Tim, a plumbing business owner, is facing challenges with cash flow, time management, and understanding his financial numbers. He is struggling to pay himself, manage expenses, and plan for future growth. The solutions for Tim include adopting the profitability accounting method, improving invoicing and payment collection, outsourcing bookkeeping, creating a budget and forecast, and implementing time management strategies. These strategies will help Tim take his business to the next level and make informed financial decisions.

Takeaways

Adopt the profitability accounting method to separate profit, taxes, and expenses.

Improve invoicing and payment collection to ensure timely payments.

Outsource bookkeeping to ensure accurate financial reports.

Create a budget and forecast to plan for future expenses and revenue.

Implement time management strategies to delegate tasks and avoid burnout.