The Power of Real-Time, Reliable, Relevant Financial Information

3 Value Bombs 1) Success is not solely about financial achievements but also about a well-rounded view of accomplishment, like working with loved ones. 2) To succeed in the future as an entrepreneur, you must abandon siloed and desktop-based approaches, opting for integrated systems that provide real-time data and future insights. 3) Data and accounting should be more than just looking at the past and reporting taxes. It should be the foundation for making informed decisions about where to focus your time and energy in your business. Sponsors HubSpot: There’s a better way to win, and it all starts with the new HubSpot Sales Hub. It’s smart software for smart sales teams that feels good to use! Try it for yourself at HubSpot.com/sales! Thrivetime Show: Is now your time? Clay Clark’s business coaching has helped over 2,000 entrepreneurs to dramatically increase profitability! Schedule your free consultation today at ThrivetimeShow.com! ZipRecruiter: The most effective way to find the best people for your roles! Try ZipRecruiter for free before you commit at ZipRecruiter.com/fire. Show Notes **Click the time stamp to jump directly to that point in the episode. Today’s Audio MASTERCLASS: Setting Your Business Ablaze: The Power of Real-Time, Reliable, Relevant Financial Information with Dave Wilson [1:37] – Dave shares something he believes about becoming successful that most people disagree with. Success is not solely about financial achievements but also about a well-rounded view of accomplishment, like working with loved ones. Failure plays a role in understanding and appreciating success, as it teaches valuable lessons. [3:38] – Dave shares the power of data in decision-making. In the movie “Arrival,” aliens arrive with a unique language initially misunderstood as a weapon. However, the protagonist, Amy, realizes it is a gift that allows them to see the future. As an entrepreneur, he learned the importance of real-time data from his father’s business failure. Now, he helps clients understand their financial goals and create thriving businesses. It is essential to define what success means for each business and make well-informed decisions based on real-time, reliable financial data. [7:02] – Dave talks about the massive limitations of traditional accounting systems. When he considers a system, it goes beyond just software like QuickBooks or Sage. It encompasses various collaborative tools such as your CRM, email systems, bookkeeping software, E-commerce platforms, and inventory management. Unfortunately, many small business owners face challenges with traditional accounting systems that must be appropriately set up and isolated, hindering real-time data flow. To succeed in the future as an entrepreneur, you must abandon siloed and desktop-based approaches, opting for integrated systems that provide real-time data and future insights. [9:14] – A timeout to thank our sponsors! HubSpot: There’s a better way to win, and it all starts with the new HubSpot Sales Hub. It’s smart software for smart sales teams that feels good to use! Try it for yourself at HubSpot.com/sales! Thrivetime Show: Is now your time? Clay Clark’s business coaching has helped over 2,000 entrepreneurs to dramatically increase profitability! Schedule your free consultation today at ThrivetimeShow.com! ZipRecruiter: The most effective way to find the best people for your roles! Try ZipRecruiter for free before you commit at ZipRecruiter.com/fire. [12:35] – How can you transition to modern financial solutions in the most effective way possible? They have chosen Xero as the foundation for their accounting solutions. It is about recording transactions and connecting data across multiple systems for accurate and real-time information. Visualization is crucial for business owners to comprehend financial data and make informed decisions. They focus on providing predictive accounting, showing what may happen in the future so business owners can plan accordingly. [15:37] – Dave shares real-world success stories and case studies. One of their clients, KILM, a WeWork competitor, initially relied on an Excel spreadsheet for accounting. They transitioned them to Xero, integrated accounts payable and e-commerce solutions, and started providing real-time analysis and dashboards. With their predictive model Skyfall, they’ve made strategic decisions during COVID that saved their business. [19:56] – Dave’s takeaway. Data and accounting should be more than just looking at the past and reporting taxes. It should be the foundation for making informed decisions about where to focus your time and energy in your business. [21:19] – Dave’s call to action. ProvenCFO.com/eof – Visit and get your FREE financial system analysis. EOF listeners get one month of service for FREE!