The Top 10 Business Accounting Mistakes to Avoid (2020)
Channel: Robin Waite - Fearless Business
Date: 2018-08-06

My Top 10 Business Accounting Mistakes to Avoid.

Video #5 in the 5 video - Mistakes Manifesto Series. Today it's all about the 10 Business Accounting Mistakes you are all making, RIGHT NOW, in your business.

1. You don’t do numbers…

2. …or bookkeeping or filing, it appears

3. Everything is about the sale

4. You don’t have any savings for when everything goes wrong

5. You don’t know what the difference is between a net profit, gross overhead, apple turnover and think a balloon ride is a legitimate expense

6. You overspend…don’t worry been there

7. You underspend!!

8. Cash flow is a mess

9. You pay yourself last/the least

10. You don’t engage an accountant

STOP MAKING FINANCE MISTAKES!!!

WATCH THE OTHER MISTAKES MANIFESTO VIDEOS

► Video 1 - Business Mistakes - https://youtu.be/6yc6CdFb6e8
► Video 2 - Sales Mistakes - https://youtu.be/cGk3cmGUxMI
► Video 3 - Marketing Mistakes - https://youtu.be/bGC038FOCuk
► Video 4 - System Mistakes - https://youtu.be/TNSORaV_lJM
► Video 5 - Finance Mistakes - https://youtu.be/cGk3cmGUxMI

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0:00 Introduction to Finance Mistakes & Final Video Recap
1:07 Day 1-4 Recap: Business, Marketing, Sales, and Systems Mistakes
1:43 Mistake #1: Avoiding Financial Basics
2:21 Mistake #2: Neglecting Bookkeeping & Filing
3:04 Mistake #3: Focusing Solely on Sales, Ignoring Profit
3:50 Mistake #4: No Financial "War Chest" for Emergencies
4:40 Mistake #5: Misunderstanding Net vs. Gross Profit
5:22 Mistake #6: Overspending During Good Months
6:03 Mistake #7: Underutilizing Business Savings
6:43 Mistake #8: Disorganized Cash Flow Management
7:22 Mistake #9: Paying Yourself Last
8:15 Mistake #10: Skipping a Qualified Accountant
9:18 Benefits of Having an Expert Accountant
10:03 The Value of Financial Advisors & Mentorship
11:00 Joining The Fearless Crew: Stop Making These Mistakes
11:45 Conclusion of the Mistakes Manifesto Series
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