Coffee with Mike Campion (Benefits of Outsourced Accounting)
“When you talk about increasing a business's valuation, reoccurring revenue is in the top 5 of that. So that's really cool that your model has that built into it. And then it has simplicity. So that's the other piece that I think is important to take away.
You don't have to have a complex business model. It can be simple and profitable and enjoyable and effective, and you don't have to keep frankensteining it into all these other things that we see some business owners doing. That's where the discipline, I think, definitely comes into just kind of go,
“This is working. I'm going to let this run and do its thing.”
Welcome to a brand new episode of the Cash Flow CFO Podcast! We have a special episode today because my friend and client Mike Campion, the owner of "Grow My Cleaning Company," is joining us. I've had the privilege of journeying beside him for a time, seeing how he has influenced the lives of countless owners of cleaning businesses. Join us in this episode as we look back on how we first met, Mike's company situation at the time we started working together, and the importance of knowing that you have a solid team behind you and that your accounting needs have been taken care of. We also discuss the risks associated with outsourcing a company's accounting function, which is tricky because it entails managing cash flow. Come and join us to learn more!
“Get clear on your goal and if your goal is like, I want to grow and be profitable, do the boring stuff for an unreasonable amount of time.
If you just want to have fun and be an entrepreneur, you're like,
“I have money. I don't need that.”
Then do what makes you happy.”
Benefits of Outsourced Accounting
You as the CEO assume all the roles. You have worked hard to expand your business. However, at this stage of your business, you are confused by payroll, tax deadlines, receipts, invoices, and spreadsheets. Andrea believes that the best way to relieve yourself of this time-consuming process is to outsource accounting tasks. To improve their cash flow, shorten the entire cycle time of their processes, and determine the most and least profitable product lines for potential future expansion plans, many businesses have now opted to outsource their accounting responsibilities to specialized individuals.
“The hassle of trying to train somebody in something that's not your core expertise, managing them, and then just having that extra, just one other division or function of the business that you have to be constantly thinking about versus like you're saying, having it outsourced and having the structure in place where everything is documented in SOPs and whether it's me doing it or somebody on my team, they're going to do it the exact same way that the process was built.
So, for you as the client, it's that seamless interaction. So that's really cool.”
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The Cash Flow CFO Podcast
Hey everybody, welcome to The Cash Flow CFO podcast, the show that explores the financial side of running a business for people who want to maximize profitability and scale with confidence.
If you want to make smart financial decisions based on data and put more of your hard-earned profits into your pocket, this is the podcast for you.
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