Cyndi Thomason is a "profit first" financial strategist and accounting professional that enjoys helping entrepreneurs without a financial or accounting background learn what they need to know to truly "get a handle" on their finances.
She joins me today to share her knowledge and insight on why it's important to use profit & loss statements and cash flow statements in your Amazon ecommerce business, the difference between the two, and how omitting one from your financial reviews can significantly impact the accuracy of your financial statements as well as scale and grow your business.
"The language of business is numbers. If you don't have the data to know how you're doing, you can't improve it." Cyndi Thomason
Today on the Unstoppable Entrepreneur Show:
- The difference between a profit & loss statement and a cash flow statement
- Why your profit & loss statements may not always match your cash flow statements
- The various ways your business financials can be tracked, utilized, and documented
- Why it's important to form a habit of paying yourself as a business owner early in your entrepreneur career
- How knowing your numbers can help you decide if you are ready to apply for a loan
- Identifying when to hire a finance specialist
- Identifying your vision for your Amazon business and planning your financial strategy to achieve your goal
- Cutting unnecessary expenses
Tips on Evaluating Your Profitability:
- Put your dues and subscription fees in one category. Evaluate this category quarterly – not yearly.
- Separate your inventory bank account from your operating cash flow account.
Resources Mentioned:
Connect with Cyndi Thomason:
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