PR E A PU BLICATION OF
Dr. Scott Colonna:
Seeing opportunities during the pandemic
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Go Figure Accounting
FO UR TH Q UAR TER 2 0 2 0
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ER E
ISS UE
A PROFIT FIRST PROFESSIONALS CERTIFIED FIRM
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See What’s Possible With shrewd planning and smart accounting, Dr. Scott Colonna turned a global pandemic into a growth opportunity.
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6 Points of Interest
Ruth Bader Ginsburg’s impact on the Tax Code
Why you should conduct your year-end business review before the end of the year Which generations own America’s small businesses? The numbers on women in business Four tips to get you quicker at QuickBooks
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15 Taken into Account
20 For What it’s Worth
The Perks of Planning Your Profit Profit First changes the game for Go Figure clients.
The Post-Pandemic Future Ten ways COVID-19 has forever changed the way the world does business
Company Spotlight Kirstin Pastorick, Bookkeeper CPA Q&A Rachel answers your accounting questions.
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Rachel Siegel, CPA Owner, Small Business Development Expert Cindy Lovan, EA Accounting, Tax Kirstin Pastorick Bookkeeping Michele Dunn Accounting Marissa Siegel Admin Assistant
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407-573-6061 hello@emagency.com emagency.com @EMagencyinc Goals is published quarterly by Go Figure Accounting. Volume 1 Number 1 Copyright© 2020 Go Figure Accounting. All rights reserved. Reproduction in whole or in part without written permission is prohibited. Opinions expressed in the articles are those of the authors and do not necessarily represent the opinions of Go Figure Accounting.
R A C H E L’ S D E S K
First and goal! While these inaugural pages are filled with personalities and practical financial tips, the goal (pun intended!) is to get to know you better, our clients and future clients. We work with an eclectic mix of small businesses and entrepreneurs. Some have been on their journeys for decades; others are just getting started. But no matter where they land, we are honored to play a vital role in their growth and success. Take Dr. Scott Colonna, for instance. He and I have been friends and clients for 20 years. I’ve enjoyed watching him expand his single location optometry practice in Providence, RI, into a successful, multi-location specialty eye care business which will be in dozens of communities throughout the East Coast. Did COVID-19 disrupt his business? Absolutely! But he’s been able to bring back 95% of his employees and further expand his practice, all while raising a family and supporting his community. You’ll meet one of our full-time bookkeepers, Kirstin Pastorick—a wizard with a spreadsheet and a ledger. We help guide you through some of the most common questions regarding PPP loan forgiveness. And we pay homage to a woman who made owning my own business legally possible—the inimitable Ruth Bader Ginsburg. May she rest in peace. Plus, we’re kicking off this issue — Q4 — with an announcement: We’re officially an advanced certified Profit First Professional! (Turn to page 16.) I’m confident it can help all small businesses improve the overall health of their company, and be profitable. Because let’s be honest: we all want to be profitable, right? Profit First is just a practical, sustainable way to get there faster. But enough about us. What about you? Have a financial success story to share? A tax or accounting question that’s been challenging you? We plan to produce Goals once a quarter, and we’d really appreciate all your input—money, taxes, corporate structure, Profit First, banking, and people. We are just a group of women who enjoy helping others find success at work. So email us at info@gofigureaccounting.net or find us on Instagram or Facebook. Meanwhile, please enjoy the issue and tell us what you think. Share it on social media. Email it to your your friends. Even share it on your blog if you want. A link back to our website will be all the credit we require.
We work with an eclectic mix of small businesses and entrepreneurs. Some have been on their journeys for decades; others are just getting started.
Go forth!
Rachel Siegel, CPA rachel@gofigureaccounting.net
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POINTS OF
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Notorious Tax Law 45% less money Changes FA C T S & FIGURES
Ruth Bader Ginsburg’s impact on the US Tax Code as told in her biopic.
