Many entrepreneurs focus so much on top-line growth (increasing sales revenue) that they fail to miss a major factor in long-term success, keeping gripes on the bottom line (expenses). Unless you are Uber, you really need to manage your business expenses tightly.
Cash(flow) rules everything around me (C.R.E.A.M.) is the bootstrapped entrepreneurs mantra (shout out to Wu-tang Clan, I'm not biting, I'm giving respect).
In this episode, I go over the 5 key areas that I focus on when it comes to keeping my business expenses (and my mental health) in order and I list a lot of technology that can help you do it.
Topics Discussed (Time Stamped)
02:02 How to manage company expenses
03:01 Part of managing cashflow is properly managing expenses
06:20 5 keys to track expense management technology
06:36 Determining your priority
08:09 A real entrepreneur's mental health issue
10:52 Leveraging technology
12:00 A strong foundation for the accounting system
12:32 Tracking your expenses
19:41 Having that level of detail when it comes to forecast, budget, and scenario
19:55 Consolidating things
21:41 Keeping your life simple
25:30 Keeping it paperless
28:24 Cloud storage
Quotes Worth Sharing
05:10 "Don't get high in your own supply.”
29:43 "I like to focus on the bottomline and on equal amount to the top line. I want growth.”
Resources Mentioned
- Episode 92 - https://www.techsmartboss.com/blog/podcast-episode92/
- Episode 21 - https://www.techsmartboss.com/blog/podcast-episode21/
- Episode 56 - https://www.techsmartboss.com/blog/podcast-episode56/
- Xero - https://www.xero.com/
- Gusto - https://gusto.com/
- Track My Subs - https://www.trackmysubs.com
- Siftery Track - https://track.siftery.com
- Mint - https://www.mint.com
- DryRun - https://dryrun.com
- QuickBooks Online - https://quickbooks.intuit.com/au/quickbooks-online/manage-cash-flow/
- Microsoft Excel - https://office.live.com/start/Excel.aspx
- Google Sheets - https://www.google.com/sheets/about/
- Privacy - https://privacy.com
- Expensify - https://www.expensify.com
- Concur - https://www.concur.com
- Dropbox - https://www.dropbox.com/h
- Box - https://www.box.com/home
- pCloud - https://www.pcloud.com/
- Kissflow - https://kissflow.com
- Process Street - https://www.process.st
- Tallyfy - https://tallyfy.com
- Bill - https://www.bill.com/
- Tech Smart Boss on Facebook - https://www.facebook.com/techsmartboss/
- Tech Smart Boss on LinkedIn - https://www.linkedin.com/company/tech-smart-boss/
- Tech Smart Boss on Twitter - https://twitter.com/techsmartboss
- Leave a Rating and Review on iTunes - https://itunes.apple.com/us/podcast/tech-smart-boss-podcast-leveraging-technology-to-grow/id1191110680?mt=2
- Tech Smart Boss Website - https://www.techsmartboss.com
- Tech Smart Boss Newsletter - http://newsletter.techsmartboss.com/
- Tech Smart Boss on YouTube - https://www.youtube.com/c/techsmartboss
Thanks!
Thanks for listening and checking out the show notes, any feedback, comments, or questions, send me an email at david@techsmartboss.com