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Eddy Hood

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.
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Recent Posts

How to Create a Chart of Accounts for online bookkeeping

BY Eddy Hood IN Online Bookkeeping ON Sep 26, 2017 WITH 2Comments

If you are a small business owner, then you know there’s a lot to keep track of. And sometimes it can be hard to know where to begin. That’s where a Chart of Accounts comes in.

A Chart of Accounts (COA) is a complete listing of every account in a business’s accounting system. Accounts come in various types to reflect money spent or earned in addition to assets owned or amounts owed to a creditor. The Chart of Accounts is an excellent a way to record all of these transactions for income, expenses, or liabilities.

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FAQ About QuickBooks Online Bookkeeping

BY Eddy Hood IN Online Bookkeeping ON Sep 19, 2017 WITH 1 Comment

Online bookkeeping can seem like a daunting task especially to business owners who may not have an accounting background. This guide is designed to answer common questions that have been asked about using the QuickBooks SAAS platform.  

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Tutorial: How Online Bookkeeping Boosts Customer Payments

BY Eddy Hood IN Outsourced Accounting Services, Online Bookkeeping ON Sep 08, 2017 WITH Be the First to Leave a Comment!

 

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HOW TO DETERMINE NET PROFIT MARGIN FOR A SERVICE-BASED BUSINESS

BY Eddy Hood IN Common Questions on Outsourced Accounting ON Aug 29, 2017 WITH 1 Comment

It is the goal of every business - to be profitable.  But, how do you truly know the profitability of your small business?

With incoming revenue and outgoing expenses, it is easy to get lost in the numbers.

While no single metric should be used to determine profitability of a business, small business accountants can use net profit margin to gain an insight into the success of your business.

Let’s discuss the importance of this metric and review the differing factors that contribute to the calculation of net profit margin between product-based businesses and service-based businesses.  

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How to Forecast Cash Flow in QuickBooks

BY Eddy Hood IN QuickBooks, Forecast, CashFlow ON Aug 15, 2017 WITH 1 Comment

 


You may have heard the saying, “cash flow is the lifeblood of the business” and we couldn’t agree more. Closely monitoring your cash flow lets you know how well you can meet upcoming expenses, service debt and reinvest in your company. In addition, creating regular cash flow projections will help you plan for future growth and anticipate potential pitfalls in your cash position that need your attention. Your online bookkeeping provider can take care of these needs on your behalf to ensure that you have access to the most accurate and timely information.

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How to Beat Stress At Work

BY Eddy Hood IN Profitability ON Apr 17, 2017 WITH Be the First to Leave a Comment!

I just had a really bad day.  In fact, I ran into an $84,000 problem at work.  That kind of news tends to make most people pretty upset.  

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5 Types of Accountants You Need

BY Eddy Hood IN Profitability ON Apr 06, 2017 WITH 2Comments

If you're going to create a profitable business, you're going to need an accountant. Outsourcing your books to Ignite Spot is a great option, but it's not a fit for everyone. If you decide to hire in-house, this guide will help you make the best decision possible.

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New YouTube Series: The Profitable Entrepreneur

BY Eddy Hood ON Mar 30, 2017 WITH Be the First to Leave a Comment!

We're excited to announce our new YouTube series launching today! It's called The Profitable Entrepreneur.  Each week we will release a new episode discussing actual tips, tricks, and hacks you can employ in your company to get more profitable. 

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The 5 Kinds of Employees You Should Hire [Video]

BY Eddy Hood IN Profitability ON Feb 24, 2017 WITH 2Comments

When entrepreneurs hire their first employee, they usually get the wrong one. More often than not, they end up with some sort of personal assistant or secretary. Don't let this happen to you.

In today's video, we walk through the five kinds of employees you should hire in order to make your business more profitable. Once you're running a cash machine, feel free to get all the assistants you want.

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How to Calculate ROI on Your Marketing Efforts

BY Eddy Hood IN Profitability ON Aug 02, 2016 WITH Be the First to Leave a Comment!

Marketing is one of the most misunderstood areas of business.

Unlike sales, it can’t always be measured with a simple “X times Y equals Z” equation. Its success depends on a whole host of outside factors, like where the buyer is in the sales funnel, who the ultimate decision-maker is, and whether there’s a budget cycle in play.

Today we’re talking about marketing ROI, or return on investment. We’ll explain how to calculate it and take a deeper look at how long it can take for your marketing efforts to pay off.

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