Today is Finance Friday, Nov 08 🗽 🫠
Skopos Collective brings you Finance Fridays, a curated mix of business-minded tools coupled with values-driven perspectives that will expand your managerial toolbox.
Hi! What a time it’s been… I was chatting with a neighbor this week and, like many of us, found myself lamenting the state of the world.
While things feel in disarray nationally, I’m even more grateful for my local community: Prop 1 passed, the New York City Marathon lifted my human spirit, and our local school in Bed Stuy is getting a sparkling new playground (among other amazing things).
Friends are democratizing public relations for emerging designers, catalyzing capital for under-represented food entrepreneurs, upcycling wedding dresses for conscious brides, and cleaning up thousands of pounds of trash polluting urban waterways.
There is work to be done, and I’m latching on to the wins to keep me going.
What are your community wins? 🫶
Other good news is that Skopos is growing!
We’re looking for a deft accountant who deeply aligns with our mission. Do you know someone who has a passion for numbers, community development, and small businesses? Please share our Accountant & Client Finance Manager listing with them and your networks! We know this person is out there, and are relying on our community to help find them.
Let’s get to work!
🦉 “Creativity is what happens when the mind encounters an obstacle.”
— Ben Orlin, Math with Bad Drawings
De-Clutter Your P&L for Year-End:
5 Questions to Ask
Even if you started the year strong with sparkling clean books, by the time the holidays roll around, chances are your books need some thoughtful attention. Rather than hiding in the dark, here’s a year-end exercise we take our clients through to keep their Profit & Loss Statement trim and easier to read.
First, pull up your 3-year P&L (using the date range of 01/01/2022-12/31/2024) and make sure it’s grouped by year. Here’s what it looks like in QBO:
Now ask yourself...
Are there any duplicates? Sometimes we have different accounts for the same thing. Merge them.
Can accounts with less than $1,000 of activity be streamlined? Find a commonality to group them together.
Is your GPM accurate? Your Gross Profit Margin is always top of our list. If your cost of goods sold (COGS) accounts are sprinkled throughout your P&L, batch them together as COGS for accuracy.
Are you in sync with your finance expert? When was the last time you two sat down to review your books and questions in depth? If it’s been a while, set up a time with them next week to write down what you need to do for a smoother year-end close.
Now that you’ve de-cluttered, what’s missing? What questions do you want your numbers to answer? If it’s not obvious, how can you update your financials so you can see the info you want?
Want to learn more?
Another gem we’re soaking in…
❤️🔥 Stay fired up! We’re looking to literature, to leaders, to neighbors, and friends to keep us going right now. Rest if you need it, feel how you feel, and know that we’re pressing on together.
Jon Stewart delivers a solid message. Afterall, “that’s the world and we all live there.”
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Σκοπός.
Skopos (pronounced sko-PÓS) means purpose in Greek. Our name reflects an intentionality in our mission: We serve locally-owned and mission-driven manufacturers, designers, creatives and retailers. We help them be more profitable, get control of their finances, live out their values and have more fun.
👉 Have a project in mind? Let’s talk. (Just hit reply!) [email protected]
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