Bill Litster, founder of Better Biz Info, and a Master Level Certified Profit First professional talks to Kim about the biggest problems small business and freelancers have with money management. The Profit First system, created by Mike Michalowicz, combines a unique process of paying out profit to the business owner first and dividing remaining cash into multiple bank accounts to pay bills and save money for tax time, similar to the envelope system your grandmother used to run her household. Bill talks about the danger in using bank balance accounting to get a pulse on a business’ finances and how much money they have to spend.
Bill combines 25 years of real-world business and accounting experience having owned and operated several small businesses, in addition to consulting with hundreds of small and large companies, including NASA, Boeing, Dow Chemical, and the US Navy. More on Bill and Better Biz Info can be found at https://betterbizinfo.com/