Messy finances and how to avoid them, with Jennifer Yousem

Help! My Business is Growing

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When your financial records are not accurate or organized, it can lead to poor decisions, financial problems, and stunted growth.

So how do you keep your books clean? What should you look for in a bookkeeper and accountant? And how do you make sure that your financial records are accurate and up to date?

In this episode, Jennifer Yousem and I talk all about the challenges of messy accounting for small businesses. We break down why this is so common, even in this day and age of accounting software and tools, and its true impact on the health of your business. She also shares tips for maintaining clean books to support your company’s growth.

Jennifer Yousem is a Fractional CFO who started her career in equity research. She pivoted into corporate finance for enterprise media and advertising companies and led teams in strategic and operational finance at Sony, Paramount, Clear Channel & Daily Mail. She was part of the team tasked with launching Verizon Hearst Media Partners and as their CFO, helped lead the merger with Complex to form Complex Networks, a multi-platform digital lifestyle brand owned by Verizon and Hearst.

We discuss: (timestamps)

03:06 Discovering messy books

04:50 Common issues with messy books

11:09 Differences between revenue, profit, and cash

16:10 Hiring a qualified bookkeeper

19:49 Tips on weeding out the wrong people in your team

28:05 Optimal month-end closing process

35:17 Actionable steps to take to keep your books organized and accurate

Resources:

Jennifer Yousem, Fractional CFO, I Love EBITDA
https://iheartebitda.com/

LinkedIn:
https://www.linkedin.com/in/jenniferyousem

Instagram:
https://www.instagram.com/yousem/?hl=en

Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/
Blog post | Messy Finances and How to Avoid Them
https://www.newcastlefinance.us/listen/messy-finances-and-how-to-avoid-them/

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Chapter

1. Messy finances and how to avoid them, with Jennifer Yousem (00:00:00)

2. Discovering messy books (00:03:06)

3. Common issues with messy books (00:04:50)

4. Differences between revenue, profit, and cash (00:12:22)

5. Hiring a qualified bookkeeper (00:17:23)

6. Tips on weeding out the wrong people in your team (00:21:02)

7. Optimal month-end closing process (00:29:18)

8. Actionable steps to take to keep your books organized and accurate (00:36:30)