Now that it’s mid-year already, it’s a good time to do a global review of the health of your Studio Designer system, as well as take some steps to make sure you are on track for a smooth year end.
I know, as designers, this isn’t the fun stuff. But as business owners, sometimes it’s important to tackle the boring, mundane back office tasks.
Below is a guide to for mid-year review. Our team here at Design Finance Solutions will work with each of you, through these steps, as needed. Below is a calendar link to schedule time for your review.
MID-YEAR REVIEW:
Make sure you have W9’s for any independent contractors you have paid this year.
Review your WIP report to be sure you have created invoices for every completed item. Go to reports, put “WIP” in the search bar and generate the report. Everything on this report needs an invoice once it is completed.
Review your Accounts Payable by Order report. Every item on this report represents a balance due to a vendor, so if there is anything on the report that should not be there, please go to the item and correct the purchase price of the item.
Review your Accounts Receivable by Invoice report. If there are invoices that you cannot collect from your client, let me know, and I will write them off.
Return your answers to the unknown lists we have sent you.
Review your financial reports with your bookkeeper (us).
CYBER CRIME IS ON THE RISE. WHAT WE ARE DOING TO PROTECT YOU:
I know, as designers, cyber security may not be your top concern. But it is something we all need to be aware of. Cyber crime is up more than 50% year over year. Some of you may have heard of the ransomware attack on Christie’s auction house. It is affecting every industry. You can read the story here.
I have taken multiple steps this year to put safety measures into my business. I have hired a cyber security expert to review my systems, and put into place multiple precautions, including upgrading my network security, device security, and upgraded malware monitoring. In addition, my entire team is now using the number one security platform for accountants, which has multiple safeguards and advanced monitoring. We are taking this subject very seriously, and making every effort to minimize risk.
You can help too. First, by monitoring your bank and credit cards for fraud on a regular basis. If you see something off, alert your bank. And please let me know as soon as possible. Also, for safety reasons, please be sure any bank log in credentials you have given us are “read only”. Take some time now to review the login credentials you have provided to us, contact your bank and ensure they have read only access. These steps will go a long way towards keeping your accounts safe.
