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3 Great Accounting Fundamentals | Michael Eckstein

From Audio: Advisor Michael Eckstein on Making your Accounting a Priority: The ROI Online Podcast Ep. 78

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The ROI Online Podcast
Duration: 04:02
Michael Eckstein gives three fundamentals about accounting that will help you in your business.
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Michael Eckstein gives three fundamentals about accounting that will help you in your business.
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There's a lot of shame associated with messing it up. You know, you gotta keep. Like you said, you got to keep a stiff upper lip, right? And yeah, things are good and we're growing and business is great, but what's going on in them? The back room. Mhm. So what? So what are, like, uh, give us, like, three fundamentals that we could start to at least that 20% might help impact 80% of the clean up the mess that we have. Yeah, in the back. All right, So a few good accounting fundamentals, right? Would be one. Take your accounting more seriously, right beyond it. Just being great for your taxes and saving you money at the end of the year, which is very, very important. Don't get me wrong. It gives you an understanding and your business that looking at your bank account can't look at your bank account. You know how much money you have right now? It doesn't tell you anything about how much money you spent, how much money you're about to spend, You know, money coming in and out. It just doesn't tell you when you have your accounting done. And it's accurate. You know, once a month you can look at your profit and loss, and I believe anyone can look at their profit and loss and learn from it. And you learn from your business right? All humans are good at recognizing patterns. It's just part of what's innate in us. You notice when you've driven through five green lights in a row, you know how many times have you driven through a lot of green lights and pulled over? You look at your partner and you're like, Wow, did we hit all the greens? That's amazing, you know, or you're in the bathroom and you know it's the tiles are on a place, or maybe that's just me. But we notice patterns just inherently right. And if you look at your profit loss 15 minutes every month, you'll start noticing your own patterns, right. So do your accounting right, and if you don't want to do it, outsource it. You know chances are it's a good financial decision to outsource your accountant. After that, I would say, Take your invoicing a little bit more seriously, take your cash a little bit more Seriously, you know, it isn't wishy washy isn't up to, You know, kind of the gods. When you get paid, you know how your invoicing is or how your cash flow is. You have control over it, right? And the last one and this one. I harp on a lot with my own clients. Um, save more for retirement. It's something no one really talks about an entrepreneur community. It's something that we all feel like once I'm successful once the next big contract comes in. Once I have 10 employees. Once I have 20 employees, then I'll save for retirement. Oh, I'll sell my business. There's all these kind of excuses, and I'm sure you've heard them. You just hear them all the time. I'll save then, And the problem with saving for retirement and why it's different than other things is You know, if you're late on your mortgage payment, the bank will let you know if you're late on your power Bill. There is going to turn it off. You know, taxes. The IRS will send you a letter. You'll find out something went wrong. If you're not saving for retirement, you're not going to find out what your 50 and your friends start talking about when I retire and you're like, Oh, when when we're supposed to Oh, that's happening now, right? So it's important. And those three things I think are the biggest from a financial standpoint, important things to kind of embrace and do. And I guess the fourth I'm cheating I'm doing for, um, this isn't so much a financial thing, but proper goal setting. You know, if you let your business grow, it will grow in whichever direction it feels like. And it could grow in the direction. You don't want to take it in. You know what I mean? Like, uh, you could start in one place and all of a sudden you start getting lots of clients in one direction in one niche. You don't really want to be in it. You don't enjoy them. They're bad clients. They don't pay enough. But somehow you wound up in it because you just let it go wherever it wanted to go. Your goal would just be bigger. You know, figure out what you want to do in your business. What you wanna do in your personal life is your business exists to serve you to a certain extent, right? That's why I started it for a better life and, you know, keep it pointed in that direction.
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