Podcasts about profit loss statement

Struggling to profitable—sounds like a dream, right? But for one badass business owner, it became reality.

Are you constantly saying, “I'm just not a numbers person”?

Are you running your business like a pro… or like a hot mess express?

Let's face it, you set out to build a business, but the question is, did you create that business or just a job? Time to discuss what track you are on and what are some things you can do to ensure you build a business and not just a job.  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Confused on what cash basis and accrual basis means in your bookkeeping system? Most small business owners do not know the difference so let's take a closer look at why your report might be showing different numbers. ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

I wish I had a nickel for every dollar a small business owner wastes on stuff they don't need. If you want a profitable business you need to stop spending money on stuff that really isn't needed.    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

If you aren't getting paid, you might as well be working for free. When was the last time you followed up on past due invoices? Do you even know how much money your business is owed?    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Wondering where all the money in your business is going and why you have no profit? Be profitable is much easier if you understand some key things about what creates your profit and then what "jobs" your profit has.    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

You know what you need to do, but just can't seem to get the motivation to do it. The problem is probably due to not knowing your WHY. Or your WHY just isn't big enough. Happens to me, all of the time.    This book is great to learn more on finding your WHY: Start with WHY by Simon Sinek: ​https://amzn.to/4kR7P8V ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Raising your prices can backfire when done for the wrong reasons. It isn't your customer's job to pay for your bad business habits. Make sure you aren't raising your prices for these reasons.  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Most small business owners make more profit than they realize. They just keep making this same mistake over and over and it makes them FEEL like they are less profitable than they really are. Are you doing this too?  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Confused by what percentages mean on a Profit & Loss Statement? What if I told you it was as easy as Pie? Today we take a look at how to make sense of percentages on a profit and loss and why it is important for you to use them when looking at your profit and loss income statement.  VIDEO to Follow Along: https://youtu.be/HqMy_nzw0HA ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Ever wonder how much money you made off that money you spent in your business? ROI (return on investment) is a great metric to use to see if you are spending money smartly in your business. We will take a look at how to quickly determine if you are making money on the money you spend in your small business   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Have you ever wondered how long it's gonna take for you to get your money back when you spend money in your business? We called this your break-even point and in this video, we're gonna talk about how to quickly calculate your break-even point. VIDEO: https://youtu.be/ZSIgj-P7ec8 ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

I wish I had a dollar for every small business owner who didn't save a dime for their taxes that are due. I'd be rolling in the money! I know why it happens, but let's talk about what to do about it. You MUST be saving for your taxes each year if you want your business to survive!   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

It is easy to lump all your costs together. But they have different impacts on your profits and knowing the difference can help you make more money.    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

We all know great customer service is important to our business, but do we actually know the financial impact it might be having on our bottom line profits?  Sometimes, we just need to be reminded to check the boat for leaks in our customer service ship!    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Confused on what to do with your Year Ending Profit & Loss Income Statement? Let's walk through 5 key areas you want to focus on to make sure you can grow your sales and your profits in your small business. I promise, we will make it nice and easy.  :-) ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

It is never too late for your small business to start crushing it! The biggest tool you have to do this is your business numbers. They layout the roadmap to sales and profits. Let's discuss how you use your numbers and the impact they have on your success. Not just to start the year right, but at any point you are ready to take your small business to the next level and start crushing your sales and profits!  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

The Calendar is ready to flip over, Is Your Business Ready? Or will you just keep getting what you got in 2024? It is never too late to pivot and adjust. Let's get you set up for success with a few tips to get you headed in to the right direction and to maximize your New Year kickoff!  Recommended Book from the Video:

What if I told you that you might be leaving thousands of dollars of profit on the table all due to one bad habit? Would you want to stop doing this? If you want to make more money in your small business, forget sales for a moment and start doing this instead! ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

You have heard of COGS or Cost of Goods Sold, but do you know what they are and why they are important to your small business?  Let's take a look at 10 things you should know about cost of goods sold.  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Many small business owners wonder how to pay themselves in their small business. Afterall, you are in it to make money! So what is the best way to pay yourself and what mistakes do a lot of small business owners make when paying themselves? I know you want to make profit!  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Why on Earth Do You Need a Profit & Loss Statement? Why are they so difficult to understand? Maybe these 10 things can help you understand why a profit and loss statement is so critical to your small business and how you can use it to make more profit in your small business! ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

We all know that Knowing Your Business Numbers will help you make more money, But what if those numbers were full of bad Numbers? How good would that profit and loss really be? Let's talk about something I find way too often when folks aren't paying attention to what goes into their business numbers and profit and loss income statement.  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

35 Years ago I was handed a Profit & Loss and was confused as heck as to what all these numbers were. Never mind why they were so important to my business. But once I learned the power behind knowing these numbers, I never looked back. Now I'm on a mission to help as many of you as I can, fall in love with your own profit and loss statement.    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Sales are up. Profits are way down. Someone has to be skimming money from me! I trust this person but that might have been a mistake! Help, are they stealing? That was the question we got. So was someone stealing or was it something else? ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

You want to make more money in your business. But do you understand the two reports you have that will help you understand where your money is going but also can help you make even more money? Your profit and loss income statement and your balance sheet are two key reports that will help you become a profitable badass business owner!  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Sales are down. You feel nothing is working. You feel like you are doing everything you can to grow your business. But are you?  Sometimes the person in the mirror is the reason the business has stalled. Are you guilty?   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

You have been trying so hard to keep your business going. You're struggling with the decision to shut it down. You know you should, but something keeps telling you to hold on. Is it your ego? Your fear of failure? At the end of the day, you need to do what is right for you and your family. There are a ton of businesses you can run, this one may not be the one you are meant to run in the future.    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Running a Profitable Business But Still Broke? Wondering where the money is going because it sure isn't in your bank account? It might just be those credit cards you are using in your business! Credit cards can not only bleed your business dry, but also set you up for failure if you don't get it under control!  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Don't just cruise into the 4th quarter without a plan of attack! No matter where you are in your business today, each quarter has a purpose and the 4th quarter is critical to setting yourself up for not only ending the year strong but setting yourself up for success in the new year!  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Are you finding your profits weaker than you expected? Odds are you are leaving money on the table. Both in sales and profits. Let's discuss 5 mistakes that small business owners are making. By the way, there are many others, but work on these to see quick results!  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Why are you screwing yourself over by not getting paid what you should? You bust your butt working in your business, don't you think it is time you get paid for it? We need to talk about this.  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

I know content has been sparse the past few weeks. I'll tell you why and more importantly, that we should be returning to our content to help you be the best profitable badass business owner you can! ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

In this episode:  Republican lawmakers propose a $2B cut to IRS funds. Be aware that there is a fake "Self Employment Tax Credit" that is being pushed by scammers.  The IRS compliance program faces potential cuts. An  IRA inherited by a non-spouse may need to be withdrawn before 10 years.  A deep-dive into understanding business financials. 

