House edge, volatility, and the kind of loss you actually feel

Lightning Roulette is the louder game, and the numbers are brutal if you chase the spectacle. Standard Lightning Roulette from Evolution keeps the straight-up RTP around 97.30%, but the real story is volatility: 1,000x, 200x, or 50x wins can appear, yet they arrive unevenly and punish flat staking when the board goes cold.

Baccarat Control Squeeze is the quieter grind. The Banker bet usually sits near a 1.06% house edge, Player around 1.24%, and Tie remains a trap at roughly 14.36% despite the tempting payout. Over a 200-hand sample, that lower edge often feels more stable than Lightning Roulette, even though the swings can still bite during streaks.

Why the squeeze table wins on discipline, not drama

Baccarat Control Squeeze rewards patience in a way Lightning Roulette rarely does. The pace is slower, the decision tree is tiny, and that simplicity cuts out a lot of tilt. After a bad run, I found it easier to keep bets fixed at 1 unit on Banker than to keep “justifying” another spin on a roulette number because a 75x multiplier looked due.

Lightning Roulette tempts you to spread across several numbers, and that is where losses often accelerate. A 10-number layout at 1 unit each means 10 units gone per spin when the base number misses, which happens often enough to make the 1,000x dream feel expensive. Baccarat, by contrast, lets you stake 1 unit on Banker and accept the small commission structure instead of paying for a fireworks show.

A serious player judges both games by drawdown, not by headline payout. In a 100-spin session, Lightning Roulette can produce one dramatic hit and still leave you down if you over-cover the board. Baccarat Control Squeeze usually produces fewer dramatic moments, but the bankroll curve tends to look less jagged.

On a tight bankroll, the game with the lower edge usually outlasts the game with the bigger headline win.

Session math: what 50, 100, and 200 rounds tend to do

Here is the practical split. At 50 rounds, Lightning Roulette can look incredible if one multiplier lands early, because a single 200x hit changes the session instantly. At 100 rounds, that same game often exposes overbetting, since the base wheel still behaves like a high-variance roulette product. At 200 rounds, the edge starts to matter more than the story you tell yourself after a lucky start.

Baccarat Control Squeeze behaves differently across the same sample sizes. At 50 rounds, a Banker-focused approach may feel boring, yet boring often means fewer violent bankroll swings. At 100 rounds, the house edge remains relatively manageable if you avoid Tie. At 200 rounds, disciplined flat betting usually gives you a clearer picture of whether your read on the table is actually working.

• 50 rounds: Lightning Roulette can spike faster; Baccarat is steadier.
• 100 rounds: Lightning often exposes bad coverage; Baccarat exposes bad chase betting.
• 200 rounds: Baccarat usually preserves more bankroll if you stick to Banker.

The real choice depends on your target: thrill, grind, or bankroll preservation

If the goal is a shot at a huge payout from small stakes, Lightning Roulette is the stronger entertainment bet and the weaker winning bet. The 1,000x feature can rescue a session, but that rescue is rare enough that most players are paying for volatility with every spin.

If the goal is to reduce damage and keep your balance alive longer, Baccarat Control Squeeze is the better fit. The Banker edge near 1.06% gives you a cleaner long-term profile than roulette coverage strategies, and the game’s slower tempo helps control decisions during losing streaks.

That said, neither game is “safe.” Baccarat still loses to bad bet selection, especially when players drift into Tie or start parlaying after two wins. Lightning Roulette still loses to optimism, especially when the board is covered too widely and the multiplier fantasy takes over.

Play’n GO is better known for slots than live tables, but the contrast is useful: live games with transparent odds reward restraint, not heroics. In this matchup, Baccarat Control Squeeze is the better winning tool, while Lightning Roulette is the better adrenaline trade.

My hard-earned read is simple: if you want the best chance of walking away with less damage, take Baccarat. If you want the chance of a bigger story and accept a harsher expected result, take Lightning Roulette. The table that feels more exciting is usually the one charging you more for the thrill.

The post Lightning Roulette vs Baccarat Control Squeeze — which is better for winning? first appeared on The Rayne Firm.

