What should go on your business dashboard?
You. Want to find your tribe of raving fans I'm, gonna help you do it this, is the digging deep podcast, with 360, media where we help you do, better business. This. Is Justin you're. Watching episode Oh what, are we at now Oh see. I just recorded, so. This would be eight this would be episode. Eight of digging. Deeper we help business owners build. Better businesses, and, do. Better business and today I am joined by. A. Bookkeeper. With. A team who has, been in the business the. Last two years helping, small. Businesses. Build. Their. Financial, statements, help. Them with their bookkeeping and. He's a visual Europe East specialist, their, team, is. Located. On the web and intrepid, DM comm, please make sure you check the link if you're on YouTube, so. That you can contact, with them and Ryan. Rock, welcome. To the podcast thank you for coming today thank you, for having me amazing. So visual. ERP. What, is that. Visual. Is the name of software, it's owned by in, for Global. Solutions. And. ERP. Is enterprise. Resource planning so, it's a software, package designed. To help businesses manage, their. Manufacturing. Activities. Fantastic. Excellent, so that's. Got to be quite a quite. A. Specialized. Niche, it. Is yeah my business partner and I are both certified, with, in for Global Solutions to, provide. Consulting. Or. General. Support. Throughout. North America, we're. A bit unique in, that we're, both designated. Accountants, as well as certified. Visual. ERP specialists, so. The, combination. Sort. Of makes our services. A little bit unique and different from from, the rest amazing. I also notice, that you're doing, we'll see mo work and so for those people who. Don't know what is CMO standpoint it's. Actually fractional, CFO. And. Yeah. No problem fractional, just means sort of part-time. And. CFO. Is your chief financial. Officer. What. We do is we support, small. To midsize businesses. Become. An extension of their team provide. Them with access of senior. Financial. Management. Leadership. Knowledge. Direction. At. A fraction of the cost that would that, it would otherwise be for. Somebody full-time. Amazing. And booking. P Services, is pretty, straightforward, yeah.
Our Bookkeeping, is pretty, straightforward we're. A bit unique in that. Not. All bookkeeping, firms. Are. CPA. Led so, it. Doesn't need an accountant, is reviewing, the work and, also. Providing. Feedback. And, guidance to our, bookkeeping, team and, as. Well can. You. Know really, define. And, and present, the information. In. In. A way that's logical, to the client and we can explain, where the numbers are coming from. That's. A, very, useful thing, I think a lot of people. Don't. Really know the numbers especially the small business realm and actually one of the reasons why you do today so I, had a direct message from a, couple of people who. Are in, small business and they struggle, about. Understanding, the metrics you know how this is doing and you, know they're using QuickBooks, or they're using another, CRM, software and, they're thinking they're invoices, they can they know their expenses, but. One of the things that they're really trying. To understand. Or try to grasp is what. Makes, a good dashboard. Like how, are they really, understanding. What the health of the business looks, like what kind of key, things can. They put, onto this dashboard that they could look at on a day to day basis, and know, that you know there's. Other trouble, ahead or there's trouble in the pipe. You know the overall, health of the business and that's. Why you, know every step to you to see if you, would be able to shed some light on some of that stuff. Yeah. Absolutely it's, a very good question and it's it's, one that a lot of small business owners, you. Know, they, lack, the. Detailed, reporting, and more. Importantly reporting, that means something, to them that will tell them something. Useful. So, there, are. Various. Different KPIs. Or, ways, to measure how. Well your business is doing not only. Today. But also to help you forecast, in the future and. Prepare. For some ups and downs as. Best you can, one. Of the main areas that small, businesses, and midsize, businesses or, businesses in, general for, the most part is. Cash flow so. It's. Really important, to have a solid, understanding and. A. System. In place to manage, your cash, understand. When those shortages are going to come up and. Be. Able to plan for them as well, as knowing when you've got excess cash to, invest into, activities. That are going to generate additional, revenue. Okay. And. So, that's, an interesting point that you make there I think. A lot of small, business owners at least in the artist, community we're, like photographers, videographers maybe. At. And. The not sure if it's rapid and then the other industry, but it seems, that a lot of small business. Owners. Kind. Of spend the money before they kind of kind, of actually have it in the bank and and I.
