It’s all about money, finances, and recognizing your worth this week, with Rachelle Calina, CPA and Founder of Honest Buck Accounting. Rachelle shares her journey into starting a fantastic early learning accounting and financial metrics firm, and details some financial benchmarks and best practices to be set up for success no matter your size, capacity, or what’s happening in the outside world. Rachelle and I about how to add value to your customers, measuring your money metrics, and how to use simple math and forecasting tools to drive more profit into your business. Rachelle shines a light on a few critical key indicators you should be measuring to gauge financial success in your business.
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Here Are the Key Takeaways From This Episode:
[9:01] Rachelle was a CPA for 12 years and focused primarily on early childhood education businesses. Honest Buck Accounting works with anything that has to do with education, which could be schools, daycare centers, music programs, etc.
[14:20] Rachelle talks about the financial landscape post-pandemic, and the blessing and curse of government grant money
[18:29] If you don’t have money in the bank account, you’re not going to make it. Rachelle provides her insights on how much money in the bank any ECE business owner should have at any given moment to be considered in a financially safe place.
[20:07] Rachelle comes across two types of people in the childcare industry: those that know their value, and those that don’t.
[21:59] Rachelle explains why she thinks that it is challenging for child care owners and leaders to be confident with their money and to have an eyes-wide-open approach versus a head-in-the-sand approach.
[25:44] Rachelle talks about some powerful tools you can use to monitor, report, and forecast your expenses and books, one being FathomHQ.
[29:19] Knowing how much is your fixed expenses is really powerful.
[30:20] Rachelle shares what percentage your payroll plus rent should be of your total income revenue.
[40:27] Rachelle and I discuss how we can reframe our mindset to be excited about taxes rather than dread them.
[41:08] Rachelle shares what you should be looking for when reviewing your monthly financial statements.