Betlabel or Fairspin? real comparison of tournament offering compared.

Players often assume every tournament lobby works the same way: join, spin, wait for prizes. That assumption breaks fast once you compare two operators with very different tournament structures. Betlabel and Fairspin both push competitive play, but the way they package slot races, prize pools, and participation rules changes the value for a beginner far more than the marketing suggests.

Why tournament value is not just about the prize pool

A large prize pool can look impressive and still be poor value if the entry requirements are steep, the eligible games are narrow, or the scoring system rewards only heavy-volume play. A smaller pool with lower buy-in, broader slot coverage, and clearer scoring can be better for casual players. That is the first thing to challenge: headline numbers do not tell you who actually has a usable path to prizes.

For slot players, the real question is simple: can your normal bankroll generate enough tournament points without forcing reckless volume? If the answer is no, the event may be flashy but not practical.

Betlabel’s tournament setup through a beginner’s lens

The Betlabel review points to a structure that tends to appeal to players who want more competitive action around slots rather than a pure bonus hunt. Betlabel’s tournament offering often leans on recurring races, game-specific competitions, and prize distribution that can include smaller placements beyond first place. That spread helps beginners because a single top-heavy payout is hard to reach, while multiple paid positions give more ways to land something back.

One useful angle is game selection. When tournaments include recognizable titles from providers such as Hacksaw Gaming, the learning curve drops because many players already understand volatility and bonus frequency. That matters in a race format, where a player who knows when a slot tends to ramp up can manage balance better than someone clicking blindly through unfamiliar mechanics.

How a simple staking plan can work on Betlabel

Take a 100-unit bankroll and a tournament entry where each spin costs 1 unit. If you play 80 qualifying spins, you still keep 20 units in reserve. That buffer is not glamorous, but it reduces the chance of zeroing out before the scoring window ends. If the tournament awards points per win above stake, then a slot returning a 2.5x hit on a 1-unit bet contributes 1.5 units of positive movement. Five such hits can create a visible score jump without requiring a huge deposit.

That is the kind of strategy beginners can understand: control spin size, preserve reserves, and avoid chasing leaderboard positions with oversized bets. Many players ignore this and assume more risk automatically means more points. Usually it just means faster depletion.

Fairspin’s tournament model and where it tends to differ

Fairspin has built much of its reputation around community-facing rewards and a broad casino mix, including slot and live content. In tournament terms, that can translate into a busier ecosystem with more activity, but busier does not always mean better for a cautious player. Some events are designed to reward high-frequency participation, which can favor experienced grinders over beginners who enter casually and expect a fair shot from a few spins.

Live game tournaments also change the comparison. When Evolution Gaming titles appear in competitive promotions, the pacing and scoring logic are different from slot races. Beginners often underestimate that difference and assume all tournaments are interchangeable. They are not. Slot tournaments usually reward balance management and timing; live dealer contests often reward session length and table selection discipline.

Which tournament format gives a better shot to a small bankroll?

For a small bankroll, the better format is usually the one that pays more positions and uses modest qualifying play. A top-three-only race can look exciting but often excludes everyone except the heaviest spenders. A top-20 structure with smaller but broader payouts can be more realistic. That is why beginners should study placement depth, not just first prize.

Here is a practical decision rule:

• Choose lower variance when the tournament rewards many places and the eligible slots are familiar.
• Avoid overbetting if the scoring system is volume-based and the prize pool is concentrated at the top.
• Prefer short sessions when the event has a fixed time window, because fatigue leads to poor bet sizing.

In plain terms, Betlabel looks more approachable if you want slot races you can actually plan around. Fairspin may offer more variety, but variety can hide complexity. Beginners often confuse “more options” with “better odds.” Those are not the same thing.

Three behavioral signals that say a player should pause

Signal one: you increase stake size after a losing streak, even though the tournament scoring does not improve with desperation. That is a tilt pattern, not a strategy.

Signal two: you keep entering events without reading whether the game is eligible, the points are weighted by win size, or the prize pool is shared across many places. That usually leads to wasted balance.

Signal three: you stay because the leaderboard is moving, not because your bankroll plan still makes sense. When the session stops matching the original budget, close the tab.

