi-monthly plan, I would check in on the even numbered months, posting the transactions from the previous specified period, while also offering to do the year end statements the following January to finish out your year.  For the quarterly plan, I would check in at Mar, June, Sept and Dec, while also offering to do the year end statements the following January.  This is a great opportunity for more budget and cost conscious entrepreneurs to still get the bookkeeping services that they need, while not taking on the monthly expense. This is also a new opportunity for us to serve clients in a more effective way.  Hopefully this would be an alternative for micro business and new businesses, which are a specialty for Heru Bookkeeping, as well as the type of businesses that are most excited about working with. 

For a quote, please contact us at herubookkeeping@gmail.com or give us a call at (267) 252-7320.

Terrence Satchell

Heru Bookkeeping LLC

A New Year, a new chance to get it together, get it going and get it right!

First off, we here at Heru Bookkeeping LLC would like to wish a Happy New Year full of prosperity, abundance, joy, success and love to everyone who stumbles onto this blog! As a general rule in this blog, I try to never make references to the date so that my posts can be relevant whenever they are read. But after such a tumultuous 2020, a year that devastated so many financially and spiritually, it’s only right to finally put that year in the rear view, and joyfully proclaim that 2021 is now upon us!  Of course, a new year represents a new beginning, a blank slate, new opportunities, and a fresh chance to analyze what went wrong in the previous year, and most importantly, either begin to take the chance to fix the previous years issues, or simply wash our hands and move on to bigger and better things, whichever is more appropriate.

2020 was such a traumatizing year for so many, for many different reasons such as the global pandemic which continues to wreak havoc worldwide, as well as other reasons which are beyond the scope of this blog.  But although 2020 sucking and 2021 being a very welcomed change is something that most people can agree on universally, a bit of reality is needed here. At the risk of coming off as a “Darryl Downer”, I must write something that is fairly obvious, but a bit sobering to those of us who are ecstatic to see 2020 end; if we do not “do the work”, and make whatever changes are necessary to what we can control, and take whatever may be the necessary steps to make 2021 appreciably better than 2020, then 2021 could possibly be more of the same.

Of course this applies to Heru Bookkeeping LLC, our clients, and most important to this article, our prospective clients.  2020 was one of the roughest years in memory for small business owners and entrepreneurs.  Many businesses that started 2020 off thriving, are barely hanging on by a thread now, if not defunct to start off 2021.  But for those who were fortunate, industrious and resilient enough to still stand, now is the perfect time to make the moves to continue to weather the ongoing storm, and make your business into the brand of your dreams.  This may include making changes to how you keep track of what you own and what you owe, and your income and your expenses, i.e. hiring a professional, competent and highly engaged bookkeeper, who will work just as hard on the bookkeeping aspect of your business as you work for yourself and your brand.

Realistically, hiring a bookkeeper is just one way that you can possibly make 2021 better than the unanimously forgettable-at-best 2020.  Business owners, and people in general have many things on their plate in the middle of a global pandemic, such as keeping themselves and their families safe.  But getting and keeping your business’s finances in order has to be at the top of the list of things to focus on in 2021, if we are to make and keep our business profitable, as well as to get a clear picture of the value and overall health of our business.  So let’s make sure that we start 2021 off right and keep the important things in focus, first of all with the truly important things in life (family, health and safety), then with the businesses that we are working so hard to make into a smashing success. 2021 is our year, I can feel it!

Terrence Satchell

Heru Bookkeeping LLC

How Successful Businesses and Successful Bookkeepers Feed Off Of Each Other

One of my favorite books that I have read over the last few years is Start With Why: How Great Leaders Inspire Everyone To Take Action, by Simon Sinek.  This book essentially talks about how your “why”, i.e. your chief motivation for your business or your cause, can be a powerful motivator and rallying point for success for yourself and everyone you work with.  Of course being able to pay bills, buy food and clothing and afford shelter are obvious motivators. But beyond the obvious, in order for your “why” to resonate, it must be aligned to something deeper than simply being able to afford necessities or even to make yourself wealthy.

