Why Your Accounting Doesn’t Have to Suck by Spencer Sheinin
Accounting doesn’t have to suck, so Today’s Ask an Expert guest went out and improved it. Spencer Sheinin, Founder and CEO of Shift Financial, literally wrote the book on how to simplify your financials so you can turn accounting into a powerful business lever. We talk about his book, Entreprenumbers, and how his simplification strategy allows you to control and leverage your accounting, in fact, he gives you the 6 specific metrics you need to focus on.
We also talk about cash flow and how you can use it as fuel to grow your business. Finally, we also talk about the Pareto Principle, and how you can use this to identify your best clients, and then how you can go get more.
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“Kind of a general rule of thumb for like a bottom line profitability if it’s your low less than 5% net profit that’s a bit of a flag that there’s some work to do to bring it up if you’re kind of 5 to 10 that’s, you know, you’re starting to give yourself a bit of cushion, 10 to 15 you’re definitely doing well, 15+ you’re crushing it”