Think My. Conversations, in the last few days with a few different people have, led me to this is where, you. Know, they've. Gone out to buy equipment, even, though they couldn't really quite afford, it in the hopes and or, in the. Anticipation. That business, is coming in or they're booking and they've got a deposit, and then they're, paying in advance now. In. My. World I mean I've built a lot of our business. That, we're you know we did have equipment. Leases, and stuff to build it rapidly, but. I mean for us for. Me personally I tried to mitigate, a, lot of that by you. Know try not to overspend, and making. Sure that it was still tangible. Or or. At, least. Manageable. In some sense under. Under, high stress like, we are in now. What. Is your suggestion, for somebody. To be able to look at that, particular. Metric. And cashflow and to determine whether that should be allocated. To say like an emergency, fund versus, investing. Into their business. Yeah. I know that's a great point so a. Couple, of areas the cash flow management, requires. Diligent. Sort. Of reporting, and, making. Sure that things are accurate so. First. Firstly, let's, talk about cash inflow, it's. Really important, to understand, that the dollar that came into your bank account today, might. Have to last you an extended, period of time so. We. The. Accounting, rules and and. Are. Based on an accrual, system. Which, means for, example if, we, incur. A cost or. We. Invoice a client today we've. Accrued, and we've recorded their earned revenue, and the. The. Amount of money that we're expecting to receive. Hence. Earned from the client, or customer. The. Real issue is is that just because you earned it today doesn't mean that it's going to hit your bank account today so, we need to plan for the timing difference between when you earn that revenue, and when. The clients going to pay, so. It might seem very nice if all of a sudden you get quite, a few, deposits. Or retainers. Or. All. Of a sudden you collect, a great. Amount of. Money. From invoices, that have been outstanding for the last 30 days but. You've had a quiet period between that 30 days today, so therefore. You're probably not going to expect to receive very, much in the next 30 days.
So, It's, important, not to think we've got a lump sum of money today what are we gonna do with it was. More important, is how, long does that have to last us before, we collect again and. What. And then defining, what our absolute. Most critical, investments, are so. If you are a photographer, most. Definitely, you're gonna want to invest in, cameras. And, what. Other, types. Of equipment it's going to help you generate revenue. Small. Business owners to start generally, don't have a lot of cash, so, every, bit, that comes in you pay yourself the, very bare minimum and you try to build a business that's, normal, but. What we try to help our clients do is forecast, out I'm, not saying don't spend your crossing don't grow super. Important, and it's the passion that's the why we do what we do as small business owners but. We help them understand, when, they can spend how, much they can spend and what, areas, they should spend in first, so. On the cash side that's pretty important, when, are we going to collect, versus. When we earned. Also. On the expense, side it's. The same concept. You. Know, you. Can't skip payroll, you. Have, to pay the government there. Are certain things that come before all. The other expenses, that you might, start. Incurring so, knowing. How much money you can spend knowing, when you're gonna collect it knowing when you have to. Pay. It out all comes. Together has. One big picture, so. We, help identify. That now. In. Addition to collecting cash. We look at our receivables, it's, another important, KPI, for small. Business owners is. Let's. Look at the. Time it takes us to collect the money from the time we invoice the client so. Days outstanding. AR, or. AR. Turnover, we, want to keep that as short as we, can and on. The flip side on, your accounts payable we. Want to extend, our, terms, as long as weekend, right. So we collect faster, we pay later. We, use our money for our own internal. Growth. For. As long as we can before we we. Pay. Off our vendors, or our team. Sometimes. We can work with the vendors and and and figure. Out you, know how. We can work together and, maximize. That time and. With. Our customers you, kind of make a whether, or not you offer a discount for, payment. Or maybe. It's two up on your seat and you don't offer terms. Whatever. Suits your business most. Okay. And so, I think. In, your experience, but you know at, least the really. Young. People. Are just entering the, work, into. The industry, a lot. Of times they're, just picking, off numbers, in. Terms of what they're charging people, solely. Based on their local competition, and you. Know. How. How. Dangerous, could that be for, for. An individual, who. Maybe. Doesn't build the businesses, understanding. The numbers that really go behind it and you. Know just kind of picking a number willy-nilly because, that's what they feel like you know the market to deserve. In. Your experience, as a bookkeeper do you find people are. Under. Pricing, and, then not being able to save or admit their taxes, or not being able to you, know uphold, of business, or. You can draw revenue. From it because. They're just too busy you, know keeping everything, afloat and they can't draw their own salary. Yeah. Great, point so when. We all first start out it's a bit of. Know. It's very unknown, there's. A lot of anxiety and perhaps. Times. Of discomfort. But. It's pushing outside, of your ear, comfort. Zone, so, it's very easy to let's.