Not understanding what Cost of Goods (COGS) are could be costing you money! And this one specific mistake is DEFINITELY costing you profit. If you are a small business owner, you want to understand what Cost of Goods (COGS) are and the role they play in your profitability.   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

We all know the goal is to be profitable, and you might even have profit in your business. But are you always thinking and ACTING like a PROFITABLE business owner or are you running your business from a survival mindset?    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

You have heard you need SMART Goals to achieve success. But let's face it, structured goals aren't easy for most folks. I feel you. I'm the same way most of the time. But how do goals actually tie into your success and growing a profitable small business?   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Have you ever looked at your Profit & Loss and seen a Profit, yet when you look at your bank account the profit isn't there? What the heck is happening? How can this be? Let's discuss what might be happening. ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Revisit this past episode where we review 5 Mistakes Small Business Owners Make.  Let's face it, you want to have a successful, profitable business. Every once in a while it is good to stop and check in. Stop chasing something new and see if you are messing up in an area you used to be strong in.  How are you doing in these 5 areas?   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Here Are 7 Lessons I've Learned Through the Years About Inventory and How It Can Cost You Money. Good Inventory Management Is Key to Making Money In Your Small Business. No One Wants to Lose Sales and Profits! ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

We all want more sales in our business. What are some key areas you can focus on to create some great ideas to increase your sales?  These 4 core areas are a great place to start.  ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

Many people dream of having a brick-and-mortar location for their business. But there is a dark side many people do not talk about. What these business owners aren't telling you that live this day after day.    ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

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This episode of the Real Estate Runway Podcast features Kim Wendland, a partner and managing partner of Quattro Capital's asset management division. Join us as we delve into the world of real estate investments and dive deep into the topics of inflation, monetary policy, cash flow, and more. We'll share the importance of focusing on income, expenses, and performance of assets overvaluations in this period of hyper-velocity change. Furthermore, we will examine how macroeconomic factors such as rent to income ratio, population growth, and income growth can help you make wise investments. Additionally, you'll learn about the banking system and lending system at play during times of crisis. And finally, you'll get advice on how to optimize cash flow for faster returns through automation. So tune in for an engaging conversation with Kim Winland to gain valuable insights when it comes to investing in commercial real estate!   Learn more about ALTERNATIVE BUSINESS and INVESTMENT STRATEGIES through QUATTRO CAPITAL! LinkedIn: /TeamQuattroCapital Instagram: @TeamQuattroCapital Facebook: @TeamQuattroCapital Website: www.TheQuattroWay.com    [00:00 - 06:21] How Lever Movements Impact Your Assets • Cash is king right now, not just in buying things but in operating. • We are in a long covid cycle, and inflation has ramped up quickly. • Fed has two levers to control the economy: interest rates and money supply. • Repercussions of lever movements from 2020.   [06:21 - 13:47] Maximizing Assets, Valuations, and Rent Income Ratios • Focus on income, expenses, and performance of the asset instead of valuations. • The economy is changing every quarter, so it is a time of hypervelocity change. • Maximize liquidity and revenue stream of residents to keep assets flourishing. • Real estate is still a great investment due to the supply and demand imbalance.   [13:48 - 20:56] How to Manage Real Estate Performance in a Recession • Class B and A assets are good for buy and hold investments • Know the strength and weaknesses of the market with supply and demand • Rent to income ratio should not be more than 33% of someone's income • Real estate market is hyperlocal; macroeconomic factors will behave locally   [20:57 - 30:47] The Key to Staying Liquid and Avoiding Cash Flow Problems • Stay on top of liquidity of the project and operators • Be responsive to draw requests • Plan and prepare draw requests as though you're trying to get a new loan • Provide certainty, confidence, and keep relation positive with lenders • Be nice to lenders • Draw early, often, and in small amounts • Manage balance sheet and cash flow statement closely • Understand the difference between Profit & Loss Statement and Cash Flow Statement     Quotes:     "We're living history, and we are experiencing things today that people in this industry for 30, 40, 50 years haven't experienced. The economy is literally changing every quarter."   "These times of crisis are when you learn how the banking system works and how the lending system works."     Connect with Kim through LinkedIn, Facebook, or visit https://www.thequattroway.com/kim-wendland       LEAVE A 5-STAR REVIEW + help someone who wants to explode their business growth by sharing this episode. Find out how team Quattro can help you by visiting www.TheQuattroWay.com. Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth! Click here to find out more about the host, Chad Sutton.     Nectar: https://app.usenectar.com/quattro-capital       Entity Keeper:  Join the EntityKeeper community today to simplify the way you manage your entities and org charts while reducing manual errors. Easily organize corporate data, visualize ownership structures, store unlimited documents, and manage important filing dates with one secure solution. Click here to start simplifying your entity management with EntityKeeper now!

When your business has a Net Profit at the bottom of the Profit & Loss Statement, is that what it means to be truly profitable? No!    In this episode, I will provide you with insight into what it means to be a profitable consultant.    WANT TO LEARN MORE?

