Every chapter is filled with principles and concepts that you can use immediately with your client to lead them to become more profitable in their business and to enhance your guidance, expertise — and wisdom — in business decision-making.
Know how to make the three major functions of business - Marketing, Production, and Accounting - work together more effectively
Understand a process of gaining knowledge - even wisdom - to help you and your clients make better business decisions
Know how to become a Profit Expert for each of your client’s businesses
Improve your understanding of the financial position of your client’s business
Understand more clearly how accounting information can help you manage their businesses more profitably
Be able to develop action plans to implement these Nine Principles immediately in each business
What People Are Saying About "in the BLACK"
“I came across Universal Accounting Center and the book “In The Black” about 9 years ago when I was starting my own accounting business. I had graduated with an accounting bachelor’s degree the year prior and was excited to get started. I wanted to build a company that offered really good accounting and consulting services so that I could feel good about the quality of work I was providing my clientele as well as to earn a comfortable living doing it. Universal Accounting and In The Black offered me great knowledge and gave me the confidence I needed to succeed on my own. I still refer back to In The Black now 9 years later and use the principles outlined to help clients focus on the things that will really help their business. In The Black is a great foundation for consultations, and I have found it to be a very valuable resource in my practice. I highly recommend Universal Accounting to anyone looking to go out on their own, or to improve what they already have in place.”
– Chris Webb, Certus Accounting Solutions, LLC. CEO
In the Black introduces a model for increased profitability, the Universal Business Model.
Under the Universal Business Model (UBM), communication between the three basic functions of all business increase profitability.
In the Black explains how each department must communicate with every other department, and how it directly affects profitability.
Any business function that acts independently of the other three can single-handedly doom a company. For example, if Marketing has not been informed by production as to what it currently manufactures, marketing dollars get wasted. Likewise, if manufacturing is not told by accounting what products are profitable to produce, they may operate at a loss.
A good example of this is a frame shop that bragged about how much business it was bringing in and how much it was taking business away from its competitors. Upon further analysis, it was found that they were operating at a loss on every sale. They could undercut their competitors only because their competitors couldn’t afford to sell the frames at that price either. The key difference is that their competitors were aware of this fact.
In the example above, the most disturbing thing is that the frame shop was not even aware of its failure. Often, without communication between divisions of a company, each function of a company may be doing well in and of itself, but the company as a whole suffers.
Metrics within each function of a company should reflect its contribution to the whole, and not be independent of the other business functions. When one basic business function is working well, but independent of the success of the company as a whole, it is a bit like two people on a small boat out to sea. One person says to the other in an accusing manner, “Your half of the ship is sinking!” When the boat goes under, it will be of little comfort to the accuser if his half of the boat sinks last.
In much the same way, if production is cranking out widgets at a record pace and marketing can’t interest customers in it, the company suffers. If the product is not making the company money and the accounting function doesn’t report it, likewise the company as a whole suffers from a lack of key business knowledge. A company’s functions win or lose together. Finding the source of fault only provides useful information when there is still time to do something about it. A coroner wastes his time scolding bodies on his slab when he tells them they should have exercised more. Make sure that you don’t wait to analyze your client's accounting data during a “post mortem” exam.