When running a business, one of the most important things you must focus on is finances. In episode 206 of Journey to $100 Million, Erik discusses how we handle our finances here at Array Digital. It sounds easy to get an accounting package like QuickBooks and just put all the numbers in – right? It is easy but you must pay attention to this information and dedicate time to it as well.
In the beginning, Erik would put in all of the numbers himself, but found it hard to find time to pay the much-needed attention to these numbers. Once he hired our executive assistant, Katya, her first priority was to manage the books and invoicing clients. She takes care of our books, enters in all of our transactions, and sends financial & revenue reports to Erik and Kevin.
This financial report is crucial because Katya is able to highlight the information that is important for Erik and Kevin to know. There are a lot of expenses and things that need to be understood in order to ensure that there is nothing that would cause concern. Not only that, the revenue report is just as important. When running a company, you must know what is going on with revenue, where it is coming from, and what the projections are.
Overall, finances are super important and easy to overlook. The key is to find someone that can help you and dedicate time to this like a bookkeeper, CPA, or your own Katya. You want to make sure this is getting done and that you are paying attention to your finances one way or another.