Presented Insider’s Summit Mayumi Young, CPA. Legal Disclaimer This workshop is not intended to be for legal, accounting, or tax advice. Information provided.

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Presentation transcript:

Presented Insider’s Summit Mayumi Young, CPA

Legal Disclaimer This workshop is not intended to be for legal, accounting, or tax advice. Information provided throughout the program is for general educational purposes only. We recommend that you seek professional legal, accounting, or tax advice as you deem necessary. cpa-moms.com

M oney Mastery “It is financial fitness (mastering the game), not financial literacy (mastering the rules) that leads to financial success.” Your Life and Your Legacy, Roger Hamilton

Mastery Takes Time cpa-moms.com

We all start somewhere… cpa-moms.com

…to develop mastery. cpa-moms.com

Four Levels of Learning 1.Unconsciously Incompetent 2.Consciously Incompetent 3.Consciously Competent 4.Unconsciously Competent LEARN HOW TO: be a real estate investor be a business owner

B est Practices “It's not what you've got, it's what you use that makes a difference.” Zig Ziglar

W hy?

Why Use Financials? Business plans are the business owner’s map. Financial statements are the business owner’s compass. cpa-moms.com

The Numbers Don’t Lie cpa-moms.com

finding the right solution Accelerate Your Growth (from a Financial Perspective): 1.Accounting Technology 2.Financial Systems 3.Leverage Wealth Team cpa-moms.com

finding the right solution WHY have QUICKBOOKS or any accounting software for that matter? Use the RIGHT TOOL for the job! cpa-moms.com

financial systems cpa-moms.com  Electronic Systems  Paper Systems  Policies  Procedures  Reporting  Money Movement

H ow?

How much is your business worth?How much is your business worth? How healthy & wealthy is your business?How healthy & wealthy is your business? BALANCE SHEET How effective & productive are you with your business assets?How effective & productive are you with your business assets? How profitable are you?How profitable are you? PROFIT & LOSS Are you self-sufficient?Are you self-sufficient? CASHFLOW BUSINESS OWNERS: FOCUS ON USE OF DATA cpa-moms.com

Cashflow Report Profit & Loss Report cpa-moms.com

What is the Difference? Cashflow : Measures how timely, and responsible the business has been in utilizing all sources of cash during a period time. Profit & Loss (Income Statement): Measures how productive, and profitable a business has been in its operations during a period of time. cpa-moms.com

Garbage In / Garbage Out cpa-moms.com

3 Simple Steps Start with Good Data, Consistent Practices, and Proper Tools: 1.Enter/Compile data in QuickBooks. 2.Run, reconcile & review reports (no less than once a month). 3.Be accountable to the results & make choices/corrections as needed. repeat until you retire… cpa-moms.com

3 Numbers to Know (without looking at the books) 1. Gross Monthly Revenue 2. Total Monthly Recurring Cash Out (“Cash Burn Rate”) 3. Profit Margin (as a % of revenue) cpa-moms.com

W ealth Team “Talent wins games, but teamwork and intelligence wins championships.” - Michael Jordan

“An expert is someone who has succeeded in making decisions and judgments simpler through knowing what to pay attention to and what to ignore.” Edward de Bono FOCUS ON GROWING A PROFITABLE BUSINESS & SURROUND YOURSELF WITH FINANCIAL EXPERTS cpa-moms.com

business questions for growth  Where Can I Leverage?  How Can I Create a Scalable Business Model? cpa-moms.com

Assign & Measure: KPI of the Deal, Business & Team  Marketing: # of Leads, avg cost per deal  Sales: avg conversion % from lead to close  Real Estate Agent: avg profit per agent, avg # of deals per agent cpa-moms.com

Attracting the Right Money Partners  Be a good steward of your investors’ money (and your own!)  Be prepared to show historical actual results and financial projections based on historical data (business and/or deal)  Be financially literate cpa-moms.com

Wealth Team  Accountant  Tax Planner  Banker  Attorney  Insurance Professional  Financial Planner  Coach  YOU! cpa-moms.com

BEST PRACTICES 1.BUILD SYSTEMS & AUTOMATE 2.USE THE RIGHT TOOL FOR THE “JOB” 3.MAINTAIN YOUR FINANCIAL INTEGRITY 4.USE YOUR FINANCIALS & CORRECT OFTEN 5.LEVERAGE EXPERTS cpa-moms.com

M arket Research

For additional complimentary training, resources & support customized specifically for the FortuneBuilders community make sure you specify: FORTUNEBUILDERS in the “how did you hear about us” field. (877) CPA-MOMS