Successful businesses require effective systems, and this is especially important when it comes to managing our finances and bookkeeping. What are some of the biggest mistakes investors make when designing internal systems? Why does keeping our books in order make us more credible to investors and collaborators?
In this episode, business finance expert and owner of Simple CFO Solutions, David Richter shares on the challenges investors face with setting up scalable financial systems.
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Most investors have a system for how they are bringing in deals, the problem is that they often don’t treat their own businesses the same way. – David Richter
Good bookkeeping is very critical in investing
A real estate investing company is different to other types of businesses because we have to hold assets, and this impacts how we need to set up and manage our finances. It gives us peace of mind, and more order when our finances are set up with a proper system and effective tracking.
Good financial systems are a business value point
We need to be able to distinguish between our money and other people’s money. It helps us create more transparency with existing partners and provides a value point that attracts other potential investors.
Tracking finances improves our decision making
A huge benefit of knowing your numbers is being able to see more clearly where all the money in your business is going, better track ROI and find areas where we can cut spending.
David Richter is the founder and owner of Simple CFO Solutions. He is on a mission to help stressed entrepreneurs who are frustrated with not knowing their numbers and not making profit by cleaning up their books, interpreting their numbers for them, and implementing a system to increase and prioritize their profits to be able to be less stressed, confident in their numbers, and make the profit they need to accomplish their vision.
For more information on David’s bookkeeping business, visit https://ralbookkeeping.com/.
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