One of the objectives of a CFO is to turn data into decisions and some of those decisions tend to be a lot harder than others. Especially for agency owners and service providers, it's so important to understand how your costs and decisions relate to your bottom line.   Paul Seaton is a CPA and founder of AgencyCFO, a virtual CFO firm dedicated to helping digital & creative agencies develop and maintain a world-class financial infrastructure. While working at a Big 4 firm early in his career, Paul started a bookkeeping side hustle dedicated to serving marketing agencies.   Through this experience, Paul's discovered that many agency owners & founders need more than just bookkeeping help - they need a dedicated financial partner that can guide them practically toward achieving their business and financial goals.   We'll be diving into how to run a cost-effective agency and how to control costs, especially when most of your costs are related to employees! We're not going on and on about jargon and metrics, we're chatting about real-life scenarios that will help you understand your business finances.   * Related episodes: 176. When Should You Hire a Fractional CFO? 193. How to Read a Profit & Loss Statement 194. How to Read a Balance Sheet   * Connect with Paul on Twitter @agency_cfo * Learn more on the Agency CFO website: https://www.agencycfo.co/   * Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG @shannonkweinstein * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

All tax professionals who need to prepare balance sheet profit and loss statements will find Gen balance sheet software is an invaluable tool. As well as importing trial balance from other third parties, it also helps with trial balance exports. Gen BAL also helps generate a balance sheet, profit-loss, and trading account automatically. Read also more: https://showmyads.in/osclass/index.php?page=item&id=6903

Starting your own business can be intimidating - especially as a woman. You need someone on your team whose zone of genius is business finance so you can stay in your lane and focus on your craft. Instead of burning your time, money, and energy doing it yourself, find someone with the expertise to do it for you! In this episode of The Pollen Podcast, Candace joins us to share her entrepreneurial experience as she moved from corporate accounting to building her own business. She shares her struggles from being a one-woman show to hiring her first full-time employee to earning seven figures. Listen as she shares trade know-how about your business' finances.  Listen to this episode and be inspired to jump from corporate to self-made boss!  Create your own creative entrepreneurship story of clarity, professional confidence, and profit. Join Diana's 90-day group course Camp Clarity and learn everything you wish you already knew, like how to land dream clients, harness the power of social media, and make the money you deserve. Learn more here. 

With inflation and rising costs recently, being sharp with your finances is more crucial than ever. So in this week's episode, Jeff discusses common financial mistakes dentists make that can be very costly in the long run—as well as some tips on how to tighten up your practice's overhead.   4:07 – A Profit & Loss Statement is NOT a good representation of your overhead or budget 9:12 – Things you should never outsource 11:21 – Underutilizing the things you're already paying for 16:02 – Failing to consider long-term impact before making financial decisions   The Keys to Practice Profitability Seminar - https://www.mgeonline.com/overhead-livestream/ Overhead Sheet - https://www.mgeonline.com/overhead-materials

Are you making or losing money in your small business and where is all your cash? Advanced Profit & Loss Statement (P&L) concepts and how to monitor the cash in your small business, with serial entrepreneur Henry Lopez. Additional concepts, tips and thoughts on using your financial statements to help you run and grow your small business. Let's go a bit deeper into the Profit & Loss Statement, and the basics of the Cashflow Statement. Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business. (TheHowOfBusiness.com)

Use your Profit & Loss Statement (P&L) to help you measure and manage a profitable small business. Are you making or losing money in your small business? Understanding how to use your Profit & Loss Statement to answer that question. Henry walks you step-by-step through how to read and interpret your P&L and find a free P&L example download on the show notes page. Henry Lopez is the host of The How of Business podcast – helping you start, run and grow your small business. The How of Business is a top-rated podcast for small business and entrepreneurs.

Welcome to another episode marketing mates! This week we're talking money and how to talk the “finance talk” to your CFO, accountant, or sales team. Often things can get a bit lost in translation between marketing acronyms and financial terms, but it's important to clearly demonstrate the value you're bringing through your marketing activity, with the budget you've been allocated. Hot tip: you always want an ally in the room when you're about to talk money and there's nobody better than your finance person. Here's a little cheat sheet of 10 finance terms you should start getting familiar with as a marketer: ROI - return on investment Assets - things that you own Liabilities - financial expenses owed Balance Sheet - a snapshot of the business with all assets and liabilities Cash Flow - measures the cash flowing in and out of the business Margin - the difference between a selling price and the profit made Profit & Loss Statement  (P&L)- also known as an Income Statement Gross Income - the total money earned before taking out expenses Gross Profit - the difference between the sale and the direct cost of making the sale Working Capital - the cash you have in the bank that you can invest.   Now don't be scared, go make friends with your finance person! …   If you enjoyed this episode, don't forget to rate, review & subscribe ❤   You can also connect with us on socials. Instagram - @yourmarketingmates LinkedIn - /your-marketing-mates

Episode 618 - DC Connect May, Profit/Loss Statement, West Coast Avengers Heats Up, Micronauts Spec?, Flatline First, Sneak Peek at Next Week with Kyle & Drew - Nocterra #1c (@ImageComics) & Avengers #43 Ross (@Marvel) - Thank You and Welcome to Our Newest Patron Jon Abele - Support Our Patreon at Any Tier to Win Prizes and Unlock More C4FaP Bonus Content https://www.patreon.com/comicsfunprofit Donations Keep Our Show Going, Please Give https://bit.ly/36s7YeL Get on the Kowabunga (Deep Discount Comics) FOC and Preorder list http://eepurl.com/dy2Z8D Email us at: Comicsforfunandprofit@gmail.com - questions, comments, gripes, we can't wait to hear what you have to say. Follow us on twitter.com/ComicsFunProfit & instagram.com/comicsforfunandprofit Like us on Facebook.com/ComicsForFunAndProfit Subscribe, rate, review on itunes, Spotify, Stitcher. Thank you so much for listening and spreading the word about our little comic book podcast. https://comcsforfunandprofit.podomatic.com/

Many restaurant managers don't actually have a full understanding of how to read a Profit and Loss Statement (P&L), or even have a basic understanding of where the data is coming from, let alone how to interpret the data. It’s critical for the financial health of all restaurants that those who are making scheduling decisions, buying decisions, etc. fully comprehend how to read an income statement and can utilize the knowledge behind what actually goes into the P&L. In this episode we will take you through an example, top to bottom, of a P&L Statement, as well as discuss the best practices on how to utilize your weekly profit and loss statements to maximize your profitability and find actionable items to improve upon. Finally, we take you through the steps on how to get your management team to take ownership and accountability to financial results so they can report those results back to you versus you having to ask questions!

Business owners are people like you and me. Except, they put everything they have on the line. They ride the economic cycles in business. They carry a lot of responsibility. Meaning, that when they do well, they get the rewards of their labor and expertise... and the community benefits as well. And when things aren't going so well, they suffer as best they can until the tide changes in their favor. John Sgambelluri from Prime Profit System gives us a report on how well our battered and bruised business sector is performing under the economic staring of 2020Email: john@primeprofitsystem.com

Too many people throw themselves into business because of a feeling. But too many get trapped in their business because they never learn how to handle the truth. Understanding a Profit & Loss Statement is how you get to the truth in your business.