Say Price your service, or product. Let's. Say a very competitive or a hunter undercut. Your competitive. Competitors. So that you get into the marketplace and. At. The very beginning, it seems like it works because, you don't have a lot to pay. For you don't have a lot of overhead you, basically. Make. Sure you can cover the cost of your product or pay. Yourself a little bit out of the service and you're good to go where. The difficulty, comes in is as, you grow. And. You, have to scale your business to accommodate, that growth and. You've. Underpriced. Your, services, or product. Dramatically. Compared, to the competitor, now. You have to get back up to a level where you can afford to overhead and you can afford your your. People, you can afford those expenses, that didn't exist before so. Now you're in a battle of volume. More. Than you were before. And. The. Important, the. Key component, here is is, now, it's going to be very difficult for you to get your prices up to standard. Market value. Quickly. Because. You have existing, customers, you kind of have. Sort. Of a base and an expectation, so. You might be able to get your new customers, onto a new pricing very. Quickly but. To bring your existing, customers, up to that level might, take. Several. Months, depending. On on, what, the, gap is what, the spread is between your price and the market value or, the value you need to start trying to cover those overhead costs, so, our clients, quite. Honestly. They. Often. Look. At us and ask us for guidance how much does it cost for me to run my business what, is my overhead what. Is my cash, or burn rate how. Much cash, do I need every, day and to survive. You. Know back, to somewhat. Basic, stuff but when you first start out if you can sort. Of think about those, or. Think about you know in six months or a year what. Is the information that will be useful to me and. Where. Do I plan on being, it's. To put some, some. Thought into what, that might cost and. It'll help you better prepare. You. Know for that growth period, right, up front instead, of blindly just, eagerly. Getting into the market and not really, having a plan that defines those, types of areas, of business I, would. Be my recognition I agree. Yeah I think a lot of people that you. Know we coach in the marketing space a. Lot. Of them when, they when, they come ask. Us you, know they're at that point, where you. Know it's born out of passion then you know when it's born out of passion you don't really think of what the money upfront.