Reading this book made me think deeply about what our “why” is here at Heru Bookkeeping LLC. In a service based business like bookkeeping, obviously being able to provide top value to our clients is enough of a “why”, but it doesn’t quite get across the one word that defines our “why”, and that word is passion. The main “why” that we have for starting Heru Bookkeeping LLC is the fact that we have a passion for service, for doing our part to help entrepreneurs fulfill their dreams, and to help small business owners to continue being the backbone of the economy. This is our driving force, and our way of attempting to leave our mark positively with each person with whom our business crosses paths.

To be a successful bookkeeper means that you are playing a part in creating successful businesses and keeping them successful, which have effects that go far beyond what we can possibly know.  Successful businesses keep people employed, which in this very tumultuous time in history is more and more of a blessing everyday. Successful businesses also provide inspiration for the next group of entrepreneurs, both those who were born for that life, as well as those who may have a great idea and are more than capable of being successful, but who may need to see other stories of success to know that they too can win with hard work, ingenuity and a bit of luck. A successful business who has a clear and noble “why” can revitalize and become the cornerstone of an entire community, becoming a shining beacon of hope and a symbol of opportunity for the downtrodden.

As a bookkeeper, to be able to play a part in the growth and health of these businesses carries a tremendous responsibility, one that we do not take lightly.  To become an ally and consultant of sorts to these businesses is a great honor. I truly enjoy playing a part in the success of the people who I am lucky enough to develop a business connection with, helping them to bring their vision to life, and help them see the fruits of their hard work, grind and hustle.  Being able to feel this feeling of accomplishment and being able to provide service to my clients is a feeling of success that goes beyond the money earned from providing the service.  At Heru Bookkeeping LLC, providing the service itself and seeing the benefits of our work in the business (and bottom line) of our clients is the ultimate success.

Let experienced professional bookkeepers “take the wheel” of your books while you concentrate on growing that future powerhouse brand. Contact Heru Bookkeeping LLC and see what we can do for your business! Do not put off until tomorrow what you know you need today.

email us at herubookkeeping@gmail.com or call us at (267) 252-7320 or (267) 314-7223 and get a free consultation today.

.Terrence Satchell

Heru Bookkeeping LLC

The Best Investment

“The best investment is in the tools of one’s own trade” – Ben Franklin

When one thinks of an investment, there are generally a few images that pop into the average person’s mind; Wall Street chaos, stocks, bonds and investment portfolios are among the most common. When one thinks about making an investment in their business, usually raw cash or other material items such as land, buildings, computers, vehicles and whatever is the necessary standard equipment for their particular line of business tends to come to mind. Of course all of these are worthwhile investments. But sometimes, the best investments are things that are not as visible, flashy, exciting or instantly gratifying, but are just as important.

Well kept books, as important as they are, may not be at the top of the list when business owners think of important tools that they need to invest in to be successful. But make no mistake about it, tidy, orderly books and a bookkeeper who can analyze the raw numbers are without a doubt a great tool for a business and its finances. Having access to accurate numbers for what you own (your assets), what you owe (liabilities), how much you’ve made, how much you’ve spent and how much you have invested in your company at the current time (equity), and being able to make intelligent business and financial decisions based on this data pays huge dividends, not only when it’s time to file taxes, but throughout the entire lifespan of your business.

As a big sports fan, I like to think of the relatively modern tool referred to as “analytics” or “advanced stats”, that many organizations all throughout sports use to measure performance and to get a competitive advantage over their competition, as very similar to the advantage that a 21st century bookkeeping professional can give to businesses.  Analytics are loosely defined as ,”the systematic computational analysis of data, statistics and information”.  This perfectly describes what the 21st century bookkeeper provides, as we not only actively keep your books and create your financial reports (which shows your stats), but a great 21st century bookkeeping professional is also skilled at analyzing the information and consulting with their client to plan forward, making a real difference in a company’s bottom line. 

The modern, forward thinking, and ultimately successful sports teams use analytics effectively to help them win big on the field.  In the same vein, serious, forward thinking and ultimately successful businesses use bookkeepers and accountants in the same way, helping them to save money, and to develop effective strategies to make more, i.e. winning big in your bank account.  Claim your competitive advantage and invest in a 21st century bookkeeping professional today!  I can guarantee that you not only won’t be disappointed, you will wonder what took you so long in the first place!

