Merager Financial Solutions Boulder Colorado
Make Expenses Work For You!

  ~ July 2019 ~

Welcome to the Merager Financial Solutions LLC newsletter. We're so happy you are here! Each newsletter provides a wealth of knowledge and inspires business growth.



The absolute key with any system, financial or otherwise, is to make it as simple as possible.  The gold standard is if someone with reasonable intelligence can come into your company and understand what’s being reported and can independently access similar data results.

1. Use an accounting system that automatically downloads your transactions.
2. Your bank may have a budgeting system that automatically categorizes your transactions, so no further work is needed (note that the categorization may not fit your business, so don’t let it go completely on autopilot).
3. Avoid using a spreadsheet that must be manually updated – it will become too time-consuming and will be abandoned eventually.
4. Once your company becomes sufficiently complex, hire a competent bookkeeper, so you have reliable financial reports to run your business.

TAKEAWAY: If you find yourself especially encouraged (or even overwhelmed) by some aspect of your business, get in touch with Merager Financial Solutions for an inexpensive review and strategy session.

Use Apps

We are living in amazing times where applications can do much of our repetitive work and with more reliable results. The key is to have really good integration between different apps, so your data isn’t scattered, or even far worse, providing you with varying results between systems.

1. We’re a big fan of QuickBooks Online for many reasons and can help you get a 50% discount for the most basic version for the cost of a couple of cups of coffee a month.
2. Depending on the complexity of your company, using a bill payment system can make a lot of sense.
3. If you’re sending money internationally, there is one system that we would love to introduce you to that is incredibly convenient and the fees are sometimes 90% LESS THAN your bank.

TAKEAWAY: If you have a technology need, get in touch with us for a quick chat with absolutely no obligation. Frankly, we’d love to connect with you again, and this is a great excuse!

Direct Purchases                        

Reimbursements should be a rare event so that employees aren’t burdened with interest-free loans to their employer. It’s also important to note that processing reimbursements are typically very expensive in staff time, so there is a direct cost for what initially seems like an easy solution.

1. When reimbursements are necessary, we can recommend a few reimbursement systems that integrate directly into your accounting system with a mobile phone apps.
2. Where logistically possible, the employer should purchase items directly from vendors or provide an employee with a debit or credit card to make purchases.
3. Creating a direct and substantial purchasing history with vendors creates an opportunity to request an ongoing discount.

TAKEAWAY: Use your company’s purchasing power to your advantage by having it all visible and leveraging a positive working relationship with a vendor to help both of you.

Monthly Review

Having a budget has so many advantages, but the ability to compare what you thought your company would do and how things actually played out is pure gold. Seeing the results of real-world decisions compared to what we reasonably believe will happen leads to wisdom, which leads to growth.

1. Review your expenses each month with your bookkeeper if your company is safe, but not growing in the near future.
2. If your company is growing, or set to grow, review your budget vs. actual numbers with your CFO so the growth can sustainably continue.
3. At the end of each monthly review, identify any new expense categories that have become significant and should be highlighted by themselves on future profit and loss reports.

TAKEAWAY: For every expense, make sure that it has a return on investment (ROI) for the company or classify it as an Owner’s Discretionary item that can be quickly identified if funds are needed immediately.

If you need assistance with anything we’ve discussed here, let’s talk so you can reach your financial goals, growth, and revenue. Spend your time doing what you do best and make more money by having us solve your most pressing financial issues.

MFS Admin