Bookkeeping 101

Transcript

Andy and Jessica welcome you to another episode of The Deal Board Podcast. This week, they are going back to basics! You often hear them discussing the importance of keeping good books and records, but how do you do it?! Andy and Jessica share the most practical and essential tips for you to use in your administration, increasing the value of your business. At the same time, you maximize your profit, having a clear view of the progression of your endeavor, and, most importantly, you can prove it to potential clients!

Max Emma joins Andy and Jessica from BooXkeeping.com, who introduces his company, which helps customers keep their books every month. Also, if you are looking to purchase a business, this franchise is an outstanding opportunity. Greg Crabtree joins the conversation about bookkeeping, sharing his expertise; he is the author of Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential, and the CEO of Crabtree, Rowe & Berger.

Listing of the week: Jonathan Choe (Oregon Central) is selling a roofing company priced at $1.5 million, with an SDE of $550,000. This company has been in business for more than 20 years. To learn more about this one-of-a-kind deal, call Jonathan at (541) 213-0324 or email [email protected].

Key Takeaways

[4:34] Max Emma from BooXkeeping.com introduces himself and his business.
[7:08] Max discusses what companies should do to keep good books and records.
[8:22] BooXkeeping makes it easier for you; Max explains how.
[12:57] Some businesses’ Quickbooks are far from the truth.
[15:55] When you buy a business, hire a company to assist you in bookkeeping, and remember to start from zero, keep your files for the records, but don’t build upon them.
[17:23] How do business owners interact with BooXkeeping regularly?
[20:10] Max talks about the opportunity of buying a BooXkeeping franchise.
[25:20] BooXkeeping does not charge any money for consultation; if you want to learn more about them, call them!
[27:11] Deal of the week: Wendy Conway (St. Peters, Missouri) sold an automotive center three months after listing it; she had a contract on it, closing six months later at $1.3 million. Real Estate was included. The transaction was done through an SBA loan.
[29:24] Jessica introduces Greg Crabtree.
[30:20] Greg defines himself as a “Recovering accountant.”
[32:55] Why are your numbers lying to you? (And why you are the cause?)
[36:16] Once you are paying yourself as a business owner an adequate salary, you can start noticing the real financial state of your business.
[41:06] Greg talks about how to simplify HR decisions for growth.
[44:16] Greg explains the “baffle” concept.
[52:59] Listing of the week: Jonathan Choe (Oregon Central) is selling a roofing company priced at $1.5 million, with an SDE of $550,000. This company has been in business for more than 20 years.

Call us — (888) 719-9098.
Email us [email protected].
Call Wendy Conway at (636) 544-8422.
Call Jonathan Choe at (541) 213- 0324 or email [email protected].

Mentioned in This Episode

• The Deal Board Podcast
• Subscribe to The Deal Board Podcast YouTube Channel
• The Deal Board on LinkedIn
• The Deal Board on Facebook
• Transworld Business Advisors
• Transworld Business Advisors on LinkedIn
• Transworld Business Advisors on Facebook
• BooXkeeping.com
• Connect with Greg Crabtree
• Get the Book "Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential" by Greg Crabtree