How To Outsource Your Business Finances (The Right Way)

“When you’re in business for yourself, if you know your numbers, you’re going to be a rock star!”

- Melissa Houston

I get it: numbers can be scary for a lot of people. While I love working with them, I can understand the reluctance to dig in. Many people fear that they aren’t “smart enough.” 

I’m here to tell you: you are.

And it’s in your best interest to develop a deep understanding of your business numbers.

Knowing and understanding your numbers can be the difference between a sustainable, profitable business and a business that fails after three years. It can be the difference between successfully scaling up and spending yourself into bankruptcy. If you want to grow and scale, it’s crucial to understand and be comfortable with managing your finances. If you’re not looking to grow and don’t have the capacity to make more income than what you need, that’s okay, too — it’s still good to understand how your business is doing and be able to identify any potential issues.

I’m not asking you to handle all of the financial work yourself. Hiring a bookkeeper, an accountant, and a business coach can make a hugely positive impact on your bottom line. Working with an experienced bookkeeper will help you spend less on an accountant — it’s more expensive for your accountant to correct bad bookkeeping at year-end than it is to pay for a skilled bookkeeper! 

But no bookkeeper will ever care as much about your business as you. That’s why it’s vital that business owners learn how to create, read, and understand their financial reports.  

In this episode, we’ll explore:

• Three reasons why it is absolutely vital that you stay on top of your finances
• The different roles that bookkeepers, accountants, and business financial coaches can play in growing your business (and profits!)
• The most important things to look for and keep in mind when investing in any of the above services

“Profit is what keeps the business sustainable. If you’re operating at a 6- or 7-figure revenue level and you’re not even breaking even, that’s financial trouble.”

- Melissa Houston

Highlights:

• 01:35  Understand your numbers and you will be unstoppable
• 01:57  You’re in business to make money — so your profit margins are key
• 03:16  The things that you need to know in order to make smart decisions
• 04:10  Do not give away your financial power!
• 05:19  Bookkeepers, accountants, and business financial coaches: what’s the difference and what do you need?
• 12:02  You can increase your profits without raising your revenues
• 13:30  Be a better CEO (no matter what size your team)
• 14:20  Case Study: Claire (small business owner)

Links:

The 5-Step Roadmap to Biz Finance Freedom

https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom

Work with me

https://www.melissahoustoncpa.com/work-with-me

Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com.