Email us at herubookkeeping@gmail.com or call 267-314-7223 and get your free consultation today if you want to see the difference that hiring a serious, experienced professional can do for your business. Heru Bookkeeping LLC is dedicated to helping business win big!

Terrence Satchell

Heru Bookkeeping LLC

Separate Bank Accounts – An Absolute Necessity

There are certain benchmarks that a business owner must meet in order to be able to conduct their affairs on a serious, professional level.  Of course, establishing your legal business entity (sole proprietorship, partnership, LLC, corporation, etc) and getting your tax id / EIN are at the top of that list.  Just as important, yet not practiced by a surprising number of entrepreneurs, is the establishment of a separate business checking account, dedicated solely to transactions revolving around your business. 

A startling amount of business owners use their personal checking account for their business transactions, causing headaches, confusion and often times trouble for all involved.  This is referred to as commingling funds, and it is a grave mistake for a business to make. There are several huge benefits to opening a separate bank account and keeping your business and personal expenses completely separate, with no clear drawbacks. Here are several reasons, aside from the obvious headaches caused by commingling funds, why establishing a separate bank account is not only highly recommended, but an absolute necessity.

Keeping an accurate tally of your income and expenses / Monitors your business’ profitability – Since this is a separate account set up for your business only, the monthly statement can outline in a very easy to understand format what your business’s income was in comparison to your expenses for that month.  You would be able to tell what your net profit for that month is by subtracting your expenses from your income.  

This statement is obviously important and in conjunction with your bookkeeper keeping your business balance sheet, income statement (profit & loss) and statement of cash flows, is an invaluable tool for a business.  Without the separation of your business and personal checking accounts, it would be much more difficult to get an accurate determination of your business’s profitability.

Increases your ability to receive payments – Opening a separate business checking account opens your business’s ability to accept credit and debit payments either through a merchant account or through a service like Stripe.  This opens up your business to be able to serve a larger number of clients and to accept payments in a more varied amount of ways.

It makes your business “official” – If you want to establish solid professional relationships, it’s very important to “look the part”.  Opening a separate business checking account makes you look like a professional entity ready to seriously “do business”.  It also protects your personal information as only your business information would be printed on the physical checks as opposed to your personal account.

These are just a few of the more obvious benefits to making this simple yet crucial step.  If you are a new business owner and you have yet to make the step to establish your business checking account, I implore you to make the move to do so as soon as possible.  Your bookkeeper, accountant, and/or tax professional will thank you, and you are sure to feel the benefits at the end of the month when reviewing your business’s performance as well as during tax time.

Please feel free to check out the other blog postings, and if you are in the market for an experienced, professional bookkeeper.email us at herubookkeeping@gmail.com and book a free consultation today!

Take care,

Terrence Satchell

Heru Bookkeeping LLC

Understanding the 3 major financial statements Pt 2 – Presenting The Big Picture

In part one, I gave an overview of the 3 major financial statements, what they are and their function.  I defined the balance sheet as the “what?” statement, detailing what you own (assets), what you owe (liabilities), and what your equity is.  I defined the income statement/profit and loss as the “how much?” statement, showing how much you made over a particular period minus expenses, which gives you your net profit over that period.  And lastly, I defined the statement of cash flows as the “where?” statement, showing where your money came from and where it went over a period of time.  Of course all of these statements on their own are extremely important, but their importance is truly felt in how they are used together.  These statements should not only be used to keep score on the finances of a business, but the information in these statements should be understood, analyzed and interpreted, and the information must be used effectively by the business owner to make your business more profitable.  This is where the value of the 21st century bookkeeping professional shines through.

It goes without saying that entrepreneurs tend to lead very busy lifestyles.  In the middle of the hustle and bustle of attempting to turn your business into the powerhouse brand of your dreams, it can be quite easy to forget to see the bigger picture, sit with the cold hard numbers and make intelligent decisions based on your analysis.  Your financial statements are without a doubt the greatest tools to do this, and since us as the bookkeeper are tasked with the responsibility of drafting these statements, it is also imperative for us to develop the analytical ability to become a true asset to our clients through these statements.  It is what separates us from the “bean counter” stereotype of the bookkeepers and accountants of yesteryear, into the 21st century bookkeeping professional who becomes an indispensable asset to whomever they are working with.  This is what we refer to when we at Heru Bookkeeping speak of providing maximum value.

