In this episode of Money First, CEO, Harman Johnston delves into the common issue business owners face when their profit and loss statements don't align with their bank account balances. Harman explains the crucial distinctions between profit and cash flow, and outlines five key reasons for these discrepancies, including timing differences, large purchases, loan repayments, taxes, and how owners pay themselves. She provides actionable steps like reviewing accounts receivable, planning for big expenses, creating a tax account, and using cashflow trackers to help business owners better manage their finances. The episode emphasises the importance of putting money first to gain clarity, confidence, and financial control.

 

00:00 Introduction to Money First, CEO

01:00 Understanding Profit vs. Cash

02:17 Reasons for Profit and Cash Discrepancies

04:30 Managing Cash Effectively

05:16 Final Thoughts and Action Steps

 

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🔗 Where to Find Harman:
Website: www.blubookkeepers.com.au
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