You Can Delegate Bookkeeping, Not Financial Accountability | Tracey Bissett

Send us Fan MailYou do not have to become your company’s bookkeeper.But as the owner, you remain accountable for understanding what the numbers are telling you.In this episode, Peter Boolkah speaks with financial coach, CFA charterholder and former banking executive Tracey Bissett about the financial knowledge every business owner needs.Many entrepreneurs are excellent technicians. They understand their customers, products and services, but feel embarrassed or intimidated when presented with an income statement, balance sheet or cash-flow report.That discomfort can lead them to avoid the numbers completely or abdicate financial responsibility to a bookkeeper or accountant.Tracey explains why neither approach is safe.You’ll discover:The difference between delegating bookkeeping and abdicating accountabilityWhy financial confusion creates shame for many business ownersThe questions you can ask even when you do not understand the accountsHow business activity appears in the financial statementsWhy an accountant is not automatically responsible for educating the ownerHow cash-flow timing can destroy an otherwise busy companyWhy surviving several years in business proves you already possess some financial abilityHow underpricing damages businesses during good and difficult economiesWhen to protect cash, maintain access to credit or reduce debtWhy struggling owners may need an independent financial assessmentHow a weekly money meeting builds confidence and controlWhy small, imperfect improvements can produce significant resultsIf the owner does not understand the financial position, every important decision becomes slower, riskier and more dependent on someone else’s interpretation.You do not need to perform every financial task yourself. You do need enough financial acumen to challenge assumptions, ask useful questions and make informed decisions.Learn more about Tracey Bissett:Website: https://www.bissettfinancialfitness.com/Money Meeting Agenda: https://www.bissettfinancialfitness.com/biz-money-coach/LinkedIn: https://www.linkedin.com/in/traceybissett/CONNECT WITH PETER BOOLKAHWebsite: https://www.boolkah.comLinkedIn: https://www.linkedin.com/in/boolkahInstagram: https://www.instagram.com/pboolkah/Facebook: https://www.facebook.com/BoolkahX: https://twitter.com/boolkahABOUT PETER BOOLKAHPeter Boolkah is a business coach, author and speaker who has spent more than 20 years helping business owners build stronger, more valuable businesses that do not depend on them for everything.He is the creator of The Hamster Wheel Trap® and author of Your Business Sucks: Build a Business That Works Without Destroying Your Life.Peter works with founders and leadership teams on the issues that ultimately determine whether a business creates freedom or becomes another job: leadership, founder dependency, people, profit, execution, scaling, exit readiness and enterprise value.His approach is direct, practical and built around one simple question:Do you own the business, or does the business own you?Learn more at https://www.boolkah.com