So which one deserves the beginner’s attention?

If the goal is learning tournament play with less confusion, Betlabel has the cleaner case for slot-focused competition. Fairspin can still be attractive for players who want a wider promotional environment, but that wider structure is not automatically beginner-friendly. Skeptically speaking, the best tournament is the one you can understand, afford, and exit on schedule.

For a first attempt, keep the stake small, target events with broader payout tiers, and do not let leaderboard pressure rewrite your budget. If the rules start to feel murky, close the tab.

The post Betlabel or Fairspin? first appeared on The Rayne Firm.

Not sure if your books are being done right?

Get a confidential Bookkeeping Audit to review all of your books & records to ensure they are accurate and compliant.

Rest easy knowing your books are done right.

The post 3 Key Questions to Ask Before Hiring a Bookkeeper for Your Business first appeared on The Rayne Firm.

Cash flow forecasting is the process of estimating the amount of cash that will be coming in and going out of a business over a specific period, such as a month, quarter, year, or even multiple years. Cash flow forecasting involves analyzing past cash flow data, considering future income and expenses, and making projections based on various assumptions.

In addition to helping businesses plan and make decisions, such as determining whether to invest in new equipment, hire additional staff, or expand operations, Cash Flow forecasting can identify potential cash flow issues, such as gaps between cash inflows and outflows, and take steps to mitigate them, such as negotiating payment terms with suppliers or securing financing.

Cash flow forecasting can be done manually, using spreadsheets or other financial software, or with the help of specialized forecasting tools. The process involves reviewing historical cash flow data, projecting future cash inflows and outflows based on sales forecasts, project schedules, and other factors, and then analyzing the results to identify potential risks and opportunities.

It is important to note that cash flow forecasting is not an exact science, and forecasts may not always be accurate. Factors such as unexpected expenses, changes in market conditions, and economic fluctuations can all impact actual cash flow. However, by regularly reviewing and updating cash flow forecasts, businesses can stay on top of their cash flow situation and make informed decisions to manage it effectively.

Construction and trades companies should maintain cash flow forecasts for the coming month, quarter, year and three years to predict cash flow opportunities and pinch points, allowing the opportunity to take proactive measures to manage their cash flow effectively.

Here are 3 Major benefits of Cash Flow Forecasting

1. Predicting cash flow pinch points: By forecasting their cash flow, construction companies can identify when they may experience cash flow issues, such as when they must pay suppliers or employees before receiving client payments. This information can help them plan and take action, such as negotiating payment terms with suppliers or clients or securing short-term financing to cover the gap.

1. Managing working capital: Cash flow forecasts help construction companies manage their working capital by providing insights into the timing of their receipts and payments. This information can help them make informed decisions about inventory levels, capital expenditures, and other investments.

1. Identifying opportunities: Cash flow forecasts can also help construction companies identify opportunities to invest in growth or expansion. For example, suppose a cash flow forecast shows the company will have excess cash in the coming years. In that case, it may consider investing in new equipment or technology to increase productivity and profitability.

What can happen if cash flow isn’t managed.

 

• Cash flow shortages to cover day-to-day expenses, such as payroll, rent, utilities, and suppliers.

• Unable to invest in new equipment, staff, or other resources necessary for growth.

• Missed opportunities to take advantage of favourable market conditions, negotiate better payment terms with suppliers, or pursue new business opportunities.

• Strained relationships with suppliers and clients when bills aren’t paid on time plus late fees.

• Increased debt if there is a need to borrow just to cover expenses, leading to increased debt and interest payments.

• Poor credit rating due to late payments, missed payments, and increased debt can all negatively impact a business’s credit rating, making it harder to secure financing and attract new customers.

KEY TAKE AWAY

Maintaining cash flow forecasts can help construction and trades companies manage their cash flow effectively, plan for potential cash flow issues, and identify opportunities for growth and expansion.

Pro tip: Banks almost always want to see these analyses if you need to apply for a loan.

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At The Rayne Firm, Bookkeeping and Consulting, we work with trades and construction companies to prepare professional, scenario-driven cash flow forecasting, creating transparency for business owners and helping them with any needed secure bank financing.