What does gender have to do with taxes? Just ask Ruth Bader Ginsburg. The 2018 film On the Basis of Sex centers on Ginsburg, the US Supreme Court justice who passed on September 18, 2020, at the age of 87. More than just a biography, the movie also shines a light on tax law. The 1972 case involved Charles E. Moritz, who appealed a US Tax Court decision prohibiting a 1968 deduction for caretaker expenses under tax code Section 214, because it was only available to women, divorcees, and widowers. Since Moritz had never married, the Tax Court said he didn’t qualify for the deduction. The case was the launching point for Ginsburg’s focus on gender issues. She ultimately argued that the deduction should be available to all sexes. The Court of Appeals reversed the Tax Court’s opinion, ruling that discrimination on sex alone doesn’t further the provision’s goal of helping women who are traditionally paid less than men. The code section has since been repealed, and similar deductions are now under Section 213. Although deduction cases are still relevant in 2020, a discrimination-focused case is uncommon in Tax Court. However, one could argue that the 2017 tax reform changes discriminate by disallowing deductions for certain groups. Section 199A is the tax law’s 20 percent write-off for pass-through businesses, but certain professions are excluded from the deduction.
The amount that women founders who apply for bank loans receive in relation to men SOURCE: Biz2Credit
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YEARS
the number of consecutive times Forbes listed Ginsburg on its “100 Most Powerful Women” list—from 2004 to 2011
1 of3
judgments The amout of memorandum and division opinions issued by the Tax Court in 2018 that were tax deduction cases (out of 240)
73 percent the percentage of people with clear financial goals who also report lower stress levels SOURCE: Investopedia
Who’s driving this thing? 2020’s generational makeup of small business owners
The pandemic has affected businesses of all sizes, but small businesses have faced particularly unique challenges. We know that small business owners are struggling; what we want to know now is who exactly those owners are. The largest demographic of US small business owners is Gen X (ages 40 to 55), which makes up 44 percent of all small businesses. Following closely behind are Baby Boomers (ages 56 to 74) at 41 percent. Millennials (ages 24 to 39) own much less of the market share at just 12 percent, but that number is steadily growing. At the same time, the Greatest Generation (ages 74 and up) is down to just 2 percent. As the impact of COVID-19 comes clearer into focus—and as the ambitious Gen Z begins to enter the fray—we will see the changes that affect the next generation of small businesses. TA X T I P S
The minimum allowable credit amount for 2020 tax returns is $14,300—up $220 from 2019.
SOURCE: bloombergtax.com
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POINTS OF INTEREST
WHO RUNS THE WORLD? The statistics on one of the fastest-growing demographics of business ownership. Owning a business has historically been an uphill battle for women. Not only do men successfully launch more and larger small businesses than women; men-owned businesses also tend to be more profitable, according to smallbiztrends.com. But women are persistent, powerful, and, as it turns out, great business owners despite the odds. Below are some promising numbers that demonstrate the strength of women-owned businesses—but also show that we have a long way to go before we achieve true business equality.
12.3M 5.4M 1,821 20% 23rd First 39 8
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the number of womenowned businesses in the US, or 40 percent of all businesses SOURCE: American Express
the number of US businesses owned by women of color
TA X T I P S
Workplace retirement account limits have been adjusted for inflation. The base contribution for 401(k) plans is now $19,500, and for catch-up contributions, the new amount is $6,500.
SOURCE: NAWBO.org
the average number of women-owned businesses opened per day in 2018—that’s 3000% more than in 1972 SOURCE: Investopedia
the percentage of firms with a revenue of $1M or more that are woman-owned SOURCE: NAWBO.org
Bumble could become the 23rd woman-founded company to trade on US public markets—out of about 3,600. Jane Fraser will become the first woman to lead a major US bank when she replaces Michael Corbat at Citigroup in 2021. The number of women CEOs on the Fortune 500 list in 2021. It’s a record high—but it’s still not even 8 percent
Quick Stop
Put the “quick” back into QuickBooks with these 4 tips: TRIM TIME-WASTERS
Boost your cash flow by emailing invoices and statements directly from QBO, and have your bank transfer data to your QBO account automatically. Look for the “online banking download” tools.
