Are you aware of the cash flow in your business or are you intimidated by your business finances?
In episode 424 of the Bokeh Podcast, Courtney Wolf of Invision Events joins us to discuss the importance of familiarizing yourself with your business expenses, profit/loss statements, and bookkeeping so that you’re aware of your cash flow. Listen in as she explains important terminology for business accounting in a way that even a beginner can understand!
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About Invision Events (2:24)
Staying Afloat During Quarantine (4:30)
Embrace a Pivot
Run a Lean Business
Finance Terminology (13:14)
Cashflow – the total amount of money that is transferred in and out of the business.
Liquidity – the availability of liquid asset to a business.
Liquid Asset – cash (to a business).
Profit/Loss Statement: (16:25)
Standard financial statement that summarizes the revenues, costs, and expenses that are occurred during a specific time.
Generate Profit by: (16:25)
Accounting Software (26:56)
Tracking the Breakdown of Profits Per Client/Service (40:18)
Variable vs. Fixed Expenses (43:23)
Education Empower Encourage