Ready to Master Your Cash Flow?

Ready to fast-track your journey to financial success in your business? Look no further than Jenn Newbery. Bid farewell to financial roadblocks and welcome a more prosperous and enjoyable ride. Jenn is your reliable guide, just a click away. Embark on your financial adventure today!

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The post Cash Flow Forecasting – What it is and Why it’s So Important first appeared on The Rayne Firm.

“Making more money will not solve your problems if cash flow management is your problem.”

– Robert Kiyosaki.

Whether your business is importing, distributing, manufacturing or in the services sector, cash flow is the lifeblood of your company. It’s what keeps the lights on. However, it’s tricky to keep the incoming money line up with the outgoing money.

Here are five practical tips to help.

1. Invoice quickly

Prepare and send invoices with your goods at delivery or when the work is done. Don’t wait for your month end. Invoice for part of a project upfront, particularly if you need to invest in products or people to help you do the work.  

Pro Tips:  

• make invoices easy to read 
• ensure your terms are clearly stated
• list the due date stated in a few places (maybe in bold)
• provide clear instructions on payment types accepted
• include late payment fees information if applicable

2. Make it easy for customers to pay

Make use of a mobile payment method so you can get paid on the spot. Consider an app or device that turns your smartphone or tablet into a mobile POS terminal.

If mobile payment isn’t for your business, simplify the payment process by making online payments possible. Say goodbye to chasing customers for payment.

Pro Tips:  

• test your digital payment method to ensure it works properly 
• implement the highest security
• never store credit card information
• provide clear instructions for customers
• choose your target audience’s preferred payment method

3. Use technology to manage cash flow

Use a cloud-based accounting system to manage your accounting and tax workload. Many offer job costing and quoting, payroll, and inventory management, removing additional administration tasks.

You can eliminate many costs associated with paper, printing, and postage by going electronic, and the CRA also accepts many submissions electronically.

Pro Tips:  

• ensure remote access and multiple users are options
• research plans available
• ask for recommendations – The Rayne Firm uses and recommends QuickBook Online
• confirm CRA compatibility
• choose systems that integrate with your other systems or apps (i.e. QBO work with Square and Hubdoc)

4. Evaluate Your Expenses

Evaluating your expenses is the fastest way to determine if you are spending too much and to decrease your cash outflows.

Pro Tips:  

• consider your current service terms with your suppliers
• shopping around for new utilities (phone, gas and electricity)
• determine if you have any unnecessary expenses
• cancel any recurring, unused subscriptions
• keep your receipts in order (i.e. use an app like Hubdoc)

5. Predict the future

Ok, so not predicting the future, but the next best thing–cash flow forecasting. Analyze your expected income and costs so you can plan for the coming weeks and months, meet your tax obligations, plan purchases, and estimate your working capital needs. 

Pro Tips:  

• consider whether you are forecasting for the short, medium, or long term
• regularly update cash flow forecasts to reflect changing circumstances
• analyze historical data to improve future cash flow
• implement cash flow forecasting tools that automatically fetch cash flow data
• hire a professional

KEY TAKEAWAY

Improving cash flow isn’t just about making more money, it’s also about spending less and being organized. Both incoming and outgoing cash affects overall cash flow. When you aren’t making enough, cash flow becomes tight. If you continue to spend, even when income is down, expenses become too much. Staying ahead of your cash flow is crucial.

Need in-person near to you or virtual bookkeeping services Canada-wide?

Whether in British Columbia, Alberta, Ontario, or the Maritime provinces, we’re here to help!

Schedule a Free Consultation here.

The post Five tips to improve your cash flow. first appeared on The Rayne Firm.

In a world where criticism often overshadows praise, our client’s recent LinkedIn post shed light on a concerning statistic: 88% of the workforce feels unappreciated. Their unique twist? Instead of blaming society, they turned introspective, saying, “We are quick to criticize and slow to praise. I say we, I mean ME.” and added to the post “In recent years I’ve made the habit of physically bitting my tongue when I want to speak negatively. The tongue has more power then I ever gave it credit for.” 

