Why you have to check out today’s podcast:
Discover how Arnesha helped small business owners understand their financial statements and any tax implications
The importance of having an accounting system in place for every business
The significance of building relationships and partnerships
Summary
Arnesha Bobo is the founder and CEO of Bausy Books Consulting that helps small business CEO transform their money habits and help them gain visibility on their business finances using a financial management system.
In this episode, Arnesha will take us into a different perspective in understanding business finance. She will not only educate us with the different accounting activities but will also provide meaningful insights on how visibility in terms of implementing financial infrastructure will help make sound and well-informed choices. She will also tackle topics on how she markets her services, the process of selecting outsourced vendors, and how she partnered with different groups to support her business. Plus, she’ll give tips on what useful tools and systems that will increase efficiency and productivity in your business.
'‘Every time you spend or receive money, it affects your bottom line, which affects your possible tax liability or your approval or denial for business learning”.
- Arnesha Bobo
Topics Covered:
00:49 – Arnesha gives a brief background of herself
01:12 – Helping people prepare for their retirement is one of the things that her firm specializes
01:57 – How she started with helping business owners with their retirement benefits
04:43 – Arnesha details how she explains the financial statements to her clients to better understand the tax implications
07:13 – How she helps people to be visible with their finances
08:57 – The initial infrastructure that she thinks business owners should have visibility
13:24 – How and where Arnesha promotes her services and get clients
16:47 – How she chose and picked outsourced vendors for her marketing strategies
19:54 – The different partners that are supportive and beneficial to her business
23:42 – Various associations that Arnesha is involved with and where to connect with her
25:30 – Tools or systems that she uses
Key Takeaways:
“The very first part of the infrastructure is an accounting system. You need a system in place to track all the money that you are spending on receiving. Whether you are contributing money as a business owner, as owner investment or you are spending money to buy business licenses, to buy equipment, to hire your first purchase, your first bulk of inventory, you need an accounting system.” – Arnesha Bobo
“So that visibility definitely starts with an accounting system. Now the other side of that is the accounting processes because we need to understand and put procedures in place.” – Arnesha Bobo
“There's a lot of decision making that has to happen, but you need to work with an accountant to make sure that we are tracking your money. Because that's going to help us better determine how to create a budget and sales forecast for your future.” – Arnesha Bobo
“As a CEO, especially when you're first starting, you are wearing multiple hats, but you need to know when to turn to take them on and off. Do not go into business thinking that you have to do it alone because you don't, you need that extra support.” – Arnesha Bobo
“It's good to have a certain level of knowledge before you outsource.” – Amelia Roberts
“There are different types of partnerships you can have, but partner with people who are already having the conversation that you want to have.” – Arnesha Bobo
“When you are creating partnerships, you are creating relationships. Relationships are everything.” – Arnesha Bobo
Professional Organizations of Arnesha Bobo:
Urban League of Atlanta
The Entrepreneurship Center (TEC)
The Atlanta Black Chambers of Commerce
Russell Center for Innovation & Entrepreneurship (RCIE)
