What is owners pay and personal expenses in quickbooks

What is owners pay and personal expenses in quickbooks how to#

Okay, now that's my tangent on exit strategy. And if you didn't plan what you are going to do, you're going to work for a lot longer than you wanted to simply because you didn't plan.

Because trust me 20 years goes by very quickly. It's really important to do that sooner than later. When you're looking at having the end in mind. What do you want your practice to be worth? What do you need to get out of it? What do you want to get out of it? How many days do you want to work? And for how long? How old? Do you want to retire with owning the business but not running it? You don't just want the business? Are you just going to close the door and walk away and not sell at all? All of these are questions that should be answered. But you have to have that long term goal. Whether it's five years or 25 years or 55 years, it really doesn't matter. None of us usually do until we're ready to walk away, which I'm telling you is too late the day you should start planning your exit strategy is the day you open your practice, you should have your end in sight. Now I didn't have an exit strategy in mind. When I went out on my own, I was determined to understand the profit and loss, I was determined to be able to answer the question, Am I profitable? Or am I not? And I want to set my business up from the beginning to be worth selling when I was ready to exit. So I never had a clue what to do with this profit and loss statement.

We never discussed, were we in the red, were we in the black, were we overspending in one area or not? We never looked at it from year to year to see if our practice was growing. We never talked about the profit and loss statement. And we talk about everyone's personal life. And interestingly enough, the first practice that I owned, we would meet with our accountant every month, and he'd hand us the profit and loss statement.

What is owners pay and personal expenses in quickbooks how to#

I really had no clue what the hell was on it, how to read it, or what it meant.

So what I want to talk to you about this is because when I started a business, the profit and loss statement meant absolutely nothing to me. Understanding where your money is going, understanding where it's coming from, and of course, balancing it, and then talking to your accountant about what you're doing. You know, one of the scariest things that business owners have is to look at their books, understanding the dreaded profit and loss statement.

Yes, we're going to talk about finances today. She will discuss it all with you.Р В РІР‚СњР В РІР‚С›nd I want to talk to you today about the dreaded mastering your books. Our podcast shares the good and the bad of our industry, because Dr.Deb knows the pain you live every day building a functional medicine practice with practical tools on how to manage money, taxes and patient care. Deb has a wealth of knowledge and is eager to share to help functional medicine become more productive, and for the practitioners and patients to live better lives. She shares the wisdom and knowledge that she has gained over 25 years of functional medicine, a pioneer in functional medicine, scheduling, leadership and Practice Management. Deb, one of the most creative functional medicine business practitioners in her industry. You're listening to the Functional Medicine Business Podcast featuring Dr. Financial tools shape our business and the direction we move our businesses. Do you really understand your P&L (profit and loss) statements? Are you running your business by only looking at the P&L? If so, you may be doing yourself a disservice.