And That, what happens is from. A marketing perspective. It's. Similar in a sense where you say it'll, take a few months and sometimes even, more than that because. What happens is as people are working. And, charging, you. Know X amount of dollars and now, having to jump. Exponentially. To. Accommodate, the growth and to make sure that the running a viable business means. That the people who expected. That rate and, refer people at that tier, are. No longer your referral, partners, and you draw a huge, amount it's really prevalent in our industry, as photographers. They're. They, price it low to get them started and then they wonder when they jump you know 2, X 3, X their pricing, why. The referrals, aren't coming back in and there's, a. Part of it is the market will will, take. You at what you say you're worth but the problem, is is if they've, expected. That. You were worth you, know $1000. And olives and your $3,000. The, people that were referring. You enough $1000, might, not feel comfortable to refer you at $3,000. And now, you have the conundrum, is yes, are you making more and is it worth it and are, you going to lose too, much clientele, and not be able to keep your head above water. It's. A challenging, balancing act, for sure and every, time you get into either. Significant. Price increases, or. Poor. Products. Service changes, you're just in a different market, so. Everything. That you knew and, you've. Learned to, that point is, super valuable but. You. Kind of have to rethink it and you have to, redesign. How, you approach, it because it is like you said it's a different it's a different market same. Service same product perhaps but just a different. Target. Market, so. Then let's take that back to the dashboard okay. So that the. Revenue, is. Is, one thing we're. Watching our expenses. But, you, know from a tax perspective, the. Expenses, are not exactly. You. Know a hundred, percent right off and so I think a lot of people, misunderstand. The. The write-off is there a way that they. Can kind. Of get. A good, ballpark, what, the real expenses, are so they don't understand what that spring really, looks like because. They say for instance meal, and entertainment, that's a 50% you. Know right, off if, they're buying capital, assets, the depreciating, depending, on on the type of capital, assets whether the electronic, work whether their, heart they could have different rates, of depreciation. You. Know all of those things combined so when a person is bringing this money in and they aren't really sure exactly, what, that cash flow looks like so is there a quick. And dirty way that they can just got to get in all parts of their there at least in the right right. Field. Yeah. That's a great point. So. Our corporate. Taxes, and our personal taxes, I just, want to, put. It as slammer out there that I'm not a tax specialist, so he's. I, speak. In, broad terms and, and, generalize. You. Know the. Concepts. But. Yeah your your taxes, are obviously, a cash flow flow and. It's important, to forecast, for. Those expenses, as well so. You. Know PST. Is, a good example, you collect PST, but you don't get anything bad for for. Paying. It or dealing, with the administrative, there's, a small commission that the British government, will kick. Back to you it maxes, out $198. Per, claim. But. Essentially, you know you need to understand, what revenue, routes, revenue. Streams are PSD applicable what art and know. That that money that you collect is not available, to spend so, we have to forecast, out you have to put that aside it's. An expenditure, it, must be paid the. Same with GST, now, corporate tax is a little bit trickier. Like. You had mentioned the. Capital. Assets, the assets that you purchase, they.
Need To meet the definition of an asset there's. Some rules around it but essentially, it's a. Piece, of equipment that you purchased today but it's going to help you generate revenue. Over an extended period of time generally. Referred, to as useful. Life. For. Accounting, and it's. There. Are different terms for different counting. Attacks but, essentially. The, CRA tells you what, category. Or what class, those. Assets, belong in and they'll, also tell you how, you go about calculating the. Expense. Portion to, match the revenue so. That can be a little bit tricky I. Really. For. The most part like to set my clients, up so that their accounting. Amortization. Or, rates, are the same as tax so when it comes to preparing or or, in. This case. Anticipating. Here your corporate tax will be it's, much easier, because. The to match. Where. In reality you. Can have a different rate for accounting a different rate for. Tax. Which. Then you have to. Figure. Out the difference so, there are ways there's schedule, schedule, one of your corporate tax return you can use you can fill out the main, categories. And it will spit out a value. I've, used spreadsheets, that asked to help. Me through that and I can will certainly share that information if anybody is interested. So, yeah there are ways that we can help our clients. Determine. How much they need to save, or, the expectation. Of their taxes, and. Prepare. For that as, part of that part of their cash flow forecast. You, know for. For, other people, if. That was way, over your head make sure that you're connecting, with Ryan, and intrepid I am calm, you. Know for us here, at the studio I know what, are the ways that my. Dashboard works, is you know I track the revenue in, -. All the taxes that I've overpay. And, then, of. That, I also, took. A. Certain percentage. In. My, case a 20%. Off, the top that, gets allocated to, you, know everything, that isn't core services. And, for. Me I took that the health of that account as. An, indicator of what's ahead, and what's, coming. And, if, that account, isn't healthy I know that there's something wrong with the pricing, and, or, the, the. Expenditures. Or cost of goods. You. Know being produced if if it's if it's going down or, it's, staying level it, generally. Means that there's something wrong in the pipeline is. Something that I have to kind of manage so, on my dashboard that's what it kind of looks like um. You. Know in terms of, forecasting. I mean nobody could have forecasted. Co mid-nineteen. Wiping. Out entire. You. Know revenue. Streams for four people in, that, case, you. Know as people are going to come back online. You know maybe hopefully. Two. Maybe. Three months from now you, know what are some things that they're gonna have to be understanding.
