Oct 9, 2023
Business owners: Are you neglecting the financial side of your business?
We get it; there’s a lot to worry about. P&Ls. Cash flow. Balance sheets. And if you’re not a numbers person, it can feel pretty overwhelming. But if you want to scale your business and grow (and grow well), these are the things you can’t ignore.
Today, we’re joined by Chris Mannina, a Certified Public Accountant and tax strategist with almost 20 years of experience in the accounting and finance industry. As a CPA with KWC Advisors, he helps business owners reach their financial goals by providing innovative accounting solutions, and he’s here to give us the scoop.
For Chris, it starts with technology. Automating and streamlining processes reduces the need for manual effort and allows accountants and financial professionals to shift their focus from processing data to analyzing it.
Secondly, he strongly encourages CEOs to have meaningful discussions with their CFOs to better understand the business's levers. It’s the best way to enhance their knowledge of the company and make more informed decisions. Don’t have a CFO? Well, that’s something you can outsource to someone like Chris. Paying them for a few hours a month isn’t cost-prohibitive, and they can review monthly or quarterly financial statements, make forward-looking cash flow projections, and provide some real insight into your business.
The goal is to create a roadmap that outlines the steps needed to achieve optimal industry best practices, and integrating technology and systems can lead to optimization and improved efficiency over time. Even if you think you’re “doing fine,” the truth is - you could be doing better. And you might even be able to make the same amount of money doing half the work through automation. Who wouldn’t want that, am I right?
When you make changes to an existing model or process, it can be a bit tricky and require some effort - and this might make you unsure about whether to proceed with the changes. Automation? Optimization? Hiring a CFO? It feels like a lot.
Just keep in mind that though the process may be complicated in the beginning, the payoff is worth it. Don’t miss this episode to learn what Chris of KWC Advisors can do to take your business to the next level.
Episode Highlights:
The top do’s and don’ts in starting and scaling your business
How to incorporate automation into your financial operations
How to optimize for greater efficiency
When to hire a CFO
The difference between a Controller and a CFO
Exit planning with ESOPs
His favorite tax strategy
Favorite Quote:
“Just because you’re doing well doesn’t mean you’re doing as good as you could be or as efficiently as you could be.”
Connect with Chris:
http://manninaincorporated.com
Stay Connected:
Connect with Matt and Luigi on Instagram:
@matthew.r.meehan
@luigi_rosabianca
@theLiquidLunchProject
@ShieldAdvisoryGroup.
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