While bookkeeping is extremely important and necessary for any serious business, simply keeping the books in and of itself will not make your business more profitable.  It’s the proactive guidance that comes from the analysis of the information provided by your financial statements drafted by your bookkeeper, as well as the client taking heed to the information and adjusting accordingly, that will really move the needle on your profitability.  It’s easy for a business who doesn’t keep a keen eye on their expenses and liabilities in comparison to their income and assets to dig themselves into a hole.  But with proactive guidance, this is far less likely, and with the business owner listening to the proactive guidance, staying on top of and taking heed to the data provided by these statements while adjusting their practices accordingly, it’s virtually impossible

At Heru Bookkeeping, we make it a monthly standard practice to not only present you with the previous months financial statements, but to also go over these statements with you and analyze them to determine the overall financial picture of your business within the first 10-15 days of the following month.  We will examine how much you have made for that time period, how much you’ve spent, what you spent your resources on, what services or products that you offer that are the most profitable, what you owe, who owes you, etc.  This proactive guidance is guaranteed to make a huge difference that you can not only see in the numbers, but most importantly in your bank account and in your pockets.

If you want to take advantage of the proactive guidance as well as the thorough and accurate bookkeeping provided by the professionals at Heru Bookkeeping, contact me at herubookkeeping@gmail.com or give me a call or text at (267) 314-7223 and book a free consultation.  I can guarantee that you absolutely will not regret it and will see the difference in your business!  Let us make your business our priority and serve you!

Terrence Satchell

Heru Bookkeeping LLC

Understanding the 3 major financial statements Pt 1 -What? How Much? Where?

In bookkeeping, being up to date and accurate with recording transactions and general bookkeeping is obviously a huge and essential part of the job, but it is not the only important part of the job.  In fact, some would quite accurately say that this is only half of the job.  As a 21st century bookkeeping professional, being able to analyze and interpret the recorded transactions to guide your clients financially in the right direction is imperative. 

The best tools at our disposal to do this are the 3 major financial reports, the Balance Sheet, the Income Statement (also sometimes referred to as the profit and loss or the “P & L”), and the Statement of Cash Flows.  I describe the importance as well as the difference of these statements by referring to these statements as the “What?” statement (the Balance Sheet), the “How Much?” statement (the Income Statement), and the “Where?” statement (the Statement of Cash Flows).  Let’s break these 3 different yet equally important statements down.

The Balance Sheet – What?

The Balance sheet has been described as a snapshot of the business at a given time.  It is a cumulative report that shows what the businesses financial standing is for the year up to the end point of the time period that the balance sheet covers. I refer to this as the “what?” statement, because the purpose of the statement is to show what you own (your assets) as well as what its value is, what you owe (your liabilities) in total, and what your total equity is in the business over the time period that the statement covers.  The Balance sheet is very closely related to the next statement that I will be discussing, the income statement.

The Income Statement – How Much?

The income statement is sometimes interchangeably referred to as the profit and loss or “P & L”, but for clarity I will call it the income statement. I refer to the Income Statement as the “how much?” statement, because it, as the name suggests, shows how much your income or net profit is or was over a specific time period.  The income statement is a summary of your gross income minus your expenses, which produces your net income.  The statement is concluded by whatever is your total net income (or net loss) for that time period, which carries over and reflects in the net income field on the Balance sheet for that same time period.

Statement of Cash Flows – Where?

Rounding out our summary of the 3 major financial statements is the Statement of Cash Flows.  I refer to this as the “where?” statement because it answers the question, “from where did my money come from, and where did it go?” over the specific time period that the statement covers.  This statement is divided into three categories, showing where your money came from and went to in your day to day operations (operating), your businesses investment activity such as acquiring assets to help you make more money, and your companies financing activity which, for example, would cover any loans that your business may have taken out to acquire those assets.

In part two, I will cover our role as a bookkeeper in producing, interpreting and analyzing these statements, as well as how these statements should be used together to present the big picture of the financial health of your business.