UFA SPOTTING
If your Undeposited Funds Account is a high number, it may indicate an error in your deposit records.
SET IT & (NEVER) FORGET IT
Use memorized transactions to automatically track and pay recurring bills.
DAILY HABITS
If you enter transactions every day, your QBO balance will be more dependable than your bank account.
year? Does your company have a retirement plan in place for owners, partners, or employees yet? Taking action now will increase your 2020 business expenses, keeping this year’s taxable revenues lower. 3. Review your accounts receivable. If you struggled to get your clients to pay their invoices on time this year, reach out and see if you can work with them to be current by December 31. Not possible? Work with your CPA or financial planner on income rollover or revenue deferment plans.
Hindsight in 2020 Six tips for conducting your year-end business review well before the year ends.
4. Create a short-term strategy. For 2021, consider setting smaller financial milestones. By focusing on the short-term (we suggest monthly,) rather than more intimidating annual goals, you can more easily focus, identify trouble spots, and pivot accordingly.
5. Be proactive about growth. If you want to grow next year, you As business owners, we spend a 1. Revisit your business plan. It’s need to look at several compolot of time looking to the future. easy to get lost in gross profit, net nents of your business right now. Where are we headed? What are margins, and KPIs, but remember Ask yourself these questions: our goals for the next quarter? The that your company is more than • Is it time to offer new products next year? The next five years? its bottom line. “How well did we or services? What we don’t do a lot of is look- do our job?” is the most import• Should you raise your pricing? ing in the rearview mirror. Yet, it ant question to answer during • Are you successfully reaching can provide valuable insights into a year-end review. Review your your audience? what has worked and what hasn’t. mission and values before you • Where else can you advertise/ This year is certainly no exception. dig into your financial stateconnect with your audience? However, this year we’re telling ments. Did you meet the needs of • How can you be more visible in our clients to start now. Yes, now. your audience, or did you pivot your community? In the year of COVID-19, many drastically? Reviewing this inforbusinesses quickly shifted from mation will help you contextual- 6. Make a list of your successes, robust revenue goals to keeping ize your numbers. personal and professional, and the lights on. If that’s you, that’s celebrate with your staff. No totally OK, but don’t wait for De2. Make any last-minute investmatter what has happened so far, cember to begin your assessment. ments. Is there anything you can you’ve survived 2020. And that’s Here’s how to start. purchase before the end of the something to celebrate! gofigureaccounting.net / 9
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the Possibilities Strong entrepreneurs know how to turn a challenging crisis into an opportunity for their business to grow. Dr. Scott Colonna is one of them. STORY: Heather Lee PHOTOGRAPHY: David DelPoio
“I’m hopeful, encouraged, and excited about the rest of this year!” Lofty words for an optometrist in the middle of a pandemic. But that’s the essence of Dr. Scott Colonna — doctor, entrepreneur, business consultant, mentor, father, friend, and ever the optimist.
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“Contrary to how many of us are feeling, the sky is not falling,” Colonna says. “Yes, this has been a challenging year. Yes, we’ve all experienced hardship at work and at home. Yes, we have had to pivot. But isn’t that what business is? Constant reinvention?” He’s not being cavalier. Colonna and his businesses—Westminster Eyecare Associates, GMC Properties, Mandalay Optical Labs, and Uppercut Consulting— faced the same challenges as every other small businesses in the wake of COVID-19. “Everything about how we had to run our businesses changed overnight. Over a two-week span, we furloughed our entire staff
“We want to be the best in the world at what we do. I want to help other business owners and entrepreneurs be the best in the world at what they do.” —Dr. Scott Colonna
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and faced mandatory shutdowns,” he says. “And yes, it feels like a merry-go-round of pivot, spin, reassess, reinvent, but that’s what business is. And it’s exactly what Rachel has prepared us for.” He is, of course, referring to Rachel Siegel, CPA, Colonna’s longtime financial strategist, accountant, and bookkeeper. “No matter what was thrown our way during the pandemic, Go Figure has kept it all on track. They were able to advise us on short- and long-term planning, and to coordinate that with our work family. Plus, when the PPP/ Cares Act was launched, Go Figure was able to clarify the terms, navigate the changes, and keep
up above water throughout those initial impact months. “ All told, Colonna’s companies were able to offer back full-time employment to 95 percent of their original employees. The other five percent chose to make a change, to stay home with their families. “A decision we respect to the fullest,” Colonna adds. “When it comes to navigating the business side of COVID-19, we never had an issue,” he says. “Because of the work we put into our cashflow strategies early on, we never had an issue we couldn’t overcome. What a blessing, right?” That said, there was life before the pandemic. And to understand
Colonna, one must look back to gauge such optimism.
