Why You Need To Get Financially Literate With Your Bookkeeping

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By Mark Podolsky. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Today's guest is going to take one of the biggest pain points in your business, bookkeeping, and solve it.

Ben Day, owner of LionShareBookkeeping.com, gives business owners back their time, money and sanity. He specializes in small businesses and real estate investors: from wholesalers, flippers, and rentals.

Listen in as Ben talks about all the moving pieces of accounting and why, as a business owner, you need to educate yourself and get financial clarity so you know how to communicate with your accountant.

We dive deep into:

  • Why bookkeeping is killing people’s businesses
  • The biggest mistakes Ben sees people make
  • Business types—LLC, S Corp, C Corp

Find out why Ben suggests to do a deal before you choose your business type. Plus, he gives advice on getting set up right from day one.

To learn more about bookkeeping in general, Ben recommends reading Rich Dad Poor Dad to get financially literate. Also, check out his website for free resources.

Most of us can probably agree, bookkeeping ranks pretty low on the fun-o-meter. But, whether you do it yourself or you outsource it, it’s important that you get educated on this vital piece of your business.

TIP OF THE WEEK

Mark: My tip of the week is to get yourself out of bookkeeping, let the experts handle it, go to LionShareBookkeeping.com. Focus on working on your business, in growing your business, and allow the bookkeepers that are experts on it to make our life better, improve your cash flow, do some tax planning.

Scott: We just made a change, we took Posting Domination and Accounting for Land Investors, we put it under the umbrella of InvestorNinjas.com. Go learn how to build your accounting system for your business.

Ben: Work communication is always the hardest part of any business, regardless of the business type. Check out the Chrome plugin—Loom.com, a tool that helps you get your message across through instantly shareable video.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

359 episodes