Are you aware of the cash flow in your business or are you intimidated by your business finances?In episode 424 of the Bokeh Podcast, Courtney Wolf of Invision Events joins us to discuss the importance of familiarizing yourself with your business expenses, profit/loss statements, and bookkeeping so that you're aware of your cash flow. Listen in as she explains important terminology for business accounting in a way that even a beginner can understand!The Bokeh Podcast is brought to you by Photographer’s Edit: Custom Editing for the Professional Photographer and Miilu: The Simplest Way to Create and Manage Timelines and Shot Lists for the Events You're Photographing. You can also subscribe to the Bokeh podcast on the Apple podcast app, follow on Spotify, add to your playlist on Stitcher, or listen on Overcast.About Invision Events (2:24)Staying Afloat During Quarantine (4:30)Embrace a PivotRun a Lean BusinessFinance Terminology (13:14)Cashflow - the total amount of money that is transferred in and out of the business.Liquidity - the availability of liquid asset to a business.Liquid Asset - cash (to a business).Profit/Loss Statement: (16:25)Standard financial statement that summarizes the revenues, costs, and expenses that are occurred during a specific time.Generate Profit by: (16:25)Increasing RevenueReducing CostsBothAccounting Software (26:56)Excel SpreadsheetQuickbooksWaveTracking the Breakdown of Profits Per Client/Service (40:18)Variable vs. Fixed Expenses (43:23)Linkswww.invision.eventseducateempowerencourage.comInstagram.com/courtney_invisionFacebook.com/Invisioneventscourtney@invisions.eventsTemplateEpisode 328Education Empower EncourageKesha Lambert See acast.com/privacy for privacy and opt-out information.

What Does a Kid’s Book & Your P&L Have in Common? Ever look at a Profit & Loss Statement and just see a bunch of numbers and gobbledygook? Isn’t that similar to what a kid sees the first time they look at a book? But that kid soon learns how to turn that gobbledygook into something that can tell an amazing story. So let’s help your gobbledygook become an amazing story too!   ~~~~   The Local Small Business Coach Podcast is for Local Small Business Owners who are tired of living job to job and want to get to $100,000 in personal income. Each episode we discuss how to increase your profits, boost your sales, improve your processes and develop stronger teams.   Coming Soon: The Badass Business Owner Learning Center   Badass Business Owners Know the Basics of their Profit and Loss Income Statement. Here is Guide to Help You Out  -   Get the How to Read Your Profit and Loss Income Statement Guide   Two Books All Local Small Business Owners Should Read:  eMyth Revisited by Michael Gerber & Profits First by Mike Michalowicz   (affiliate links but no extra cost to you)   OTHER HELPFUL LINKS   The Know Your Business Numbers Course FREE Business Health Check Workbook Youtube Channel – Training for Local Small Business Owners Join the Badass Local Small Business Owners Facebook Group! Email me at tammy@localsmallbusinesscoach.com Visit the Local Small Business Coach website Get Your FREE eBook -8 Steps to Increasing Your Profits in Your Local Small Business   WHO THIS PODCAST IS FOR: local small business owners, mobile businesses, brick and mortar businesses, handymen, landscapers, pool cleaners, cleaning services, QSRs, restaurant owners, mechanics, plumbers, real estate agents, dog groomers, franchisees, tradesmen, medical, dentist, insurance, & those looking to increase profits, boost sales, improve processes and develop stronger teams

How To Create a Profit Loss Statement and Face The Fear of Poverty.

Do This to Help Make Your Business Numbers Make Sense As you start to improve your knowledge of your business knowledge, you will want to make sure your Profit & Loss Statement is set up the correct way. You will want to make sure the categories are correct and ensure that the right items are captured under your cost of goods & expenses. Whether you do your bookkeeping or hire someone to do it for you, you will want to get this done asap!   ~~~~   The Local Small Business Coach Podcast is for Local Small Business Owners who are tired of living job to job and want to get to $100,000 in personal income. Each episode we discuss how to increase your profits, boost your sales, improve your processes and develop stronger teams. By the way, don’t forget to check out the -   Know Your Business Numbers Course   HELPFUL LINKS   The Know Your Business Numbers Course FREE Business Health Check Workbook Youtube Channel – Training for Local Small Business Owners Join the Badass Local Small Business Owners Facebook Group! Email me at tammy@localsmallbusinesscoach.com Visit the Local Small Business Coach website Get Your FREE eBook -8 Steps to Increasing Your Profits in Your Local Small Business   WHO THIS PODCAST IS FOR: local small business owners, mobile businesses, brick and mortar businesses, handymen, landscapers, pool cleaners, cleaning services, QSRs, restaurant owners, mechanics, plumbers, real estate agents, dog groomers, franchisees, tradesmen, medical, dentist, insurance, & those looking to increase profits, boost sales, improve processes and develop stronger teams

Do you have a clear outlook and know everything about your finances? Do you know where all your money is coming from? Do you know where your money is going? Having an up to date Profit Loss statement is important for your business development and growth.

In this episode, where we dig into everything you need to know about profit and loss statements.  Understanding the numbers and margins that our business generates each month can be intimidating—and understandably so—but we are here to tell you why it is actually incredibly empowering to be aware of your finances. Our profit and loss statements and balance sheets give us valuable incremental information that we use to make decisions each and every month in our company. While P&L statements may seem impenetrable, having a clear understanding of what they are telling us makes it SO much easier to make properly educated decisions moving forward. We help you understand the different sections of a profit and loss statement, the difference between gross and net profit, as well as the difference between top line and bottom line revenue today. We also get into the logical progression any new business must take, from requiring capital to breaking even and, finally, to generating revenue. We speak about the side hustle as a strategy to weather during the first few years of starting a business while still earning an income, which helps the prospect seem less intimidating. Our key message today is that it’s reasonable to build a company that, within a few years, is supporting you and your family. BUT is usually does take some time, so don’t sacrifice this amazing opportunity because it doesn’t happen in the first couple of months!   Key Points From This Episode:   Why understanding profit and loss (P&L) statements is empowering rather than scary.   It is OK to not know everything and ask questions as a business professional.   An explanation of why a P&L statement is only ready two weeks in arrears.    The goals and advantages of the P&L statement: price and expense surveillance.   P&L statements and balance sheets are the two most valuable monthly financial documents.   How revenue is defined in this conversation: not as accrual but cash-based monthly income.   The makeup of a P&L statement (‘revenue’, ‘cost of goods’, and ‘other expenses’) explained.   A definition of ‘gross profit’ as ‘revenue’ minus ‘cost of goods’.   ‘Net profit’ is ‘gross profit’ minus ‘other expenses’.   Why having a lot of gross profit rather than a little is vital.   The business owner’s salary is not included in a P&L statement.   Focus on making money instead of assessing which items money was spent on each month.   Earnings are one’s ‘top line revenue’ while savings are one’s ‘bottom line revenue’.   Products which generate top line rather than bottom line revenue are risky but lucrative.   Starting a business costs money and just breaking even after the first year is good.   Understanding reinvestment in relation to growth trajectory.   The value of keeping your business as a side hustle for the first few years.   Building a successful business is reasonable but just takes time.   What makes the bookkeeping tool Bench amazing and how to use it.   The brilliance of the analogue/digital mixture of Bench and its new tool called Pulse.   Words of Wisdom:  “Numbers and accounting reports are so avoided, but the truth is that this is the most empowering thing you can do.”  “You do need to spend money to create a business, period, and in the first year you’re doing well if you break even.” “It’s absolutely reasonable to build a company that within a few years is supporting you and your family. Don’t sacrifice that amazing opportunity because it doesn’t happen in two months.”   Links Mentioned in Today’s Episode: Namastream Become an Online Teacher Beta Launch Lab   Joy: Bench Hustle: TED Talks: Finance