Please look around the website, and if you are interested in making that very intelligent and necessary move to get an experienced and very thorough bookkeeper to help your business grow to the next level, contact us here at herubookkeeping@gmail.com.  Producing, interpreting and analyzing financial statements so that we make a difference in our clients business’ lives is what we specialize in and what we love to do!

Terrence Satchell

Heru Bookkeeping LLC

Bookkeeping: Creating order out of chaos

When you think of everything that a bookkeeper does for a business, many things come to mind.  Bookkeepers keep track of all income and expenses, classify transactions into the right accounts, create financial statements, advise, assist with payroll and help with tax preparation among other things.  These are the specific tasks that are a part of the regular daily/weekly/monthly life cycle of a bookkeeper.  But if one were to ask me to sum up what a bookkeeper does in one sentence or less, my best answer would be that bookkeepers simply create order out of chaos.

Generally if a company is in the market for a bookkeeper, it is because a problem has arisen that only someone that is a thorough, sharp eyed bookkeeper can fix.  These problems can either be “good problems” or situations that are less than ideal, but either way, a solution to their problem is needed. Perhaps the business is growing to a point where a business owner no longer has the time to effectively keep the books by themselves, and/or they simply can now afford to outsource the job.  These are “good problems”.  Or perhaps the business has never kept accurate books (or had any bookkeeping at all) before hiring a bookkeeper, which would require a massive clean up.  Maybe a business wasn’t happy with whomever previously had the job and would like someone more detailed or professional.  These situations are obviously less than ideal situations to be in for a small business.  

Whatever the reasons, generally bookkeepers are always stepping into a chaotic situation (to varying degrees). Whatever that situation may be, bookkeepers tend to take the ultimate pride in being problem solvers.  Providing value by contributing a calming presence and providing knowledgeable, astute and practical solutions to calm stressful situations, as well presenting those solutions in a relatively simple, easy to understand manner are the hallmarks of a good bookkeeper.  When there are questions that need to be answered about a company’s financial standing, a bookkeeper should have the answers on deck.  This demonstrates our dedication to providing maximum value, which is so important for both clients as well as for our company and for all bookkeepers.  

Simply understanding credits and debits, although crucial and fundamental to sound bookkeeping, is a relatively small part of the job of serving a business.  A great bookkeeper helps the business owner navigate through the difficult terrain that they are sure to come across when attempting to grow and scale a business.  A good bookkeeper is a partner in a sense, and a friend to the businesses in which they serve, taking complete ownership of the job that they are tasked with.  This is another way in which our stated purpose of providing maximum value reveals itself.  A great bookkeeper makes your business their priority.

Make that investment in a great bookkeeper who specializes and takes pleasure in serving and assisting business so that they are the best that they can be.  At Heru Bookkeeping, we put a huge premium on embodying the correct values in business, as well as going above and beyond to do the most thorough job possible. Contact Heru Bookkeeping, and let us create order out of chaos in no time!

Terrence Satchell

Heru Bookkeeping LLC

Heru Bookkeeping, LLC

Entrepreneurs, get rid of that “I can do it all myself” syndrome!

Being industrious, proactive, independent, hard working and (let’s be honest) having a fairly high opinion of one’s own abilities are tell-tale signs of the entrepreneurial type.  These are qualities that can be found in most business owners, as they would not have made the decision to set out on their own and start their own business in the first place without them.  However, there are traps that an entrepreneur can fall into because they possess these generally good qualities that can lead to less than ideal results.  A perfect, and very common example of this is what I refer to as the “I can do it all myself” syndrome.  

Although running a business will always be challenging, many of the day to day tasks that must be performed for a business to be successful can be seen as fairly mundane or even menial.  Of course this is not to say that these tasks are unimportant, as any task that must be performed in order for a business to be run smoothly is important.  These are usually tasks that beginning business owners generally have to do themselves, as many start their business either by themselves or with a very small group of people.  

However, as one’s business begins to grow, and the number of tasks that a business needs to be done also begins to grow, it becomes more and more inefficient for one or two people to, for instance, personally answer every email, while at the same time tending to their growing brand and focusing on activities that directly lead to growing their wealth. This is when the separation between businesses that are ready to grow into powerhouse brands for which the sky’s the limit, and businesses that have ceilings begins. 