20/02 Vision The year is 2002. Dr. Scott Colonna is in his first year at Westminster Eyecare Associates, the practice he and Dr. John Ormando bought from a retiring doctor when the pair graduated from the New York College of Optometry. Even then, the duo had a vision for more. “We knew we wanted to get out into the community and turn it into a group practice,” says Colonna. And that they did. What started out as a $600k practice has grown over the years into a $6M practice with over 65 employees and continues double-digit growth year over year. “What makes us unique is that John and I had a goal; whether it was our staff or our patients, we wanted everyone to leave happy and satisfied with their service here,” says Dr. Colonna. “Where is the patient in this moment? How can we serve him? How can we surprise and delight her today? How is our team faring? When you bring it down to that basic level, magical things can happen.” That passion remains today, even as COVID-19 acts as a universal kryptonite in the landscape of small business. “This is what we challenge ourselves with every day we come to work. It’s what we challenge our team with every day they come to work. It’s the standard we set in 2002 when we bought the practice, and it remains the core of what we do in 2020.” In a way, Colonna says he is grateful for how this year has challenged him. “I know that sounds crazy, but the pandemic forced us to address weaknesses
Hiring for the Future
“Usually there’s a war for talent, but now there’s a surplus of great employees,” says Colonna. “In addition to those who are dealing with being furloughed or laid off, there are others at companies that aren’t thriving or whose work-life culture isn’t satisfying. So this is a perfect time to scoop them up!” Of course, to do that you have to make your company attractive to potential employees by being the best place to work. That means: 1. Have huge aspirations. Be inspirational with what you are trying to accomplish. 2. Be humble. Never stop trying to get better, and never stop listening to the ideas your team brings to the table. Remember: they are in the trenches of day-to-day patient (or customer) experience. 3. Be fun to hang with. You want your staff to say that working at your company was the best and most fulfilling job that they ever had. That’s never solely about money; it’s about being a part of something meaningful.
in employee satisfaction and our leadership practices,” he says. “We were able to step back and reconnect with our team, work beside them, and really understand the nuances of day-to-day practice life. What we realized is that we had drifted from our core principles, and we’ve been able to use this time to get back to our roots, while still growing.” What does growth look like in a pandemic? One word: expansion. “It has created partnerships and collaborations among businesses. We’ve been looking at buying businesses, expanding
our footprint, and better serving our clients and patients,” says Colonna. “And look, interest rates are at an all-time low. If you are well-positioned and have the right financial plan, it’s a great time to expand. Go Figure has shown us that there is opportunity everywhere.” So, for the immediate future, Colonna and his team plan on buying more practices, expanding their market base, and focusing on giving small business owners the tools they need to succeed. In fact, Uppercut Consulting gave business advice gofigureaccounting.net / 13
“I believe small businesses are what make communities thrive. We give back, we hire, we foster relationships.” —Dr. Scott Colonna
to small business and entrepreneurs for free during the first six weeks of COVID-19. “The truth is, we want to be the best in the world at what we do. And I, literally, want to help everyone be the best in the world at what they do,” says Colonna. “We’re very personal. We’re not a cookie-cutter company. I believe during challenging times like this, the personal touch is going to set us apart from the larger, monopoly company. People want to feel like they are a part of something that makes a difference in their daily lives and where they live.”