 

This revelation points to a broader issue, one that affects the morale, productivity, and overall well-being of employees.

 

1. The Unappreciated Workforce: In today’s fast-paced and demanding work environment, it’s all too common for the significance of appreciation to be overlooked. The sobering statistic that 88% of the workforce feels unappreciated is a wake-up call. This feeling of being unnoticed or unacknowledged can have profound consequences. It’s not limited to specific industries or roles; it’s a pervasive issue that impacts employees across various sectors. Those who don’t feel valued in the workplace are more susceptible to burnout, disengagement, and decreased productivity. In severe cases, this lack of appreciation can lead to high employee turnover, further destabilizing the work environment.

 

2. Self-Reflection: Our client’s LinkedIn post doesn’t merely point out a problem; it exemplifies a solution. By recognizing their role in the imbalance between criticism and praise, they set an example of evolving leadership. Self-awareness is a crucial step toward fostering a more appreciative and supportive work environment. The act of turning the spotlight inward and acknowledging one’s part in this dynamic represents a powerful commitment to personal and collective growth.

 

3. The Tongue’s Influence: What makes our client’s statement particularly intriguing is their mention of physically biting their tongue when tempted to speak negatively. This simple yet profound metaphor underscores the transformative power of our words. The tongue, often underestimated, can either be a source of harm or a tool for healing. The choice of words can perpetuate negativity or promote positivity. By making a conscious effort to refrain from negative comments, our client is likely creating a ripple effect within their sphere of influence. Their colleagues and team members may also be inspired to reconsider their approach to communication and leadership. It’s a testament to the fact that change often begins with us and the choices we make in our everyday interactions.

 

4. The Ripple Effect: Positive changes in communication and leadership can lead to a ripple effect within the workplace. When employees feel appreciated, their motivation and enthusiasm tend to rise. They become more engaged, productive, and collaborative. This, in turn, contributes to a more harmonious work environment where creativity and innovation can thrive. Our client’s realization and tangible action to change their communication approach can inspire others to follow suit. This type of influence is a powerful force for transforming workplace culture.

 

5. Why Appreciation Matters: To understand the significance of appreciation in the workplace, it’s essential to delve into why it matters. Beyond boosting morale, appreciation is intrinsically linked to higher job satisfaction, reduced stress levels, and increased employee loyalty. When individuals feel valued and recognized, they’re more likely to go the extra mile in their work, contributing to achieving organizational goals. Recognition, in its various forms, is a fundamental element in creating a positive, productive, and resilient work environment. It’s not merely a nicety; it’s a strategic tool for building a stronger, more successful organization. Appreciation is the cornerstone of fostering a workplace culture that thrives in the face of challenges and uncertainties.

 

In a world where negativity often prevails, our client’s journey is a potent reminder of our ability to change the narrative. Biting their tongue to withhold negativity transformed their perspective and likely influenced those around them. The post inspires us to embrace appreciation and recognition, creating better workplaces and communities, one kind word at a time.

In our latest Profit Club newsletters, we explored the impact of positivity on both customers and employees. Join today to stay updated with the latest insights and information.

 

The post Reviving Workplace Positivity first appeared on The Rayne Firm.

The post Streamline Your Business first appeared on The Rayne Firm.

Need some postage stamps? Go to the petty cash. 

Stapler broken? Petty cash.

Reimbursing an interview candidate who needed to pay for parking? Petty cash. 

Pizza for the team working after-hours? Petty cash.

Petty cash funds are small but need to be adequately managed. You’ll want to ensure that the money isn’t mishandled, and you’ll want to make sure that those little expenses are accounted for when tax time rolls around. Here’s how to set up an effective, easy-to-manage petty cash system.

Setting Up Petty Cash Funds

You can set up your petty cash float – the maximum, fixed amount of on-hand cash – by cashing a check, usually ranging from $100 to $500. 

• Determine an amount sufficient to cover small expenses over a designated period, usually one month.
• Add a petty cash account to your chart of accounts.
• Place the petty cash in a designated container.
• Determine who will monitor, track, and record petty cash expenses.
• Establish clear and concise conditions for the use of petty cash funds.
• Start a petty cash book or spreadsheet and balance it regularly to ensure all transactions are accounted for. Include the date, transaction details, the cash in put, the amount distributed, and a running balance.