Financial Review for your small business. Henry Lopez shares his insights and actionable tips for conducting a Financial Review of your small business. Henry explains the importance of knowing the financial metrics of your small business, and how to review your Profit & Loss Statement for potential issues and trends. Henry Lopez is the host of this episode of The How of Business show – dedicated to helping you start, run and grow your small business. (TheHowOfBusiness.com)

Sunday Morning Sermons (10:45 am)

"Got our year-end financials and need your input!!!" Reading the financial statements for your business can be a very boring and unproductive exercise if you don't know what you are looking at and what you are looking for. While entrepreneurs are rarely financial experts, they do have access to financial experts who can help answer their questions - which is part of the problem. Many entrepreneurs don't know what questions to ask and are easily confused by the terminology, presentation and results found on their Balance Sheet and Profit/Loss Statement. Knowing what questions to ask can help you understand what you need to focus on and if you can find a way to keep your perspective simple, you might just unlock some hidden value. Read the blog here: https://dylangallagher.wordpress.com/2018/11/12/how-to-unlock-the-value-found-in-your-financial-statements/ LinkedIn: http://www.linkedin.com/in/gallagherdylan "music: Just Us Two - Bonus Points" 

#158: Generate $5,000 to $15,000 monthly cash flow from one single-family home converted into an Assisted Living Home (ALH). The demographic trend is your friend. Every year 1.4 million Americans are turning age 85. To invest in ALHs, begin with the property’s location.  We discuss exact numbers on how a Profit & Loss Statement differs from that of residential cash-flowing turnkey property. You optimize income by attracting “Private Pay” residents, not Medicare/Medicaid residents. We discuss how. We discuss how an ALH Manager’s role differs from that of a residential Property Manager. We discuss. Risks and licensing requirements might not be onerous, yet they’re barriers of entry to others. Financing options are quite favorable if you want to begin an ALH. Gene Guarino, Founder of the Residential Assisted Living Academy, is our guest today. As a gift, he offers us a FREE 6-Part Residential Assisted Living Training. Gene has also founded the upcoming Residential Assisted Living National Convention. The inaugural annual event takes place Nov. 10-11 in Scottdale, AZ. Want more wealth?   1) Grab my free E-book and Newsletter at: GetRichEducation.com     2) Actionable turnkey real estate investing opportunity: GREturnkey.com   3) Read my new, best-selling paperback: GetRichEducation.com/Book Listen to this week’s show and learn: 01:33  Negotiation. 02:56  Scarcity vs. abundance. 06:10  No paycheck can buy yesterday. 07:27  Gene Guarino interview begins. 10:10  Don’t move Mom into a hotel, but rather a small Assisted Living Home (ALH). 11:05  Location. 16:13  Options: You could own the real estate and lease the ALH business to others, the “Golden Girls” model. 18:36  Retrofitting a home for seniors. What physical amenities are needed? 20:54  Zoning and HOAs. 22:01  Monthly Profit & Loss Statement. 26:52  How to attract the more lucrative “Private Pay” residents. 31:06  What does an ALH Manager do? 32:47  Gene & his wife spend 5-10 hours / week. 34:48  Risks, licensing, documentation. 37:59  Financing options. 41:02  Professional vs. casual approaches to investing. 42:28  Getting the first resident in your ALH. 45:05  ROI = Return On Involvement. 47:44  Gene offers you a gift: FREE 6-Part Residential Assisted Living Training. 48:20  Gene founded the upcoming Residential Assisted Living National Convention in Scottsdale, AZ on November 10th and 11th. Resources Mentioned: FREE 6-Part Residential Assisted Living Training Residential Assisted Living National Convention : ralnatcon.com RidgeLendingGroup.com MidSouthHomeBuyers.com GetRichEducation.com GREturnkey.com