Community First “One of the things I’ve noticed in my lifetime is the loss of community, and I’m working hard to change that,” says Colonna. “Helping small business owners has been my biggest passion.” Indeed, communities are our social fabric, the source of our livelihoods. Small business owners don’t just provide jobs; they live and work inside the commu-
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nities they serve. And Colonna holds that as a core principle. “I believe small businesses are what make communities thrive,” he says. “We’re the ones who sponsor the local sports teams, dance teams, mathletes. We support local schools as boosters, PTA members, bake sale organizers, crossing guards, and school board members. We give back, we hire, we foster relationships. All our employees are from our community.” For Colonna and Ormando, they are choosing to build their businesses around their lives. And the same goes for their employees. “There’s too much talk of burnout,” Colonna says. “It doesn’t have to be that way. You can create memories with your family and still run, or work in, a successful business.”
As a husband and father, Colonna knows this firsthand. His daughter, Gianna, is independent and passionate about soccer, basketball, and finance—a triple-threat in her father’s eyes. His younger son, AJ, although more affable than his sister, is equally competitive, with an affinity for golf taking him to national events. Colonna and his wife are active parents, volunteering at the kids’ schools, cheering for them in after-school activities, and helping create a framework for their success. And yet, they still find time to have dinner together as a family. And that is the measure of success. Or as Colonna likes to quote: “Success is not measured in the amount of dollars you make, but the amount of lives you impact.”
CPA Q&A
Giving ’em the Business
Rachel answers your most pressing business questions.
“My company took a PPP loan, but I’m confused about what expenses can actually be forgiven. Help!”
What’s not covered? Independent contractor or freelance labor is not an allowable expense, and neither are employees living outside the United States. And although PPP funds can be used to pay down for interest on other debt, it cannot be It’s certainly been confusing, espeincluded in forgiveness. cially when the forgiveness period was expanded. Let’s break it down. As of August, payroll expenses must make up at least 60% of “It’s been such a your PPP spending. The remainchallenging time for ing 40% can cover rent or lease payments, mortgage interest, and my team, I’d like to give them a bonus utilities. Salary, wages, commissions, and with my remaining tips qualify as allowable expenses. PPP funds. Can that But PPP forgiveness also covers: be forgiven?” •payments for vacation, parental, That’s very kind! However, emfamily, medical, and sick leave; ployee bonuses are a gray area. If •payments used for group health your company typically gives bocare benefits, including insurnuses, and you have the financial ance premiums; •employer contributions to defined documents to prove it, then yes, it’s an allowable PPP expense. But, benefit or defined contribution if this is a one-time gift, it may qualified retirement plans; and not be forgiven. Your lender will •state and local taxes assessed on determine that during the loan compensation.
Although PPP funds can be used to pay down for interest on other debt, it cannot be included in forgiveness.
Rachel Siegel, CPA
forgiveness application process. Worst case scenario, the total bonus dollars will be subject to the loan terms of 1% interest and must be paid back in two years.
“Is there any reason I can’t use all of the money on payroll?” No, there is nothing stopping business owners from spending the full amount of the loan on payroll. Go for it, if you can. It’s the best way to ensure you’ll qualify for forgiveness.
“Can a business claim a tax deduction for expenses that result in forgiveness of a PPP loan?” No. A tax deduction is generally available for all ordinary and necessary expenses paid or incurred during the year in carrying on any trade or business. Business-related payroll costs, mortgage interest, rent, and utilities are, therefore, normally deductible. However, no deduction is allowed for any expense that is otherwise exempt from tax. This prevents a double tax break.
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TAKEN INTO
The Perks of Planning Your Profit
Meet Profit First, a practical, actionable blueprint for creating and steadily increasing your profits.
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Sometimes the most important business ideas are the simplest. Focus on leads, not sales. Don’t sell products, provide solutions. Start small, build big. As for profitability, you can sum up why that matters in just one word: Stability. Being profitable means your company can continue to offer its valuable services, even during challenging times. Being profitable means that you, your family, and your employees can maintain their lifestyle, come what may.
