In this episode, LorieAnn, owner and CEO of Profit Priority, discusses the importance of bookkeeping and understanding finances for business growth. She shares her journey of starting her own accounting firm and the struggles she witnessed in entrepreneurship. LoriAnn emphasizes the need for entrepreneurs to have a clear understanding of their numbers and make decisions based on accurate financial information. She advises against relying solely on bank account balances and highlights the importance of looking at past and future cash flow. LoriAnn also provides tips for simplifying bookkeeping and recommends hiring a bookkeeper or finding a system that works for you.
Takeaways:
Bookkeeping and understanding finances are essential for business growth and making informed financial decisions.
Entrepreneurs should have a clear understanding of their numbers and avoid making decisions based solely on bank account balances.
Hiring a bookkeeper or finding a system that works for you can simplify bookkeeping and provide clarity.
Contractors and full-time employees have different implications and financial considerations.
Having a team of employees can provide more control and flexibility in the business.
Tools like ClickUp, Slack, and Google Workspace can help with organization and communication in the business.
More about LoriAnn:
LoriAnn is the owner and CEO of Profit Priority, a boutique accounting and fractional CFO firm helping creatives go from unsure to unstoppable when thinking about their finances.
With over 8 years of experience in accounting and small business finance, she has the insight and experience to help you up-level your business while removing the stress and burden of managing your finances. Whether you are just starting out or you have been in business for years, her mission is to help creatives feel peace about their numbers while growing their profit and confidence. Business aside, LoriAnn is really just a midwest gal obsessed with running, reading, iced coffees and spending time on the farm with her two little kiddos.
Connect with LoriAnn:
- Website: https://www.profitpriority.co/
- Instagram: @profitpriority @loriannkuntz.co
Resources from this episode:
https://www.profitpriority.co/deductions
https://www.profitpriority.co/cashflow
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