Managing and Recording Petty Cash Funds

• Any money disbursed out of the petty cash fund must have a receipt. The receipt will show the amount spent and what was purchased.
• Ensure all change from funds disbursed is returned to petty cash.
• Enter the purchase amount in the expense column.
• Replenishes the fund when your running balance hits your replenishment amount. Write a check to return the petty cash total to the original funded amount.
• Cash top-ups and other additions to petty cash go in the credit column.

Reconcile Petty Cash Funds

• If petty cash is used infrequently, reconcile monthly. In the case of daily use, a weekly or bi-weekly reconciliation is more appropriate.
• Match your receipts with the amounts recorded in the petty cash book.
• Deduct your expenses and add your credits to the starting balance. The total is your ending balance; it should match your cash on hand.
• Once the account is reconciled, record your expenses in the general ledger.

Establishing Internal Controls for Petty Cash Funds

• You don’t want to use petty cash for high-priced expenses, so set a dollar limit, such as $25.00. Anything over that amount would be paid for or reimbursed using other means.
• No money may be loaned or borrowed from the fund for personal use. 
• The fund may not be used to cash personal checks.
• Mishandling of funds may result in dismissal and/or prosecution of involved employees.

Reassess the petty cash fund periodically

• If you find yourself going through petty cash rapidly, you can increase how much you keep on hand. 
• Take a few minutes to see what you’re spending petty cash on.

Petty cash is a useful tool for small and medium-sized businesses as it keeps money available for small expenses. Recording those expenses helps to budget for future ones, and even though those might be small, they add up. When all disbursements are recorded diligently, and the money is replenished regularly, using petty cash can be a real timesaver.

What Are the Challenges with Petty Cash Management?

Petty cash funds can be misused. Cash in a lock box creates unique challenges, demanding an effective management system.

• With petty cash on hand, there is an increased tendency to spend money freely without attention to detail, leading to a missing or inadequate paper trail and sometimes fraud or theft.
• Maintaining them, keeping records, and reconciling them regularly all involve extra work for someone.
  

KEY TAKEAWAYS

• Petty cash is a nominal amount of money readily accessible for paying expenses too small to merit writing a check or using a debit or credit card.
• A petty cash fund can be used for office supplies, customer cards, flowers, paying for a catered lunch, or reimbursing employees for expenses.
• Petty cash’s main advantages are its quick, convenient, and easy-to-understand use.
• Disadvantages of petty cash funds include their vulnerability to theft and misuse and the need to monitor and balance them periodically.
  

We Can Help

Of course, overseeing a petty cash fund will still add another layer — albeit a small one — to your bookkeeping. Contact us if you need help establishing a petty cash fund and its conditions. 

Sometimes, you just need a little help from a pro –

Check out our Bookkeeping Services for Small Business

Although this blog offers business advice, this content is for general informational purposes only—it is not intended to replace the guidance of a licensed legal or financial professional. Information created by third parties that we may link out to or feature on our site is not endorsed by us and remains the responsibility of such third parties. The Rayne Firm assumes no responsibility for errors or omissions in the content.

The post Bookkeeping Tips – Petty Cash first appeared on The Rayne Firm.

You’re busy and your revenues look good, but you don’t have as much leftover at the end of the year as you would like. 

This is a cash flow problem and there’s no other industry quite like the construction space where having a firm handle on your cash flow is as essential.

If this rings true for you, the Profit First approach to cash flow management and building a consistently profitable business might be right for you. The best thing about it? It’s easy because it works with human psychology rather than against your natural instincts and preferences. 

We know that implementing a whole new system of cash management can feel daunting. That’s why we’ve come up with 3 simple steps you can take this summer to begin exploring the Profit First system to see if it’s right for you.

Step 1

➡️ Open a separate bank account and name it ‘Tax Account’. 

A lot of business owners determine their cash flow by checking their bank balance. A bank balance is not an accurate picture of your business’ cash flow situation.  