“The truth is, Profit First is a concept I wish I had when I began my entrepreneurial career,” explains Rachel Siegel, CPA. “But now that we’ve incorporated it into Go Figure, and shared it with a few of my clients, I’m confident it can help all small businesses improve the overall health of their company. And be profitable. Because let’s be honest: in business we want to be profitable.”
cashflow, allowing you to make informed decisions rather than emotional reactions or inaction.
Mindset Reset We think of expenses as unavoidable—cost of material, for example. Rent, salaries, utilities, and so on seem equally intractable, at least in the short run. If we didn’t need to spend on something, we wouldn’t, right?
What Is Profit First? Essentially, Profit First is a book about cash management, but in reality it’s so much more. Authored by Mike Michalowicz, it describes both a philosophy and a system for building businesses in a sustainable way that creates long-term success. How do we do that? By flipping a universal rule on its head. The GAAP or Generally Accepted Accounting Principle is Sales – Expenses = Profit. In the formula, profit is a leftover, a final consideration, something that is hopefully a nice surprise at the end of the year. Profit First is mathematically the same, but it employs a shift in behavior: Sales – Profit = Expenses. With Profit First, every single time revenue comes into your company, you set aside a predetermined percentage of that revenue as profit. You transfer that profit to an account in a different bank, and you watch it accumulate. Once you realize that your profit should be allocated before distributing money to rent, utilities, overhead, and other bills, the rest is easy. It’s basically the envelope method for personal finance, applied to business. Profit First is designed to provide clarity around your
Once you realize that your profit should be allocated before distributing money to rent, utilities, overhead, and other bills, the rest is easy.
Not really. In fact, as humans we naturally focus on things that come first, and when profit is at the end of the equation, we seek to increase it by increasing the front—the revenue. Reducing expenditure is something that simply doesn’t happen, and it may not seem feasible in growing business. The practice of setting aside a percentage of profit and spending only what remains is what makes Michalowicz’s concept work. Expenses actually can be avoided, eliminated, or budgeted for a later date. Doing that can be uncomfortable, of course. It may mean some spending for equipment or expansion doesn’t happen immediately. Sometimes, difficult decisions about people and positions must be made. Despite those hurdles, and the current bigger-faster-now culture, Michalowicz says that a profit-first approach is actually growth-friendly. When you come across a unique opportunity that will add to revenue and profits to your business, you will have the resources to invest without endangering the current business.
Profit First, in a nutshell: • Before you pay expenses, pay yourself first. • Run your business based on what you can afford to do today, not what you hope to be able to afford someday. • When profit comes first, it is the focus, and it is never forgotten.
Benefits for Your Business Rachel explains it this way: “If your company isn’t where you would like it to be and cash is not readily available, it is because you are not managing cash well. Small steps will get you to that goal. And that’s how Profit First works—with small steps.” Most of the clients who come to Go Figure typically have one, maybe two bank accounts for all of their finances. According to Rachel, when you’re looking at one large lump sum in your bank account, you’re much more gofigureaccounting.net / 17
Tools
Read or listen to Profit First by Mike Michalowicz Listen to the Profit First Podcast Schedule a Profit First analysis with Go Figure
likely to spend freely because everything feels like a small sum of the whole account. But if you separate all of your income to pre-determined allocations based on percentages, you force yourself to think more critically about your spending! The book recommends setting up five foundation accounts to start, but Go Figure suggests starting with two. Make a savings account in your existing bank and then allocate 1% of your income to that account, the profit account. The logic here is if you bring $1,000 of income this week, you can certainly run your business off $990. Ten dollars seems arbitrary, right? Then we move to two or three percent. You can run your business on $980 or $970. If you do that for a few months, and grow your profit account, the pain point feels nonexistent and yet you have an entire account that’s just profit. And suddenly, Profit First seems completely logical and you’re ready for more foundation accounts, a.k.a. envelopes. Your exact percentages will depend on your business structure, type of business, and current financial situation, but let’s use this example: • 30% Owner’s Pay • 10% Debt • 35% Expenses • 15% Tax • 10% Profit
Profit First According to Rachel • What sold you on the concept? It just makes sense. • Describe Profit First in one sentence. A quick and easy cash management system • What is a benefit of Profit First accounting? It gives guidelines for the business to utilize, and it helps create good habits. • How long does it take a business to get set up? You could have the assessment done and set up the bank accounts in the same day • Why now? Why not? If the company isn’t where you would like it to be and cash isn’t readily available, it’s because you are not managing cash well. Small steps will get you to that goal.
