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Know Where You Make & Lose Money
This week Dan & Steve talk about a few updates and commonly asked questions on the PPP Loan Forgiveness Application. They then dove into the number 2 of the GL Four... "Know Where You Make & Lose Money".
Making money is much more than watching your checking account grow
Knowing and understanding your gross margin contribution – avoiding unprofitable sales
80/20 rule
Designing a system that gives insight into customer level profitability or product line margins
How much time do I spend on billing, collections, & other non-value add drivers?
Take advantage of modern data programs (QBO, XERO, Intacct, Netsuite) that can import directly into your FP&A system
Set up your Chart of Accounts (COA) around your data reporting & analytics needs (not CPA / tax requirements, etc.)
Identify the important ratios and have them updated automatically
Review on regular basis weekly or, at minimum, monthly
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By GrowthLab Financial
5
88 ratings
This week Dan & Steve talk about a few updates and commonly asked questions on the PPP Loan Forgiveness Application. They then dove into the number 2 of the GL Four... "Know Where You Make & Lose Money".
Making money is much more than watching your checking account grow
Knowing and understanding your gross margin contribution – avoiding unprofitable sales
80/20 rule
Designing a system that gives insight into customer level profitability or product line margins
How much time do I spend on billing, collections, & other non-value add drivers?
Take advantage of modern data programs (QBO, XERO, Intacct, Netsuite) that can import directly into your FP&A system
Set up your Chart of Accounts (COA) around your data reporting & analytics needs (not CPA / tax requirements, etc.)
Identify the important ratios and have them updated automatically
Review on regular basis weekly or, at minimum, monthly