This Podcast Is Episode Number 0236, And It Will Be About Highly Profitable Contractors Control Who Receives Company Information   You Have Ultimate Control On Who Has Or Receives Information About Your Contracting Company Financials statements are based on the information you provided. I know this is not a statement that any contractor wants to hear about their bookkeeping. It is easier to blame the bookkeeper for missing information. The primary keeper of all the documents is you, your spouse, your employees, your suppliers, your bank, your credit card company. The Key work is done by you, or whoever assists you have the power to give information to outsiders about your Construction Company.   Who wants details about your business?   Internal Revenue Service State Revenue Agencies State Payroll Agencies Other State Agencies Worker’s Compensation Provider   General Liability Insurance Provider Depending on the report it may be monthly (sales tax, business excise tax, other state business tax reports) Quarterly reports include all payroll related forms to State and Federal (Internal Revenue). Personal story. If you have any data that you can include relating to your list, include that in your introduction, too./> Some states require Contactors to take a test before receiving Contractors License Depending on your state a Contractor may have to be licensed which can require a Bond and General Liability Insurance. Because the General Liability Insurance is made up of a group of numbers to make up the coverage and premium, there is usually an annual General Liability Insurance Audit and are date specific based on when the coverage was taken out. Your Construction Company Structure determines how simple or how complicated the annual insurance audit it. We can help you with this. Call Sharie 206-361-3950 or email her sharie@fasteasyaccounting.com Insurance Audit Questions May Include: Annual sales Owners wages List of employees Employee wages Copies of 941 Quarterly Reports Copies of State Unemployment Reports List of subcontractors Total paid to subcontractor Copies of Subcontractor’s Certificate of Insurance List of names of casual labor Total paid to each casual labor The total amount of Leased or Rented Equipment.   Periodically Your State Unemployment Agency will want details on individual employee’s hours. Form to be filled out is date and period specific and will want the total per week (regular time and overtime) then broken down by day and a weekly total of wages earned, and date wages were paid. In other words; the State Agency is asking for more in more detail to be sure they get the same grand total as other reports and did you pay the proper amount in the time frame required.   Some states and cities have different minimum wage requirements this adds to the tracking required.   In Washington State, we have a state minimum wage, and then several individual cities have an increased minimum wage. In addition to new rules about Family Leave, Sick Leave, and Personal Time Off. Many of these rules are based on the number of employees you have.   Internal Revenue Service Requires You File Annual 1040 Tax Return. Most contractors file their taxes on a calendar year. S-Corps and LLC’s treated as S-Corps annual tax return is due on March 15th with a six-month extension allowed to September 15th.   Numbers From Your Contracting Company Return Move To Your Personal 1040 Tax Return. Personal tax returns with or without Schedule C (additional pages for Sole Prop’s and LLC’s treated as a Sole Prop) are due on April 15th with a six-month extension allowed to October 15th. Reminder the tax return is due in a couple of weeks.   There are many reasons why taxes are not ready for the tax accountant to do the annual taxes. Contractors may feel that they can do it themselves using tax software. My recommendation is to use a Tax Accountant. Laws change all of the time. Assume that every time Congress meets they have done something. Since the average person is too busy and has no way of knowing what amendments are added to any given bill may impact the tax code having a tax accountant is a cost and time effective solution. Tax Accountants Are “Generalists.” What do I mean by “Generalist”? To stay in business, tax accountants have more clients than just contractors. Tax Accountants have to keep on top of all the tax changes that impact all of their clients. Reality is, the tax accountant is more concerned about your bottom line and how it impacts the rest of your life and taxes, not your job costing reports.     Does your spouse work, what and where are all the W-2, interest income, dividend income, health insurance, children, your house, mortgage, property taxes and what other misc. Expenses that might be deductible? Many tax accountants send a packet for their clients to fill out and bring with documents. When a Construction Contractor drops off a box of receipts and bank statements to the tax accountant the Construction Contractor asks: How am I doing? What about [fill in the blank]? Did I make any money on “xyz job”? Tell me about how to improve my business? The tax accountant is going to roll their eyes and seems less than helpful or incompetent. They are not! Knowing about the individual details of Construction Accounting and Job Costing is not a normal skillset of the tax accountant. Depending on the size of the pile to manage whether a tax accountant will use Excel and a Workaround to file the Construction Contractor’s taxes or send you to a bookkeeper to do it.     Our focus is on helping you survive and thrive. When we ask you for documents, it is part of our Contractors Bookkeeping Services System. We have a process where we will do a gentle follow-up. Sometimes the greatest most effective follow-up is done by the State Agencies who want specific reports which when they are not filed promptly will incur late fees and penalties or cancellations. They will call, send certified letters, issue Warrants on Bank Accounts and file Tax Liens all to receive money owed to a government agency. Not someone you want to have your number on speed dial. It is one thing if the over site is lack of money, and another if it is bad paperwork.     Job Costing Is Only Possible when you, the Contractor have put the job name on the receipts, checks and other paperwork directly related to each job. It is unreasonable to expect any bookkeeper to guess which job the costs should be assigned to or interrupt your already busy day with several phone calls to ask for information about a receipt, bill or other paperwork. One Process In Our Bookkeeping System Is "OHIO" Only Handle It Once Proactively writing on the receipt, giving the customer name and address in the Purchase Order field at the supplier will make the bookkeeping process easier on everyone and more importantly it will be the foundation to providing you with Job Costing Reports to help you identify the 20% of jobs and customers that generate 80% of your Cash Flow and Profit. How To Combine The 80/20 Rule With Business Process Management For Your Construction Company The 80-20 Rule Combined With Business Process Management Can Improve Your Life In Ways You Never Dreamed Possible! 20% Of The Construction Companies - Share the Top 80% of the profits which the owners and shareholders use to support lavish lifestyles because they know what to do, when to do it and how to do it! 80% Of The Construction Companies - Share the Bottom 20% of the profits which the owners and shareholders use to support just above or just below average lifestyles because they don't know what to do when to do it or how to do it! Not every Construction Contractor wants to put in the effort for Job Costing, and that is OK. It is Good, Better and Best in all things including Construction Accounting. With processes, every contractor will get value out of their bookkeeping no matter what level of service they require to fit their needs. The most basic accounting provides a Profit & Loss Statement and Balance Sheet on demand for their Tax Accountant to file the taxes. Add personal documents, and the Tax Accountant knows what to do. Basic Construction Bookkeeping is more than hooking up your bank feeds to an Accounting Software and let the software decide what to do with the transactions. All good bookkeeping even for the smallest Construction Contractor is more than balancing your checkbook. Good Construction Accounting provides answers for Construction Contractors from the Brand New Contractor, Handyman, Trade Contractor, General Contractor. Construction Accountants know what to do when they receive the documents. Of course, you need to talk your prospective Construction Accountant and make sure they know Construction Accounting; then decide if it is a good fit for your needs. One example in Construction Accounting there is a difference between Spec and Custom Home. General Contractors sometimes get confused on which they are building as both are the construction of a new home. Construction Accountants are never confused as the accounting is different. In Washington State, it is a huge difference because of the rules about sales tax. When a contractor must charge sales tax on their invoice or if they accept a resale certificate. All retail sales to homeowners and Spec Builders are subject to sales tax. Years Ago My Mentor Told Me: “Little Leaks Sink A Big Ship" Four Leaks That Bankrupt Construction Contractors Not charging and collecting Sales Tax is a 10% leak.   Not Charging and collecting for Change Orders could be a bigger leak.   Improperly applying payments (where it appears as a credit in QuickBooks) is another leak.   With enough leaks, there is no money left for the fun stuff you want to do in your life. Change is easier when doing one little thing, then another, then another. Trying to change everything all at once is overwhelming. Many times change easier for a smaller company because they are small.     Number one question from smaller contractors is “I am just me, or it is just me, and I only have one or two employees” Am I too small to help and use the services of a Contraction Bookkeeper? My Answer: A Company of One – is not too small! The Company of One with Dog and Pickup Truck is not too small. Construction Contractor without any employees is not too small. Construction Contractor with less than five employees is not too small. Construction Contractor with more than 15-20 employees may be too big to not have an in-house admin   From Brand New Contractor, Weekend Warrior, Handyman, Trade Contractor to General Contractor with or without employees we are here to help.        About The Author: https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person. We Remove Contractor's Unique Paperwork Frustrations We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Contractor Bookkeeping Done For You! Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs This guide will help you learn what to look for in outsourced construction accounting. Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast. Enjoy your day.     Sharie About The Author: https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com Our Workflow Removes Your Paperwork Frustrations For Contractors Who Prefer To Do Your Bookkeeping Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways: #1 EZ Step Interview inside QuickBooks Setup #2 Asked Their Tax Accountant To Setup QuickBooks #3 They Attended A How To Setup QuickBooks Class Or Seminar And QuickBooks Does Not Work The Way They Want It Too! The Answer: #1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company #2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company   Short List Of Construction Contractors We Serve Asphalt ContractorAsphalt Contractor Brand New ContractorBrand New ContractorBrick And Stone ContractorBrick And Stone ContractorCabinet Installation ContractorCabinet Installation ContractorCarpentry ContractorCarpentry ContractorCarpet And Tile ContractorCarpet And Tile ContractorCommercial Tenant Improvement ContractorCommercial Tenant Improvement ContractorConcrete ContractorConcrete ContractorConstruction EmployeesConstruction EmployeesConstruction ManagerConstruction ManagerConstruction Support SpecialistConstruction Support SpecialistCustom Deck ContractorCustom Deck ContractorCustom Home BuilderCustom Home BuilderDemolition ContractorDemolition ContractorDrywall ContractorDrywall ContractorElectrical ContractorElectrical ContractorEmerging ContractorEmerging ContractorExcavation ContractorExcavation ContractorFinish Millwork ContractorFinish Millwork ContractorFlipper House ContractorFlipper House ContractorFlooring ContractorFlooring ContractorFoundation ContractorFoundation ContractorFraming ContractorFraming ContractorGeneral ContractorGeneral ContractorGlass Installation ContractorGlass Installation ContractorGutter ContractorGutter ContractorHandyman ContractorHandyman ContractorHot Tub ContractorHot Tub ContractorHVAC ContractorHVAC ContractorInsulation ContractorInsulation ContractorInterior Designer ContractorInterior Designer ContractorLand Development ContractorLand Development ContractorLandscape ContractorLandscape ContractorLawn And Yard Maintenance ContractorLawn And Yard Maintenance ContractorMasonry ContractorMasonry ContractorMold Remediation ContractorMold Remediation ContractorMoss Removal ContractorMoss Removal ContractorPainting ContractorPainting ContractorPlaster ContractorPlaster ContractorPlaster And Stucco ContractorPlaster And Stucco ContractorPlumbing ContractorPlumbing ContractorPressure Washing ContractorPressure Washing ContractorRemodel ContractorRemodel ContractorRenovation ContractorRenovation ContractorRestoration ContractorRestoration ContractorRoofing ContractorRoofing ContractorSiding ContractorSiding ContractorSpec Home BuilderSpec Home BuilderSpecialty ContractorSpecialty ContractorStone Mason ContractorStone Mason ContractorStucco ContractorStucco ContractorSubcontractorSubcontractorSwimming Pool ContractorSwimming Pool ContractorSwimming Pool And Hot Tub ContractorSwimming Pool And Hot Tub ContractorTile And Carpet ContractorTile And Carpet ContractorTrade ContractorTrade ContractorTree ContractorTree ContractorUnderground ContractorUnderground ContractorUtility ContractorUtility ContractorWaterproofing ContractorWaterproofing ContractorWindow ContractorWindow Contractor Additional QuickBooks Templates, Resources, And Services QuickBooks Set Up TemplatesSolopreneurQuickBooks Chart Of AccountsFree StuffQuickBooks Item Lists TemplatesConsulting We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950   Additional QuickBooks Templates, Resources, And Services QuickBooks Set Up Templates   Solopreneur QuickBooks Chart Of Accounts     Free Stuff QuickBooks Item Lists Templates     Consulting   We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950 If you are a blogger, who writes about construction we would like to hear from you. https://www.fasteasyaccounting.com/guestblogger                                                       Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Highly_Profitable_Contractors_Control_Who_Receives_Company_Inform

