EPISODE 1: Pre-Exit Accounting Fundamentals with Ben McAdam
TL;DR: Keep your bookkeeping and accounting in order so your reports show the real condition and growth capacity of your company before an exit. Ben McAdam says to stop chasing the lowest possible tax and start delegating jobs you do yourself. A virtual CFO adds cash flow projections, and your pricing must protect a good gross profit margin.
Most importantly, Virtual CFO Ben McAdamshares the importance of getting to know the fundamental roles of your accounting team. Indeed, the nitty gritty of forming and selling your company. Notably, as well as his role in coaching businesses by focusing on the numbers and helping you grow them.
Ben Mcadam: WHAT YOU’LL LEARN
- Role of financial tasks in Growing an FBA
- Introducing the Virtual CFO/Profit Coach
- Tips in maximizing Profit
KEY POINTS
- The various financial tasks in a business (bookkeeping, accounting, CFO) is crucial in providing a clear picture on the condition. In fact, overall, growth capacity of any company.
Of course, financial reports are important in informing on the strategies. Moreover, that a company may undertake to ensure a successful and profitable undertaking.
- It is important to have a change of mindset on how one views taxes and hiring. In addition, attitudes of wanting to pay the lowest tax possible as well as not delegating jobs. Additionally, that the owners are doing may hamper the potential growth of the company.
- The Virtual CFO not only provides an objective eye in reviewing the financial. However, operational standing of a company but more importantly provides cash flow projections. Indeed, to clarify, this will enable owners to make informed decisions on.
Which expenses the company would be able to bear in the long run.
- To ensure the success of a business. Notably, adequate capital to respond to changes, there should be a good gross profit margin. This is often neglected when pricing a product and have led to the failure of businesses.
- Visit the Profits Collective website to uncover hidden profit opportunities for small businesses. Furthermore, you can also drop by the Profits Collective Facebook for a more expanded version of profit exercises and Ben McAdam’s Q&A.
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