Rather than force you to generate cash flow statements (and learn how to read them), the Profit First system has you allocate your cash into different bank accounts. This is a simple way to ensure you don’t overspend and put your business in a cash flow crunch.  

The Profit First system recommends several bank accounts, but this summer we challenge you to open just one account: the tax account.  

Most of the large banks in Canada offer the option of opening a second savings account at no extra charge. Some even allow you to create a nickname for that account.  

Action Step: Once you’ve opened your account and named it, set aside one day per month where you transfer 1% of your monthly revenues into that account. 

 

✅ Step 1 done!

 

Note: if your bank doesn’t offer a free second account, you can explore banks that do, or skip this step and move on to step 2. Don’t give up yet!

Step 2

➡️ Read the first 2 chapters of the Profit First book

Knowledge is power and learning more about the Profit First system is a great first step. 

Action Step: Download the first 2 chapters here for free and read them by the end of the summer. 

✅ Step 2 done!

Step 3

➡️ Get your Profit Blueprint

The Profit Blueprint is a free assessment we offer to identify where your business stands financially and creates a plan to help you get started on your Profit First journey. 

Action Step: Read more about how it works and sign up for your Profit Blueprint this summer. 

✅ Step 3 done!

Often, the hardest part is getting started. We hope this simple list of summer action steps will encourage you to take a little time out of your busy summer to work ON your business, not just in it. 

Have questions? Contact us to book a no-obligation call to discuss your business and cash flow challenges. 

The post Get Started With Profit First: 3 Simple (and Free) Steps You Can Take Now  first appeared on The Rayne Firm.

“86.8% of all Canadian startups make it to year 2” [source]

How many times have we heard something like that? I’d like to see a statistic on how many hours of sleep new business owners lose.

These kinds of things can be disheartening, but I’m here to tell you that most of the causes behind these business failures are avoidable.

This article in the Globe & Mail lists 8 reasons your new business might be failing. More than half of those reasons could be mitigated through better financial management.

Most new business owners are great technicians, meaning they are good at what they do–landscaping, baking, welding–but they don’t have experience running a business.

The business owners that succeed understand their strengths and weaknesses and get help to fill in the gaps.

We all need to bootstrap to some degree in the beginning, but knowing when it’s time to get help is a key differentiator between those that succeed and those that fail. 

Here are 4 ways the right financial partner can help you get and stay profitable:

1. Financial data

If you have your books in order and up-to-date, you have the financial data you need to make better business decisions. You can evaluate, forecast, and plan in a way that is impossible when you don’t know your numbers.

2. Cost management

It’s easy for costs to get out of control. Staying on top of your expenses, whether that’s procurement, inventory management, or accounts payable, this is a critical part of your overall cash flow management.

3. Cash flow

Speaking of cash flow…this is probably the most critical and least understood aspect of good financial management.

Your bank account balance is not an accurate reflection of your cash flow.

If your books are up-to-date, you will know your true cash flow position and adjust your actions accordingly. If you don’t manage your cash flow well, the results can be terminal for your business. Everything from negative impacts to your credit rating to losing staff because you can’t pay them on time.

4. Receivables

It’s amazing how quickly you will forget to issue an invoice or collect on an invoice if you run everything out of a shoe box in your truck.

Make sure your receivables are accurate: know who owes you money and have a system for follow-up and collection.

Is it time to get help from a financial professional?

It’s definitely something to think about. The right financial partner will help you go from a reactive, “oh sh$t!” business owner to a confident, proactive CEO.

Need help finding ways to make your money go further? Our Small Business Bookkeeping Audit is for you.

We take a deep dive into your figures to identify how you can tighten your business belt and boost your profitability.

Although this blog offers business advice, this content is for general informational purposes only—it is not intended to replace the guidance of a licensed legal or financial professional. Information created by third parties that we may link out to or feature on our site is not endorsed by us and remains the responsibility of such third parties. The Rayne Firm assumes no responsibility for errors or omissions in the content.

The post Is it Time to Let Go of Your Bootstraps and Get Some Help? first appeared on The Rayne Firm.