Squared Away financials

Squared Away Agenda

7/15/2021

Michelle, Shane, Kelsey, Elton, Roni, and Beth

1. Financial Statement Overview –

a. Sales

i. Gross sales are up $40K (up 8%) compared to May

i. June’s gross profit is down $9K (6%) compared to May

ii. June’s gross profit percentage is 31% vs YTD Avg 35%

iii. The trailing 12-month gross profit percentage is 35%

c. Operating Expenses

i. Op expenses were up $17k (25%) compared to May

ii. Notable variances are:

· Office Software Exps are up $11k (Log Me In $13k)

· Employee Salaries up $3K

· Stripe fees up $1.3K

d. Bottom Line

i. June had net income of $82K a decrease of $7K from May

ii. YTD income is $592K an increase of $492K (495%) from Jan-June 2020 YTD!

e. Cash provided by operations was $119K for the month of June, up $34K from May

i. Owner distributions were $75K in June – making a net cash usage in May of $44K

ii. Net cash increase is $592K for the trailing 12 months ended 6/30/21 ($377K for YTD 2021)

Agenda Items:

1. Review June financials – Highlights, questions

a. Updates to Coda reporting

2. Time budget

3. Tax planning

4. Discussion points/questions

Notes:

Action Items