We should talk about relationships.
That may seem a little off topic for a business blog, however, Kahuna is really in the business of bringing people together, creating better communication, and improving relationships. And truly, nothing is more important for a successful business than having healthy, transparent relationships.
So today we want to share three ways Kahuna Accounting can improve your relationships.
1. The Relationship with Your Bank
The relationship between a business and a bank can sometimes be complicated. But it doesn’t have to be since both sides want the same thing. The bank wants to lend money for the right opportunities, and the business wants to be an opportunity worth banking.
So if both want the same thing, where does this relationship break down?
Banks now need a significant amount of documentation and financial reporting to be able to work with a business due to increased regulations over the years.
So when a business approaches a bank, they are normally sent away and told to come back with things like:
• Personal Tax Returns
• Business Tax Returns
• Last 3 years Balance Sheet and Profit and Loss statement
• Year-to-date balance sheet and profit and loss statement
Business-owners are typically not able to create financial reports right when they need them. And the need for a loan is not always predictable.
This usually results in a mad scramble for documents and numbers and then spending the next week to ten days working with an accountant or CPA to produce the information needed for the bank.
And in the end, sometimes the numbers aren’t accurate or current, creating even more challenges.
How Kahuna Can Help
This is a specialty of ours. See why banks love us.
When you work with Kahuna, we ensure your accounting cycle is complete each month. This means your bank statements will be reconciled with your business activity.
And with Xero, you can create a Profit and Loss and Balance Sheet in just a matter of seconds once your data is up to date.
So, when you have a huge opportunity come up, and you quickly need to get a loan, you can confidently walk in to see your bank, share with them all of the financial information they could ever need to see – and it’s accurate, current and detailed.
The bank will be able to quickly determine whether or not you are qualified for a loan and everybody is happy!
2. The Relationship with Your CPA
At Kahuna Accounting, we are not a CPA firm. We aim to make things easier for CPAs and businesses.
Many times, the relationship between a business and a CPA is similar to that of the bank. The CPA is consistently asking for more information, and the business is digging around trying to provide that information.
For small businesses, it can result in trying to document a full year’s worth of financial activity at one time.
Tax season is dreaded by the business because it can be such a long process.
How Kahuna Can Help
Once again, when you have current financial information, everybody wins. When you work with Kahuna, you’ll be able to provide your CPA with all the information they need, right when they need it, which will dramatically cut down on your time spent.
Here is our key relationship advice for the day.
The most important component of a healthy relationship is communication.
And it’s difficult to communicate when you aren’t speaking the same language. Kahuna aims to bridge that gap between businesses and their key financial relationships. We help the communication improve, so everybody has what they need when they need it.
3. The Relationship with Your Family
We are all about happy families here at Kahuna Accounting. By doing the monthly accounting for your business, we can take a lot off your plate, so you can enjoy your spare time with your family.
When you have peace of mind about your accounting, we hope you will be able to leave work at work, and truly invest in your loved ones when you are home.
Those are the relationships the really matter.