including Dr. Scott Colonna of Westminster Eyecare and UpperCut Consulting. “We’re so excited to be able to bring this idea to more and more small businesses, Twice a month, the money com- especially those facing challenges ing in is divided by the percentag- in the current economic climate,” es you have calculated and allocat- says Rachel. “Even though we’ve just launched the program last ed to its applicable account to be month, we’ve done the assessused only for its specific purpose. ment for a few different clients Go Figure uses Profit First to and they are all seeing the results. manage their finances, and so It’s amazing the difference one do a number of other clients,
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small percent can make, even after the first quarter!” The true and greatest benefit of the Profit First Method: the ability to create real, tangible improvements in your finances—both personally and professionally—on an ongoing, scalable, and sustainable basis. Want to learn more about Profit First and how it could work for your business? Contact us today at gofigureaccounting.net/profit-first.
Kirstin Pastorick Bookkeeper
She’s a Keeper Highlighting the humans who keep Go Figure going
Do you struggle to organize all your expenses and receipts? Is managing QuickBooks harder than you thought it’d be? Do you cross your fingers and hope your tax preparer magically finds a bigger refund and avoids getting you audited? Sounds like you need a bookkeeper. Meet Kirstin (that’s Ker-stin) Pastorick. Not only does she like to stare at QuickBooks reports for hours, she also enjoys categorizing expenses, labeling and organizing vendors, and invoicing so you get paid for all your hard work. She makes sense out of the senseless, and turns “budget” into “bliss.” Kirstin is the brains behind your balanced books. She’s worked in bookkeeping for nearly a decade, and joined the Go Figure family in 2017. (Fun fact: Kirstin and Rachel met as soccer moms rooting for their kids from the sideline!) On top of her experience, Kirstin is a born doer. If she sees a
spreadsheet that’s not producing results, she grabs it by the columns and wrestles it into submission. Perhaps it’s because she was born in England and grew up in South Africa, so colossal challenges seem that much smaller. We caught up with Kirstin between appointments for five minutes of quick Q&A: What’s the best part of your job? Working with a great team of ladies and enjoying what I do! Your favorite challenge to solve? Reconciling an account that is out of whack. What’s the biggest misconception about bookkeeping? People believe that with all the software out there, they don’t need a bookkeeper. They can do it themselves. But, many of them don’t actually know how to code items correctly or don’t know the software enough to use it correctly. Mistakes, even the smallest
ones, can make a huge difference to their financials. What sets Go Figure apart? I love that we are a small firm. It really allows us to get personal with our clients. We try to do the most we can for each one, whether they are big or small. For me, I want to know about the business beyond the spreadsheets—the family, the pets, the travel plans, and what their goals are, personally and professionally. It makes coming to work fun when you know you’re making a difference in people’s lives and livelihood. When she is not managing small business’s books and records, Kirstin can be found hanging with her high school sweetheart and husband of 25 years! They have three children: a son in his last year of college; a daughter who just started grad school; and a Yorki, who’s getting extra cuddles as empty-nesting resumes. gofigureaccounting.net / 19
F O R W H AT I T ’ S W O R T H
The Post-Pandemic Future of Business Ten trends that will affect businesses of all sizes long after the COVID-19 pandemic is over.
COVID-19 has forced businesses worldwide into a precarious balancing act, protecting the health and safety of their employees while continuing operations. Like all businesses, we are working through this challenge ourselves. And as weeks turn into months, it’s become obvious to us that business will be forever changed. It’s imperative that small businesses embrace the new normal and start working on adapting. With eyes firmly on the horizon, here are our 10 best predictions on business after pandemic.
