Episode 26: Making Business Finances Fun, with Moise Hermantin, Bookkeeper & Accountant
Moise Hermantin is owner of Affluent Profit Advisers, a bookkeeping and accounting service primarily focusing on occupational therapy and physical therapy entrepreneurs. He’s on a mission to make working on business finances fun and personalized for OT and PT business owners.
Moise and I discuss:
- Why a bookkeeper is one of the first people you should put on your business team!
- Moise recommends Mike Michalowicz’ book Profit First (and I DO TOO!)
- Ways to get capital to start your business
- Setting up a business bank account
- Why interviewing a bookkeeper or accountant is important
- Things to know about Quickbooks Online (Moise doesn’t like the online version of quickbooks) vs. purchasing a licence for your own Quickbooks.
- Reports that you should know how to read as a business owner:
- Revenue statement- how much your business made and where the money came from, plus fees you paid to get the money.
- Profit/Loss statement
- Balance sheet- shows everything you have in your company vs. how much you actually own in equity vs. how much you have in liabilities (loans, credit card debt, etc.)
- Your BUDGET!
- Tips for managing billing insurance and getting paid a long time after services are provided
- The difference between cash vs. accrual accounting (and why you must use accrual-based rather than cash-based accounting if you are an insurance based practice.)
- The difference between “receivables” (you’re “able” to receive payment; what you’re DUE to get) and “payables” (you have to be able to pay these!; what you’re mandated to pay in the future).
- How you can save money by giving your bookkeeper or accountant what they need on a monthly basis (rather than letting things pile up for a year and paying a premium)!
- Tips for ways to manage business receipts.
Connect with Moise on Instagram @affluentprofitadvisers or on Facebook or LinkedIn.
My action step from this episode was to ASK QUESTIONS of my bookkeeper and accountant, to stop being afraid to make them explain things to me. What was your main takeaway?