DecaMillionaire Decoded

In episode 123 of Financially Simple, Justin lists his tips for managing Accounts Payable.

Keeping track of expenses and making sure the bills are paid on time is so important! Justin gives 19 tips on how to best manage the tasks, and create a best-in-class system that will be able to operate with minimal interference by the Business Owner.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

BLOG/TRANSCRIPTION:

BLOG: How to Streamline Your Accounts Payable Process 

TIME INDEX:

00:31 - Tips for Managing Accounts Payable

01:40 - 1 - Start Early

02:50 - 2 - Get Your Workers Focused

04:21 - 3 - Have Effective Communication

05:36 - 4 - Don’t forget the Human Factor

06:19 - 5 - Apply the 5W1H approach

07:16 - 6 - Adopt the RACI Model

08:38 - 7 - Follow the KISS Principle

08:52 - 8 - Encourage Your Team to Share Ideas

09:29 - 9 - Simplify the Accounts Payable Process

10:20 - 10 - Review Records for Optimisation

11:09 - 11 - Cross Off Finished Items

11:18 - 12 - Batch Similar Tasks Together

12:09 - 13 - Delegate Tasks to People With the Most Experience to Complete Them

12:15 - 14 - Manage Risks Intelligently

12:38 - 15 - Know the Status of a Particular Workflow

13:13 - 16 - Leverage Technology

13:50 - 17 - Reduce Accounts Payable Fraud

15:21 - 18 - Vendor Terms may be Negotiable

16:05 - 19 - Reduce CFO impact to Verification Process

16:41 - Wrap Up

 

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

Invoicing Workflow Automation

Telegraph - Workplace Distractions

Automation Cost Saving

Communication Channels

Work Culture

Workflow Management Software

Effective Workflow Management

Focus on Important Tasks

Risk Management

_________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

 

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

 

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 122 of Financially Simple, Justin gives some tips on managing your Accounts Receivable.

How to get paid, without any hassle, and on time - it makes running a Business so much easier! Justin lists 19 tips on making the payment process easier for your customers, and less of a headache for you.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: BLOG: 19 Tips for Improving Accounts Receivable Collections

TIME INDEX:

00:27 - Tips to Manage Accounts Receivable

01:16 - 1- Get Organized

02:44 - 2 - Expedite the Invoicing Process

03:13 - 3 - Use the Credit Limit

03:57 - 4 - Revise Customer Payment Terms

05:15 - 5 - Creatively Communicate

05:52 - 6 - Start Early

06:19 - 7 - Change Your Billing Cycle

06:51 - 8 - Offer Multiple Payment Options

08:20 - 9 - Don't Wait

08:55 - 10 - Remind Remind Remind

10:12 - 11 - Stay Professional

10:52 - 12 - Maintain Positive Relationships with Customers

12:10 - 13 - Collection Call

12:54 - 14 - Prepare for Excuses

13:30 - 15 - Installment Plans

14:00 - 16 - Establish Conservative Credit Policies

14:31 - 17 - Finance Charges & Rewards

15:17 - 18 - Outside Resources

15:59 - 19 - The Experts

16:38 - Summary

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

How to get paid, without any hassle, and on time - it makes running a Business much easier! Justin lists 19 tips on making the payment process easier for your Customers, and less of a headache for you.

In episode 121 of Financially Simple, Justin advises on how much cash a Business should have on hand.

Money in the bank is always good to have, whether it's to see you or your business through hard times. Justin goes over a simple strategy for having enough for yourself as well as your business - just in case of unforeseen circumstances; as well as when it's not good to have too many cash assets.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: BLOG: How Much Cash Should You Stash in Your Business and Personal Accounts?

TIME INDEX:

00:28 - How Much Cash Should My Business Hold?

01:28 - The Four Account Method

03:26 - Personal Accounts

05:53 - Business Accounts

08:53 - Cyclical Businesses

10:35 - Focus on the CFO

11:02 - Money in the Bank

12:09 - Summary

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_______

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 121 of Financially Simple, Justin advises on how much cash a Business should have on hand.

Money in the bank is always good to have, whether it’s to see you or your business through hard times. Justin goes over a simple strategy for having enough for yourself as well as your business - just in case of unforeseen circumstances; as well as when it’s not good to have too many cash assets.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: BLOG: How Much Cash Should You Stash in Your Business and Personal Accounts?

 

TIME INDEX:

00:28 - How Much Cash Should My Business Hold?