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Work from home. If there’s any sure thing in this coronavirus world, it’s that work from home (WFH) isn’t going anywhere. Sure we miss our co-workers and water cooler gossip, but not enough to trade in pajamas for a 30-minute commute. Companies need to embrace the virtual workforce. Now that more people have had a taste of it and proven their productivity, it will be hard for companies to take that flexibility away from their talent.
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HQ 2.0. Once there are treatments and vaccines, offices will be designed to foster and promote interac-
/ goals / Fourth Quarter 2020
A Gallup survey revealed that 54 percent of US workers would leave their current job for one that allowed them to work remotely.
mental health of their workforce as well as their productivity. HR departments and team leaders will be tasked with creating unique, innovative ways of engaging their virtual workforce to ensure that no employee feels detached from the rest of the team. Giving rise to a new kind of business “coach” if you will.
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Work-ready design. As new homes are built or existing ones are remodeled, WFH considerations will be a top priority. Internet in homes will improve, drastically and quickly, and home offices with home video studios will become selling features. Technology will be developed to create an environment that tion and community rather than more closely resembles a WeWork closed-door productivity. Nothing than a suburban townhouse. will take the place of the serendipitous group-think that often Real estate redesign. leads to creativity and innovation, While employees and COVID-19 has made us apwere celebrating their preciate those interactions more 30-second commute, it than ever. became clear to companies that the huge P&L item for Wellness leadership. real estate may not be the best way Now that we’ve all to spend their money. Having peoexperienced feelings ple work from home, even if it’s not of isolation in a soeveryone all the time, is proving to cial-less environment, be profitable. successful businesses will need This will have an impact on the corporate leaders to manage the real estate industries as most office
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buildings will be forced into residential offerings. Major cities will experience an explosion of square footage for residential buildings with whole floors dedicated to co-working amenities, and that will significantly reduce the cost of renting. Likewise, suburban developments will need a significant boost in technical infrastructure and lifestyle amenities to compete with a more-affordable city center.
that up-skilling is essential for innovation and strategic advantage. As in-person workshops and seminars go by the wayside, successful businesses will invest in dynamic e-learning solutions to guide their ongoing training.
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Video goes mainstream. The developers behind Zoom, WebEx, Google Hangouts, and Skype made E-learning for every- WFH possible. We believe this one. Right now, prima- will change front-facing service ry education is ground roles as customers look for real zero for e-learning. humans on the other end of the There will be huge screen. In fact, watch for video shifts in the way we teach our chat to replace text chat in the children in a post-COVID world. near future. That said, from a business perspective, many companies realize The end of email. Ok, maybe that’s a stretch. However, this trend has been increasing for a while now. With millions of workers trying to do their jobs from home, we are going to see faster, more efficient communication tools like Slack, Trello, and Microsoft Teams be adopted at a record pace.
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It took Slack almost five years (2015 to 2020) to grow from 1 million to 10 million users. In March 2020 alone, the company had 2.5 million new users, and is still growing rapidly.
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A study by GetApp reports that a majority of survey respondants cited a lack of proper technology for remote work that hindered their success.
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Redefining business resilience. Even post-pandemic, companies will continue to rethink their business models. Companies will have to strengthen backup and safety plans, whether that’s succession planning, trimming overhead, creating deeper profit margins, or significantly expanding supply chain networks. Investors are likely to take note, and businesses will need to work resiliency metrics into their valuations.
The rise of a contact-free economy. In terms of e-commerce, the pandemic has accelerated the change in online shopping habits we already saw happening. However, the figures for telemedicine exploded. So much so, the U.S. has changed regulations to ease access to telemedicine, and Teladoc Health, the largest indepenThe world is undoubtedly dent U.S. telemedicine service, changing before our very eyes. is adding thousands of doctors And these are just a few examples to its network, according to the of how we think the future of Wall Street Journal. work will never be the same again.
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