Topics Covered In This Episode
- Understanding Bookkeepers: Mercer highlights the essential role of bookkeepers, who manage and organize a company's financial records. Mercer's journey from freelancing to managing his business's finances until 2013 is shared.
- Cost of Running a Company: Discussion revolves around the monthly service costs of companies, and the value of having a bookkeeper to oversee expenses and financial organization.
- The Importance of Professional Bookkeeping: The risks of self-managing business finances are presented. Bookkeepers play a pivotal role in monitoring and classifying financial transactions, especially for recurring and regular expenses.
- Managing Company Divisions: The differentiation between various company divisions is explained. Bookkeepers act as financial advisors, ensuring proper financial management across different divisions.
- Maximizing Benefits & Virtual CFOs: The episode delves into understanding if one is leveraging their bookkeeper's full potential. The distinction between a bookkeeper and a CFO is explored, emphasizing the broader role of a CFO. Jeff introduces the concept of a virtual CFO and its significance in modern business operations.
- Locating the Right Bookkeeper: Emphasis is placed on the expertise and skills required of a bookkeeper. For those seeking bookkeeping services, Jeff recommends local resources and platforms like Econbalance or the Mom Project
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