Beyond The Systems Podcast | Business Systems & Growth Strategies For Your Online Business

Learn to Love Your Finance Numbers with LoriAnn Kuntz [Ep 39]

Oct 8, 2024

LoriAnn Kuntz, owner and CEO of Profit Priority, helps creatives navigate their finances with confidence. She shares her entrepreneurial journey and stresses the significance of understanding bookkeeping for business growth. LoriAnn explains why relying solely on bank account balances is risky and emphasizes analyzing cash flow for informed decision-making. She recommends hiring a bookkeeper to simplify financial management and discusses the differences between contractors and full-time employees, including their impact on team culture and business operations.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ANECDOTE

Raised With Business At The Table

LoriAnn grew up around family businesses which taught her to evaluate how decisions affect the bottom line.
That upbringing led her from public accounting into building Profit Priority to help creatives with finances.

INSIGHT

Numbers Replace Emotional Decision-Making

Knowing your numbers gives you confidence to make non-reactive decisions in business.
LoriAnn Kuntz says clear financial data replaces emotional highs and lows when planning hires or investments.

ADVICE

Project Cashflow Weeks Ahead

Forecast cashflow 6–8 weeks ahead to anticipate shortfalls and force remedial action.
Use projections to decide when to postpone expenses or to aggressively pursue sales.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

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

Ready to start building scalable systems in your business?

Get access to 10+ templates and resources, plus a live monthly training inside my free community The Systems Society.

Join us now: https://www.skool.com/the-systems-society/about

Connect with Sam:

Website: https://www.systemswithsam.com/services
Instagram: https://www.instagram.com/systemswithsam/
LinkedIn: https://www.linkedin.com/in/samwhiz/