Fran McCully
Free
Financial Strategist and Bookkeeper Expert
Fran McCully Quick Facts
Fran McCully has over 30 years of combined experience as an administrative and executive assistant, in finance and budgeting, and in general business. This includes experience gained as a long-term employee at Washington State University.
She previously owned a small business, partnering with her husband, in wild land firefighting where they contracted with the Forest Service fighting wild land fires. In 2004, she decided to consolidate her work skills and life experiences and launch Your Administrative Solutions, a virtual professional company. She remains committed to honest and open communications with her clients and stays loyal to her values-based practice.
Your Administrative Solutions specializes in bookkeeping/accounting, database and business-plan development, and human resource services. Fran partners with small business, micro companies, solo-preneurs, and individuals.
She holds a degree in Business Administration from the University of Idaho and is a graduate of the Virtual Assistant Training Program (VATP), a comprehensive program learning how to produce virtual work for clients using the latest technology.
Her personal affiliations include International Virtual Assistant Association (IVAA), National Association of Women Business Owners (NAWBO) and LinkedIn. Currently she is the vice President of the local Palouse Networking Alliance group located in Moscow, Idaho. She is also a founding member of the Inland Virtual Assistants Alliance.
Fran McCully of Your Administrative Solutions specializes in bookkeeping/accounting, database and business-plan development, and human resources. Fran partners with small businesses, mirco companies, solo-preneurs and individuals. To receive your free report, “Know Your Cash Flow,” and discover additional resources from Fran McCully, Financial Strategist and Bookkeeper, please visit www.YourAdministrativeSolutions.com
Articles by this expert
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Article
What Is The Best Way to Start a New Business
Starting a business is easy. It can be done in a day! Starting a business that lasts and is profitable takes a lot more time and effort. Follow these tips to improve the chances of living the dream while eliminating risk to the success of the small business owner.
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How Long Should Your Business Plan Be?
A business plan can be any length, from a scrawl on the back of an envelope to a detailed plan describing a complex enterprise, more than 75 pages. A typical business plan runs 15-20 pages, with a wide variation. The nature of your business will play an important role in the length and content of the plan. If you have a simple concept, you may be able to express it in very few words. If you are proposing a new kind of business or even a new industry, it may require a bit of explanation to get the message across.
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Evaluating a Company's Financial Position
Bank balances don't provide enough information to gauge a company's financial health. Use financial statements and other data for a full check-up. The recent recession has made checking in on the basics of your company's financial position more than just a to-do item. It is an absolute necessity. Understanding a company's financial health takes more than just logging in to your online bank account and checking balances.
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Business Income and Expenses Tracking
The actual process of keeping books is easy to understand when broken down into steps: 1. Keep receipts and or other acceptable records of every payment and expenditure from your business. 2. Summarize your income and expenditure records on a periodic basis (generally daily, weekly, or monthly). 3. Use summaries to create financial reports that will provide specific information about the business. For example, how much monthly profit is the business making or how much the business is worth? Bookkeeping and accounting functions of a business share two basic goals:
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Do You Know the Numbers?
Many small business owners are clueless as to how much money is being generated by their business or how to create consistent cash flow. Are decisions being made based on emotion rather than choices regarding an understanding of money?
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Bookkeeping Tips for Your Business
It's a new year and a chance for a fresh start and that includes your bookkeeping! The beginning of the year is a great time to get your books in order and set up habits that can be easily followed and kept up with all year long. The start of each New Year gives the business owner the opportunity to keep their bookkeeping current and complete. It is the ideal time to close out your books from the previous year and start the New Year fresh.
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Setting Expectations For a Bookkeeper
We like to think we can learn any skill it takes to run a company, that might be true for some business owners, but for others learning to do the books properly can be a huge challenge. Hiring a bookkeeper may be helpful for the bookkeeping-challenged. Here are 10 expectations a business should have to make sure a bookkeeper will have the skills to be part of the team.
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1099 Vs. 1099-K: What You Should Know
You are an independent contractor. When beginning to work with a particular client, a W-9 should have been received or request for taxpayer identification number and certification. That information is used by each client to issue a 1099- MISC, or Miscellaneous Income form, which states the amount of non-employee compensation you received from the client last year. Unlike a W-2, no taxes have been withheld from the money received from the client.
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Budgeting, a Real Value for Your Small Business
A budget maps out where you're business currently is and where you plan for it to be, like a road map. A budget will also help you cope with the inevitable roadblocks and detours you will encounter on your way to where you want your business to be. Budgeting is important, estimating and matching expenses to revenue helps small business owners determine whether they have enough money to fund operations, expand the business and generate income for themselves.
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The Many Benefits of Creating and Using a Database
We all need to keep track of information, whether it's a list of phone numbers, a mailing list for postcards or newsletters or information for hosting a mastermind group. A database can be a useful tool for organizing your information. A database gives you more control and accountability over how your information is managed and stored. There are many programs to help you create your own databases, Excel for example has built in tools to help you keep track of data and to find specific information when you need it.
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Tracking the Critical Numbers of Your Business
You don't have to be a CPA to understand which numbers are most critical to the health of your business. Having a strong relationship with your accountant is a must for any business owner - however, as a business owner the financial health of your business is ultimately your responsibility. The most critical numbers of your business can be found on three very important documents a balance sheet, income statement and cash flow statement. Below is a quick review of these basic financial documents that track the flow of money within your company.
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How Do You Spend Time in Your Business?
Ever feel like there just isn't enough time in the day? As a small business owner you probably feel like this all the time. If there was only another hour in the day maybe it could all get done. Unfortunately, you can't have another hour and you can't make up for time lost. Once it's gone it's gone. However you can learn to make the best use of your time by figuring out what you as a business owner should be spending your time on. It could be as simple as distinguishing between what is urgent and what is important. Urgency is usually driven by deadlines or problems.
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