This episode you may need to listen to a couple of times because it is absolutely packed with a fool proof financial strategy that will help you succeed. Get the ULTIMATE upgrade by becoming a member at the Electricians Success Academy

Here are the 5 things that will help you DOUBLE your personal and/or landscaping business income in 2017 1.) Hire Someone to do EVERYTHING in Your Business Besides Sales You've gotta focus on the key drivers of growth and the #1 item you must pay attention to is sales and revenue generation. Yes, payroll, expense tracking, web design, office organization etc are all important but having a clean desk or perfectly design Profit/Loss Statement won't double your business in one year. Outsource clerical/admin tasks or hire someone to do them for you. You should be out in the field, giving estimates, talking to property managers for maintenance contracts, meeting contractors for landscaping work. 2.) Call Your 10 Dream Clients/Customers Which companies or persons would blow your business up if they became paying customers? Write them down — call them. Better yet, walk into their office and show them you mean business about doing business with them. If you listened to the last episode on guerrilla marketing you already have some tactical ideas for approaching property management companies and obtaining commercial contracts. 3.) Track Your Time and Work 8% More Per Day 8% is just 2 hours per day. That might mean cutting out some TV time or mindlessly fingering through magazines or watching sports highlights on YouTube, but the results of this ultra productivity will pay big dividends — not just financial ones either. Get your focus on time, it' the one thing you got! Spend this time systemizing your business, generating leads, and working ON the business. 4.) Cut Your Monthly Expenses by 25% This is personal finance 101. Cutting back might mean selling the big house in the nice neighborhood or downsizing from the Mercedes E-Class to a Honda Accord. Or it might just mean not eating out and going to the movies 3-4 times/week. Decrease your expenses, limit you junk, live a more fulfilling life. 5.) Know You Numbers and Set Bench Marks If you want to go from $30K / year to $60K per year you will need to increase your income by $2500 per month. Set benchmarks. In the next 6 months you need to increase your monthly income by $1250. Seem hard? That just means you need to make $42 more each day. Know your numbers, break it down, set benchmarks.