Of In, their business and of, course the economy life. Cycle as. They, sort of try, to lick. Their wounds and get back into it you know what, would be some of your recommendations. Well. I think, it's, particularly. Important. Right now when, we talk about cash flow we talk about the the, expectations. In the future and you're absolutely right. Nobody. Could have predicted this, or I. Should. Say. More specifically. Totally. Prepared for something like this, and. And. So. It's really important, I think a lesson to take out of this if you are a small business owner or mid-sized, business or business owner period, and, you find yourself in, a position where you are lost. You. Don't exactly know where your business is at. Financially. Your. Cash flow is a bit of a. Hmm. Not too sure what's going on there. That's. This. Is the the lesson to learn to. Get your stuff in order and. Pay. A professional to, help you I always. Tell, my clients when the goings, good. That's. When you really, need to focus on your controls, and your, reporting. Ability, because. When things go sideways, you. Need to be reactive. Immediately. Right. And certainly, in the in the current situation and we find that you. Know people. Just stop paying. Everybody. Stops spending, money, so. Guess what it felt really good yesterday because I've got a good. Healthy accounts, receivable. Guess. What you're not going to see that money because, because. Your customers, have no idea what to expect right so. We're. Gonna have to ride this out I think. Clearly. But. I would. Say don't, expect, to start collecting your receivables, right away, right. You're, gonna have to prepare. In, my opinion, for. Some cash reserve, to get yourself going again, if you. Have payroll it's going to be particularly, important. That you've got enough money set, aside to cover that first payroll. Your. Government remittances. Those, types of things yeah, there's going to be some referrals. But. You. Know be prepared to slug it out and and. Be. Patient with your vendors and be patient with your customers, because we're all in this together. And if, you're able to build really, good relationships. Through the very hard times and maintain. Them. You've. Got a team, that's, got your back right. So, if you can if you can just keep that in mind I think you'll. Be you'll. Have a better reputation as, a business owner and. You'll. Come out of it, a lot, stronger. Financially. And. If. You kind of come down hard on everybody because, every you, just there's, nothing there yeah. And that's true I think I think. The hardest part will be, you. Know a lot of people are deferring, their payments. You. Know and I, don't. Know if it really hits them until until, the piper. You know comes, comes, knocking. At the door to collect, because that, deferral, means that it's, not, that they don't know it's that they're just pushing it aside and that you know mounts, some of those payments and so, from. A cash flow perspective what, used, to be you know let's. Just say yet an overhead of ten thousand dollars because. You deferred it three or six months now. Your, overhead is maybe wet 1212. Thousand dollars that's two thousand dollars more than you had plus all the the. Backlog. Of receivables. If you had any before you, know this, all went down is. Something we're clearly transactional. By nature like like, come in get done and leave. In pay, but. When. You're trying to do payroll, that. That's a really, big, challenge. And. I, don't know what the government is gonna put in place in. Order to help ease that load, but I just, I'd imagine, that, given. The conversations, that I've had in, the last of a while I think there's some people were in for a real doozy when that comes back online. It's. True we're going to be straps both in our businesses, and. Personally. For cash for. The most part right everybody, is starting in the same, scenario. We don't know how how, long we have to have, a reserve for and, all, of these referrals, sound, really good.
