Private business owners often analyze their financial statements only when it’s time to prepare taxes. However, there is a lot to be gained from monitoring your numbers more regularly and even getting professional input for better results. In this episode, we talk about keeping an eye on the numbers, best record-keeping practices, and the role of a CPA as your trusted advisor.
Today, we are joined by Richard Lindsey, CPA, from Lindsey & Waldo, LLC in Mobile, Alabama.
He has been a CPA for about 26 years, and his focus is primarily on small businesses and individuals; helping them with financial statements, payroll management, tax planning, and tax returns.
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Best Practices in Record Keeping – You will hear about:
- The difference between an accountant and a CPA.
- Working with a CPA across state lines.
- Who is responsible for recording daily transactions?
- Bookkeeping systems: some pros and cons of online solutions.
- How to share data with your accountant.
- Profit, cash flow, and revenue: the similarities and differences in these financial terms.
- How a profitable business could end up with a cash crunch.
- Using financial statements to determine the right pricing model.
So, Let’s get started.
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