Forward thinking business owners generally see this as an opportunity to expand, a chance to bring more people into the fold to help them manage and maintain their growing business while they focus on the things that will grow it further. On the other hand, the more cautious business owner simply sees this as more work that they have to do in order to maintain the business that they have built.  The problem with that way of thinking is summed up with this question; “if you spend most of your time simply maintaining your business, when will you have time to actually grow your business and by extension your wealth?” 

Bookkeeping is one of those activities in which many business owners falsely feel as though they can simply do themselves.  And while some who do their own bookkeeping do a passable enough job, it can be very unwise to take on that task without at least consulting with a professional bookkeeper, who is trained in that area and knows exactly what they are doing.  This is even more true in the situation of someone whose business is growing at a rapid pace.  At some point it simply makes more sense to trust a professional, who not only knows what they are doing, but specializes in all aspects of bookkeeping and takes pride in being the best.

Not only is the extra time saved that can go into, growing the business, vacationing with family or simply enjoying the fruits of your labor however you wish a direct benefit, but you also benefit from working with a professional who from doing the books and generating the financial statements, can then analyze the data and help form effective business strategies and solutions.  This has a direct impact on your profit by either saving you money or making you more money.  Having a sharp eyed bookkeeper also helps tremendously in organizing your records for tax purposes, so that everything is in order. By investing in a bookkeeper, a business owner turns a task that they do to simply maintain their business over into the hands of experts who help grow their business.

If you want to join the ranks of the forward thinking business owners who want to preserve and manage their time more efficiently while growing their business the intelligent way, then you have come to the right website!  Contact the talented and knowledgeable professionals at Heru Bookkeeping LLC at herubookkeeping@gmail.com or give us a call at (267) 314-7223 and let’s schedule a free consultation.  I can give a personal guarantee that you will not regret that decision and will see the benefits of making such a wise decision almost immediately.

Terrence Satchell

Heru Bookkeeping LLC

Establishing your brand! (Persistent and Consistent)

One of the most interesting things about attempting to run a successful business is getting more familiar with the concept of branding, and making your particular brand stand out and actually mean something. This is generally done through your actions within your business, as well as through clever marketing techniques. For me, branding is not just a name, logo, color scheme, and a slogan, but it is the overriding philosophy that you employ that makes your business unique.

The way that you connect and engage with customers and clients, whether they are ongoing clients/ customers that you have had for years or still in the prospect stage. Your willingness to provide maximum value and to go above and beyond to make sure that your clients are happy with your work. Your ability to project a sense of something bigger and more personal than a simple business relationship or a transaction. Your ability to inspire loyalty. These are all things that are very crucial to branding, and establishing a long term brand that lasts.

Of course the big challenge is finding out exactly how to go about establishing these things in the minds of those who you are trying to attract. As a business who is still trying to find their way, this is perhaps the biggest breakthrough that must take place if it is to become successful. The best way to establish a brand that has integrity is to be two things at all times: persistent and consistent!

Be persistent in understanding that long lasting brands that have integrity are not built in a matter of days or months, but sometimes over a period of several years and even decades. It is very important to be persistent in the sense of never quitting on yourself, or your brand (first and foremost), and never wavering from your ideals, even when it is the easier choice to do exactly that. There will always be moments where it would be easy and beneficial in the short term to go against your ideals and to do things that either you don’t agree with or you initially set out specifically not to do. There will be times when things are moving slower than you want and the temptation to fold will be there. It’s extremely important to hold firm and stay the course that you’ve set for yourself.

And you must be consistent in your ideals at all times. Once you begin to establish a certain (positive and productive) aesthetic or culture within your business, it is always best to stick with it so that when people see your logo and your colors, they know what it represents, and what to expect (hopefully nothing but the best!). and when they hear your voice or even see your promotional material, they know that what they hear and see is sincere and not just you trying to sell you something. As the popular saying goes, it’s important to “keep that same energy”, in good times and in bad times. Consistency is the cornerstone of trust, respect and in my view, building a powerhouse brand.

Terrence Satchell

Heru Bookkeeping LLC