Here are the 5 things that will help you DOUBLE your personal and/or business income in 2017   1.) Hire Someone to do EVERYTHING in Your Business Besides Sales   You've gotta focus on the key drivers of growth and the #1 item you must pay attention to is sales and revenue generation. Yes, payroll, expense tracking, web design, office organization etc are all important but having a clean desk or perfectly design Profit/Loss Statement won't double your business in one year. Outsource clerical/admin tasks or hire someone to do them for you.   2.) Call Your 10 Dream Clients/Customers   Which companies or persons would blow your business up if they became paying customers? Write them down -- call them. Better yet, walk into their office and show them you mean business about doing business with them   3.) Track Your Time and Work 8% More Per Day   8% is just 2 hours per day. That might mean cutting out some TV time or mindlessly fingering through magazines or watching sports highlights on YouTube, but the results of this ultra productivity will pay big dividends -- not just financial ones either. Get your focus on time, it' the one thing you got!   4.) Cut Your Monthly Expenses by 25%   That might mean selling the big house in the nice neighborhood or downsizing from the Mercedes E-Class to a Honda Accord. Or it might just mean not eating out and going to the movies 3-4 times/week. Decrease your expenses, limit you junk, live a more fulfilling life.   5.) Know You Numbers and Set Bench Marks   If you want to go from $30K / year to $60K per year you will need to increase your income by $2500 per month. Set benchmarks. In the next 6 months you need to increase your monthly income by $1250. Seem hard? That just means you need to make $42 more each day. Know your numbers, break it down, set benchmarks.

This Podcast Is Episode Number 0159 And It Will Be About Using QuickBooks For Multiple Construction Company Files Since The Early 2000's More Construction Company Owners Have needed two or more incomes. We have met with contractors from several groups: Group One - Skilled Craftsman or Craftswoman is trying to grow a construction company while their spouse or significant other has a job with another company usually unrelated to construction. Today it is more common to see both partners are self-employed and operating a Construction Company. Construction Companies And Other Businesses Owned By - Related business partners and business types can be merged into a single QuickBooks file and that always causes all kinds of trouble! When The Individual Household Partners - File their annual tax return jointly the tax prepare who files the annual Income Tax Return looks at all the business and personal financial reports and is the final authority on what can and cannot be merged together on a single tax return. Most Tax Returns Are Several Dozen Pages Long - With much of the information duplicated on both the personal and business returns which is why we recommend you hire someone who specializes in preparing annual tax returns NOT A Jack-Of-All-Accounting-Trades-Master-Of-None. We do not prepare annual tax returns; we do process Payroll and prepare Quarterly Tax Reports. Why Do We Believe Strongly That You Need Individual QuickBooks Company Files?  Even With Related Personal Partnerships - (married couples) each individual business types are not related and require they own Federal Tax ID Number (EIN). This creates the need for two or more QuickBooks files. For Example - One company is a General Contractor and the other company is an Interior Designer and/or Exterior Landscape Designer or it could be one partner is a Construction Contractor and the other partner has an Event’s Planning business. Multiple Companies In QuickBooks - QuickBooks will support multiple company files, Learn More... If one partner uses a Mac Computer and the other partner uses a PC you can both access QuickBooks windows version using our QuickBooks in the Cloud. Individual Ownership - Of each company is not by the same parties. Company Ownership Issues - Business partnerships between unrelated people makes the day to day accounting even more complex. Who handles the bookkeeping can range from “Everyone” is helping to write checks and “No One” is doing the actual bookkeeping. Which leads to a situation known as QuickBooks Out Of Control!Common Practice - Money is coming / going between accounts of non-related companies and expenses are paid by a multiple of accounts either business / personal / or by others except the business checking account of the actual company. When Company Funds Are Used - There is a need to track the flow of funds to / from each of the company QuickBooks files.  Our focus is Contractors – we also focus on the business finances of our clients.  Where did the money come from (Income / Personal funds / Money from others) – and where did it go?  (Expenses / COGS / Taxes / Personal Draw) For this reason when the second / third / more company is “non-medical” we recommend that we handle the bookkeeping for all of the company files.   Common Practice - Money is coming / going between personal accounts to pay business expenses by family members or non-related household members.Example - Contractor uses personal credit card and would like to be able to show the expense in QuickBooks file….Yes they should have used a company credit card; however, you were at the store, you needed some material to finish the job and did not have the company credit card with you or it may have been maxed out. So you did what you needed to do to get the job done!Example - Girlfriend or Boyfriend pays from their personal account for expenses like vehicle insurance / bond / contractor’s license / etc. – because it was the fastest way to get it done.  Someday she / he would like to be paid back. How Do You Track All Of It - We have a Bookkeeping System to account for all business expenses. Without properly reflecting all the business expenses the Profit & Loss Statement provide incorrect totals and equals higher taxes.If The Business Owner Takes Money Out - Under the theme of “It’s Mine” without proper documentation that could cause the Profit & Loss to be incorrect.Sometimes Clients Want - To keep doing the QuickBooks file for “Their Tiny Little Company” and as time goes on they forget that the funds were handled on one side and missing on the other.As Construction Bookkeepers - We know what standard and usual types of expenses are. If we see expenses have been paid with personal funds / funds by others – we track it in QuickBooks. If we see that normal expenses are missing – we ask about them…Maybe those expenses don’t exist….Most contactors want to have an idea of the individual profit by job and a variety of other reportsTo Meet Construction Company Owners Needs For Specialized QuickBooks Reports – We have to think about What / Why / When / How and then develop the bookkeeping system and reports to provide the answers. What Reports Do Most Contractors Want?Why Do They Want To Know?When Do They Want To Know?How Do They Want To Know?We Can Custom Tailor Reports To Fit Your Needs!  I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. We Remove Contractor's Unique Paperwork Frustrations We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy, Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This is one more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs This guide will help you learn what to look for in outsourced construction accounting. Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com Thank you very much and I hope you understand we really do care about you and all contractors regardless of whether or not you ever hire our services.Bye for now until our next episode here on the Contractors Success MAP Podcast. Warm Regards, Randal DeHart | Contractors Accountant Our Workflow Removes Your Paperwork Frustrations