But Yeah. You're absolutely right we're. Gonna have to start additional pretty. Big checks. Here, to get caught out and. Do. What we can through this quiet period, whether we have to change our business model, or you. Know just start offering things. Differently. Or in a different format, to. Keep. Things going. But. Just be, prepared that that's gonna hit and if. You're one of the lucky ones maybe, you're going to be able to collect a bit from your customers, at the same time to help out, on. That note I would encourage, everybody to, reach. Out to their customers and reach out to their vendors. And. Keep. That communication open. Put. A plan together for. For. That. That, magical, day when things go go, back to I think our new normal I don't think we'll see it the way it ever has, been before but. Put. A plan together, start. Building that cash flow forecast, and understand, what to expect when you do open your doors again know. Who you have to pay first know, the minimum amount that they are going to be able to accept, in order for their there them, to keep their doors open and provide. You with service, going forward, restaurants. Are going to be hugely, hit, food. Food. Providers. Produce. Meat seafood, you, know, the. Restaurant industry has just come out of their slow period. So. The. Restaurants, have accumulated. Probably. Some substantial. Accounts Payable balances. They've, deferred, paying, a little bit on their vendors and everyone sort of expects. That seasonal. Cyclical. Event. To happen and here. We just got hit. With. A. Devastating. Business. Closure, right. At the moment where the the restaurants, start to pick up and catch. Up on those accounts, payables and. So. It's going to be particularly. Interesting. And important. To reach out to those vendors that provide you with your food and if. You're a restaurant owner and. Let. Them know that you, know that they're there you know that they you know you need each other going forward, and put a plan together and, start. Building that cash flow forecast. More. Important now than ever. Absolutely. Do. You think there are any other things that should be on a daily. Dashboard. For. Yeah. So depending, on what industry you're in I just. Want to talk. A little bit about inventory. Many. Businesses, deal, with inventory and inventory management, is. Well. It's challenge it's it's. Annoying it's. One of those things or you you do need to get it right and once. You do and, things, move smoothly it's. Not that big of a deal. So. I like, to provide. My clients with. Indicators. On their dashboards, that allow them, to understand. How long, it takes them from. The time that they bring, a. Toy. In. As, inventory to. The time that they sell that toy to the customer, so. That's your inventory, turnover or days outstanding. Inventory, that's, particularly important, because for every item that's in the inventory you're, holding, up your ability, to spend, that money on, other. Areas, of the business so. You don't want a lot of your capital, your cash to be sitting on shelves hoping. To sell right. Hoping, to turn into a sale, and collection. And letting some profit, oh yeah. Especially probably. Being interest on that. Absolutely. Right, so, so. That's important, the. Other one you know how, quickly do we two, week left our receivables, how. How. Many days does it take us to pay for our, or. Pay our vendors so. That's a bit of a balancing, act, and. Then. We. Can look at different, areas, more, sophisticated. Areas, such, as how, well you're using your. Company's. Capital resources, or you. Know different little. Specific. KPIs. For, your, particular, business or scenario, they're, all even. Custom, custom. Build those dashboards but, those would be the basics, you know your accounts receivable payable. Your inventory. Really. All important, stuff then. You can also look at if you're a little bit of a larger business and you have a few employees you.
Could Look at your retention how. Often how, long does somebody stay employed with us, how. Much does it cost to, train. Somebody, right. So you can start looking at daily, sort of or weekly, maybe, even monthly. And. And. You can match your, employee. Contribution. To the amount of revenue that's, generated in, that same period so. We can start looking at maybe. Sale. Dollars, per. Employee per, hour, or. Breaking. Down different, divisions, of your business so you can see. Where you're. More profitable, only or not where, you might want to continue, offering services, or doing business and maybe you want it closed down or. Where. Should, you spend, your your. Excess, cash or resources, for. Growth purposes. To. Maximize, your. Gross profit so. They all tie in together and. Then. What we were, able to do is not only create, them but, we can monitor. Them for doing, the bookkeeping is is you. Know part of our. Focus. Or service focus, then, we make sure those KPIs are correct and as, CPAs, we're able to, provide. Our clients with an in-depth, understanding, and. Commentary. Around what. Those numbers are saying