Overhead expenses can seem like a series of very indistinct line items on your financial statement as they often include indirect costs associated with your business’s operations. These expenses can range from software subscriptions and postage, to lease payments and utility fees. Because these costs can easily hide in plain sight amongst more substantial expenses, such as employee salaries, it’s important to identify what expenses should be factored into your overhead. In doing so, you will have a better idea of how these costs affect your cost of sales and, ultimately, your bottom line.

Overhead costs are usually divided into…

Hiring a reliable, adept team is crucial to the success of a firm, which is why establishing an equally robust hiring process is imperative. Your hiring process significantly impacts the type of talent you attract to your organization, as well as the time and resources it takes to hire a candidate. With that said, the effort you put into the hiring process should be strategic.

Our hiring team has managed to create a hiring process that enables us to select qualified candidates who fit the culture of our firm. However, we are always looking for ways in which we can…

As an accounting firm that works with digital marketing agencies, we are well aware of the different factors and actions that can contribute to these agencies reducing the amount of taxes they owe. We begin our tax preparation services for clients early. During that process, we use forecasting as a way to determine how much taxable income creative businesses are going to make. Through forecasting, we typically know where our clients are going to end up tax-wise in June, which means by autumn, we have the data available to determine their taxable income more accurately.

From forecasting and reviewing the…

Many business owners, especially those of digital agencies and startups, feel they could use the services of a CFO but lack the resources to add one to their payroll on a full-time basis. Outsourcing this type of service is often an attractive option, as it allows you to gain the financial and operational expertise necessary to elevate your company to the next level.

While we understand that hiring a Virtual CFO firm may not be right for every business, if it does fit your business’s needs, it can often cost less and provide more expertise than a traditional in-house accounting…

One of the biggest advantages that we have found of being distributed, compared to a brick and mortar firm, is there is not a limit on the quality of people to interview. In fact there’s so many quality people that it creates a different problem. The problem arrives in how to narrow those quality applicants to “the applicant.” How to go to from 2,000 applicants to 1.

Even with that in mind we still struggled in the past with hiring the right candidates. During the interview process, we would talk about our firm’s accomplishments and trajectory so often that prospective…

Strong leadership is at the core of any successful business. That much is known by many business owners and entrepreneurs. But when it comes to implementing an efficient system capable of growing your business, there are several key things to consider.

I am passionate about helping business owners learn how to scale their business. Our Virtual CFOs work with agencies to help founders and critical stakeholders gain a clearer understanding of where they are now and how to get to where they want to go.

Here are five things to keep in mind when it comes to taking your business…

Scaling your agency is a multidimensional process. The team at the Summit CPA Group often works with agency owners who need help understanding and appropriately managing each dimension. From effectively managing cash flow to addressing ownership concerns, we have helped agency owners handle some tough scaling decisions and adequately prepare their companies for the next phase of growth.

Our experience has shown a spotlight on four critical issues you may be facing as a creative agency owner trying to move your company to the next tier of growth. …

3 steps you can take to accomplish your revenue goals

How is your pipeline? Do you have enough business in your pipeline to sustain both your current and future cash position?

Even if your business is doing great, you could be headed for trouble if you don’t have a big enough pipeline. Understanding and improving your pipeline metric is crucial to the future success of your business.

Your pipeline comes down to “contract over capacity” — what you currently have locked in divided by what your team can produce. Let’s say your revenue capacity is $778,089 — that’s the amount…