180: Financial Management and Oversight in Your Design Firm

Financial
Written By Michele Williams

180: Financial Management and Oversight in Your Design Firm

with Peter Lang

Joining me on the podcast today is Peter Lang, owner of the designer CPA, Peter and I both have a heart for supporting this industry with good financial practices and understanding. And today we're going to talk about what we see as kind of the lifecycle, if you will, of bookkeeping and bookkeeping needs and the overwhelming hole and desire in the industry to have better bookkeeping practices. So I hope you enjoy the podcast and are able to see where you fit in the bookkeeping trajectory.

Topics Mentioned:

  • Bookkeeping 

  • Accounting 

  • Hiring 

  • Internal processes 

Listen to the Episode

Key Thoughts:

  • When all the work comes, whether it's the accounting, the bookkeeping, or the financials, you're going to start seeing fracture points in a business; when the weight comes in, you're going to see the weak links. Michele (3:19) 

     

  • The longer you wait to start, the longer it's going to take to fix and then it's just like a snowball and you just don't want to get there. So, starting off on the right foot and making sure that you find the right person for your business. Peter Lang (24:36) 

     

  • Don't forget that you can charge admin fees. So, if you increase your rates to include some administrative costs, or to really have a true understanding of what it takes to run your business, you can build into your fees to have the support for somebody to do the billing and the reconciliation. Michele (25:50) 

     

  • Our job and our role is to support what is best for that client to give them information, to help them understand so that our clients can make the best decision for where they want to go in the business and what they want to do. Michele (46:23) 

     

  • Just because you have a great situation today doesn't mean it's going to be a great situation in three months from now or next year. Peter Lang (52:16) 

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References and Resources:

Click here to read the transcript for this episode.

Michele Williams
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