01:28 - The Four Account Method

03:26 - Personal Accounts

05:53 - Business Accounts

08:53 - Cyclical Businesses

10:35 - Focus on the CFO

11:02 - Money in the Bank

12:09 - Summary

 

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_______

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

 

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

 

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 120 of Financially Simple, Justin continues his deep dive into a Best-in-Class Finance Department looking at the role of a CFO/CPA.

Many small and middle-market businesses may only have a single bookkeeper, or the owner does their best to handle the various tasks of budgeting, payroll, and accounts. Justin examines the roles of a CFO/CPA within a business, the qualities required of a capable CFO, and how those qualities may vary depending on what stage a business is in.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: BLOG: Why Every Business Needs a CFO to Reduce Business Risk

TIME INDEX:

00:28 - The Role of a CFO/CPA

01:17 - Most Small Businesses Only Have One Individual to Handle it All

02:49 - The Four Different Areas of a CFO

03:48 - 1. Treasury

04:22 - 2. Tax

04:42 - 3. Accounting

05:10 - 4. Finance

07:19 - The Four Faces of a CFO

07:45 - The Strategist

07:58 - The Operator

08:12 - The Steward

09:22 - The Catalyst

12:21 - Summary

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_______

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 120 of Financially Simple, Justin continues his deep dive into a Best-in-Class Finance Department looking at the role of a CFO/CPA.

Many small and middle-market businesses may only have a single bookkeeper, or the owner does their best to handle the various tasks of budgeting, payroll, and accounts. Justin examines the roles of a CFO/CPA within a business, the qualities required of a capable CFO, and how those qualities may vary depending on what stage a business is in.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: BLOG: Why Every Business Needs a CFO to Reduce Business Risk

TIME INDEX:

00:28 - The Role of a CFO/CPA

01:17 - Most Small Businesses Only Have One Individual to Handle it All

02:49 - The Four Different Areas of a CFO

03:48 - 1. Treasury

04:22 - 2. Tax

04:42 - 3. Accounting

05:10 - 4. Finance

07:19 - The Four Faces of a CFO

07:45 - The Strategist

07:58 - The Operator

08:12 - The Steward

09:22 - The Catalyst

12:21 - Summary

 

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_______

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

 

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 119 of Financially Simple, Justin begins a series of episodes looking at having a Best-in-Class Finance Department for maximum value growth.

Many individuals and business owners lack the knowledge of proper book-keeping and financial management, leaving it to the accountants to figure out. But having a fundamental understanding and systems in place to manage the accounts will improve transparency and increase the value of a business. Justin asks key questions to assess your business and gives an overview of how a Best-in-Class Finance Department can enhance a business's value.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

ARTICLE TRANSCRIPT: BLOG: An Introduction to Building a Best-in-Class Finance Department

TIME INDEX:

00:52 - An Introduction to Best in Class Finance Departments for Maximum Business Value

01:20 - What's Your Financial Know-How and State of Finances?

03:47 - Having a comprehensive Finance Department and Strategy

05:34 - Some Simple Questions to Ask Yourself to Understand Your Own Capabilities

10:12 - The Ways in Which a Best-in-Class Finance and Accounting Department Can Enhance Value

12:00 - Wrap Up.

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_______

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

Many individuals and business owners lack the knowledge of proper book-keeping and financial management, leaving it to the accountants to figure out. But having a fundamental understanding and systems in place to manage the accounts will improve transparency and increase the value of a business. Justin asks key questions to assess your business, and gives an overview of how a Best in Class Finance Department can enhance a business’s value.

In episode 118 of Financially Simple, Justin looks at what makes for a Good Operations Management System.

A Business's Management Systems are the fundamental processes that keep a Business running on track. Justin goes over the five core elements of a good and efficient Operations Management System.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

TIME INDEX:

00:23 - The Elements of a Good Operations Management System

00:29 - Clearing out the Chicken Coop

03:13 - The Five Elements

04:22 - 1. Processes and Procedures

05:49 - Streamlining

07:11 - 2. Roles and Responsibilities

08:39 - 3. Tools

12:45 - How much are you wasting?

13:15 - 4. Risk and Safety Controls

15:28 - 5. Metrics and Reporting

16:26 - Baseline Capacity vs. Demand Requirements

18:40 - Reporting Frequency

19:06 - Summary

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

Financially Simple on Facebook

Financially Simple on Twitter

_______

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.