about their business and activities. Okay. So. What if a person doesn't. Have, a bookkeeper, doesn't. Think that they're ready for a bookkeeper. You. Know when is a time, where, they're. Gonna, go from say an Excel spreadsheet, and. Then maybe starting. To look at us and. I put keeping you know software, you. Know what, are good indicators in, a. Entrepreneurs. Lifecycle, you, know do they do, they go from the shoebox. And spreadsheet, and, paper to, you, know an. Online. Or offline. Accounting. Software. That's. A bit, tricky, because, my, my. Gut. Reaction, is to say don't. Start, with spreadsheets but, I know that that's not always. Practical. I. Would. Point out that a lot of the software programs now are very. Reasonably. Priced and, available, cloud. Suites sort, of platform, which makes. It very reasonable. But. I would say after. Your, you're finished, your first year of business you. Know and, things. Are are looking good and certainly after your second year business I mean, if you're sole, proprietor. Right you're not incorporated, and you're you've, got a fairly basic, business. Structure. Then. I would say you, know your two or three you. Probably want to. Get. Something set. Up if you're, a, business. Owner that invoice, is quite frequently, then, I would say as soon as possible. Because. You want that consistency, you. Want to be able to really track payments. You. Want to be prepared for. CRA. Audit, if it comes so. There, are, there. Definitely are, advantages. Of starting. Off proper. And. We we sit down with business owners that that, might not be sure on what direction to go or when when, to cut up. Start, some of those projects, so we complimentary. Sit-down complementary. Hour or. So and, we, need. To find what that looks like and help, them guide them in the next steps sometimes. It involves our services and sometimes it doesn't. Well. I would, highly recommend anybody, who's listening to this podcast to, reach. Out to the bookkeeper to, get yourself set up initially, I know that when I first started I didn't. Do that and as. Ryan can attest it's a pretty big mess in the back end when, you're when. Bookkeeper. After bookkeeper, after. Accountant, tries to, fix. Things. And, how did that happened, two. Decades, ago for, me that would have been a much easier, transition. And. Management, of stuff that. They're trying to fix. It and. Repair. It after. The fact so save, yourself the heartache and the money do. It well upfront it. Would be the biggest recommendation, I could I can tell you about, in. Your books in. Order. Completely. Agree you know there's a cycle, with, bookkeepers, and people's. Experience, same. With accountants, in a lot of ways. There. Are many out there and. We. All seem to be experts. Right. And and, what's, important, is that to. Get. Your books. In it in working, order and cleaned, up and to maintain it it's gonna take some investment, if you're. Not willing to learn do it yourself that's okay, but. Do, invest, in in, proper. Help and make sure that there the, bookkeeper, that you you. Find, is. Has. Enough amount of experience. Exposure. To, different industries and. Preferably. Is. Supervised. By, somebody. With the, qualifications. To do so and. It'll save you in the long run for. Sure, perfect. Thanks so much for joining me today I really appreciate it, before, you go I really like to ask our, guests. About, a resource. That. You. That. You would recommend to people. It doesn't have to be part of your industry but just something that you find valuable that other people might might, like to look.
Into Or. Peruse. At their at, their leisure. Yeah. So it's. A bit a bit of a nerdy response, perhaps but a lot, of the work that I, do as a professional. Requires. Research, and you want to find a, reliable. Source. So. In. Times like. Today. Now. And, even. When you're considering, some of the rules for for. How to transact, or how to deal with your your numbers I go. To the. Government of Canada's website. Canon. Revenue Agency, is very helpful I also. Will, call, their help line, and I will ask questions. And, if. You are ever needing, on a provincial, or federal level, to get. Something in writing ask. For, either a bulletin, or, for, them to issue something. Formally. And. Then you have it as support if you ever offered it down the road. Abby's. BBC's. Another good good, resource, if you're looking at financing. And how, to grow your business of, reasonable. Lending. Rates amazing. Well, thank you so much for your time we really appreciate, it and for, those watching if, you find any value in this please subscribe. Like. Our page I really, helps with the algorithm, and helps us you. Know attract, and bring more, professionals. To talk, about business things that that. Are behind the curtains, so to speak you. Really want to try to move the needle for a thousand business owners and if I if I move the needle in any way yeah. Please join. The community, participate. Thank you again Ryan and we. Will hopefully have you on a podcast at the time thank. You.
2020-04-14 16:14
