In This Episode of Business Lunch, join Ryan Deiss and I in this enlightening episode of Business Lunch, where they delve into the often overlooked yet crucial topic of accounting and finance. We discuss how entrepreneurial optimism can clash with the harsh realities of financial reporting. Learn how to navigate these challenges and foster a productive relationship with your CFO to ensure your company's financial health.

Timestamps:

00:00 – Entrepreneurial Optimism vs. Financial Realism

01:36 – Why Accounting Reporting Shapes Company Culture

02:37 – Switching from Cash to Accrual Accounting

03:17 – When Financial Reports Become Depressing

05:41 – Fixing the Reporting Process

08:29 – Avoiding Obstacles: A Common Entrepreneurial Pitfall

09:54 – Support Your Team… or Change It

12:19 – Leadership’s Role in Financial Clarity

17:34 – Preparing for Exit & Upgrading the Finance Team

20:17 – Why Accounting Method Changes Can Distort Profit

27:03 – Restructuring Contracts to Fix Revenue Recognition

31:54 – Challenging Accounting Assumptions

37:15 – The Importance of Cash Flow Over Profit

40:54 – Don’t Let Accounting Wag the Dog

43:10 – Final Thoughts & Outro

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Resources:

• 7 Steps to Scalable workbook

• Get my book, Zero Down, FREE

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