41 | Debunking Common Accounting Myths in the Home Service Industry with Kristen Deese | Accounting for Plumbing, HVAC, Electrical, and other Home Services

Debunking Common Accounting Myths in the Home Service Industry with Kristen Deese| Accounting for Plumbing, HVAC, Electrical, and other Home Services

Episode Number: 41

Date: July 1, 2024

Duration: 24:20

Host: Justin Deese 

Website: JustinDeese.com

Contact: Justin@JustinDeese.com

Co-Host : Kristen Deese

Email: Kristen@KristenDeese.com

Website: www.KristenDeese.com

Summary

In this episode of the Freedom Blueprint podcast, Justin and Kristen Deese discuss common accounting myths in the home service industry. They debunk three myths: 

1) Just because you're not a numbers person doesn't mean you can't understand your numbers;

2) Using QuickBooks Online's automatic transaction feature does not make you more efficient; 

3) A monthly financial review is not enough to know where you are in your business.

They emphasize the importance of monitoring numbers throughout the month and using feedback loops to make adjustments in real-time.

Takeaways

Don't believe the myth that you can't understand your numbers if you're not a numbers person. With the right training and tools, anyone can grasp their business's financials.

Be cautious when using QuickBooks Online's automatic transaction feature. It may not save you time and can lead to inaccuracies in your financial records.

A monthly financial review is not enough to stay on top of your business's financial health. Implement daily or weekly monitoring systems to make real-time adjustments.

Feedback loops, including accounting, customer reviews, and conversion rates, are essential for running a successful business. Use your financial reports as a feedback tool to guide your decision-making.

Chapters

00:00 Introduction and Mission of Freedom Blueprint Podcast

01:38 The Importance of Accounting in the Home Service Industry

07:07 Myth #2: QuickBooks Online's Automatic Transaction Feature Makes You More Efficient

11:29 Myth #3: Monthly Financial Review is Enough to Know Your Business's Financial Health

13:48 The Importance of Real-Time Monitoring and Feedback Loops

Keywords

accounting, myths, home service industry, numbers, QuickBooks Online, financial review, feedback loops, Plumbing, HVAC, Air Conditioning, Electrical, Contractor, Freedom Blueprint Podcast, Justin Deese, Kristen Deese, When Your Business Partner is Your Spouse, Virtual CFO