Your Accounting Must Be Viewed As Your Front Dash Board Not Your Rear View Mirror

Business Coach | Ask Clay & Z Anything

Audio Transcription

Do you find yourself chronically behind financially? Are you drifting financially? Do you want to get ahead? During today’s broadcast of A Look Under the Hood with Paul Hood we are breaking down the importance of being proactive about your accounting.


Broadcasting from the Thrive time show studios in beatbox that rocks it is Tulsa’s number one CPA and every way he’s a gentleman. It’S time to take a look under your financial Hood with Paul Hood T-Town, hello, Tulsa. Welcome back to look under the hood with Paul Hood. Tulsa’S number one CPA and every way, and I think that for a lot of people this time slot Saturday morning, it’s kind of a deal with this is what I picture. You’Re doing you are getting up. You know you’re at you’re an early riser you’re, a proactive person if the kids are still asleep in are they are they just started watching cartoons? You know what you’re doing is you’re getting up you going over to QuikTrip. You got yourself some coffee, you’re in your car and you’re. Saying yourself. When is the show when I don’t know why you whisper like that? It’S so weird for a business coach, you could have said what is the Shelf, but instead you’re so tired, you shouldn’t operate a motor vehicle while being intoxicated and you shouldn’t be driving to QuikTrip this tired, but you have chosen to get up for whatever. That reason is and to learn something new and so we’re going to deliver it today, we’re breaking down how your accounting must beviewed as a dashboard and not a rear view, mirror standing clay. It’S good to see you this morning, it’s a little chilly but great morning for Oklahoma. Now, 63 % of Americans don’t have even saved for an emergency according to Forbes. How is that possible and how are people viewing their accounting from a reactive, rear view, mirror perspective and not a dashboard? We live in a society. If I got to have it now. Oh yeah yeah and you know I have more than the Joneses in the Smithson and you know it different color. I may have the same thing, but I want two or three of them. Just in different colors budgets, in the average person, financially just kind of flies by the seat of their pants, they don’t they need. They don’t spend the time to look at where they want to go to find it and then put into play the the processor the measuring tools to to make sure they get there. So therefore, they don’t save they just all safe tomorrow, business coach clay and the next week or I’ll do it when we get around to it, because you know one should not quit one’s self, I’m going to read and go to a quart of Hope from you do anything From your book and look under the hood, this is something you give all of your clients when you meet them.

You also, by the way, if anybody schedule a free consultation with you, you’re, going to invest 1 hour into their life to help them figure out where they’re going financially and you going to give him a copy of Warren Buffett book. It’S called Snowball. The only authorized biography he’s ever done and you also getting this book – called look under the hood. What you’ve written I’m going to read it to the listeners. It says the number is generated by your business, both of the income sideand expense side. Tell a story to those that are trained to read. The vast majority of business owners, as well as their accounting and financial advisors, choose to read only the story of where they have been hints. They are only looking in the rearview mirror of their business Financial vehicle. There is no doubt that this process, I’m only looking backwards, is a majority of the reason of the primary reason for the huge business failure rates, as stated by Forbes. So Friday should think about that for a second Paul Hood, you’re stating that most people are driving their car backwards. What do you mean? Well, they’re not being proactive, they’re, not looking forward their they’re, taking historical numbers and and putting on a financial statement sometimes, but they were only looking at where they’ve been not where they want to go. And you can’t design a a business that you have to set. Your goals, you have to set the where you want to be, and then you put in the play the the plan and thenyou measure the plan, and then you you correct your actions, so you need to go look forward, so you can watch out for the potholes. You got that you know where the stop signs are y’all, so you know if you don’t lay out where you want to go, how you going to know you and you get there clay. Will you know I recently during the holidays, you’ll see more and more people holding that sign on 169? That says, will work for food now, I’m not calling all people that are holding that sign. I’M just saying I personally have actually in my younger days, pulled over and said: had I mean we work? Are you willing to do it? Look healthy and I look okay? Well, you know, I don’t really do yard work. Okay, do you do? Could you come business coach stock? The shelves at one of the businesses to work for food, but they’re not but usually I noticed everybody. I’Ve ever met everybody, except for probably just a handful when you ask him, but what do you want to do with your life? You know what do you want in your mind if if the wife turned out perfectly? What do you want to be successful, but they don’t take the time to break down what that means, and so they never really get there. Any that’s one powerful thing that you do with business owners. I’Ve seen you do this just in the last probably two months. I can last 60 days and I know of several success stories and I’ll give one to the tribe Nation.

 

Paul Hood shut down with a customer who has run a business in Tulsa for 20 years in a row 10 years under their current business name, and they have operated a non-profit, but their goal wasn’t to be a non-profit. They have not made a profit in years and then no idea and you for the first time or having them actually enter in all their data. And they come back to me and they said. Manny just gave us a ton of homework, and I said, but what kind of homework is it we have to actually enter in? All of our dataI don’t even know how much money they made last year didn’t make last year, but every year they just know they’re perpetually behind on taxes and you’ve. Given him a business coach path and the you know they started complaining. The hell is homework about week too. They start so I see him every weekend, but we never too. They start saying we actually are kind of aware now that one of the pro program on the programs on the products that were selling we actually go backwards. Every time we sell something whatever baffle, you were blow your mind that people could be in business selling a product would that every time they sell it actually go backwards. Financially, people don’t realize if you don’t set up, measuring, sticks and goals in and then actually measure and actually accumulate the data and and see where you’re going. You don’t know where you’re going to see if you can get there so yeah. I know it’s. It’S very common clay that people don’t not only do they not Define where they want to go there any measure where they been in the back in the past, so they’re not eating there, not even reactive, the lot of times we have to come before. We even start working with him. We have to help them catch up where they been inDefine, where they want to go and set those those measuring processes and play. You got to have those measuring sticks, 8 out of 10 entrepreneurs Who start a business fail within the first first 18 months for those that make it Beyond 18 months D. The dad is not very encouraging either, but I don’t think anybody sets out until what I want to do is I want to start a business. What I want to do with business to take all of the money that I am saved all of the time. I am I free time all my free money. I want to put it all into one big old business, and I want to run that thing into the ground example. One of our clients we work with has it has a franchise they bought. They bought franchise between bought a proven business. Systemi will not mention the name of the business, but I can say we probably work right right right right now, we’re working with 5 businesses that are franchises right now. The businesses to work with are franchises.

You understand that they have thousands of franchises, they’ve sold to the franchisor, has sold thousands of their business model to franchisees they’re all doing very well by the way. Babies, please guys, are just at the bottom. They are doing a horrible horrible job. Financial they’re good guys are working hard, but they’re not making any money and they reached out to me for business coach and we’re helping on the top will bring to do marketing and new advertisement and when I pointed out is homies your food costs. People in your office are literally eating away your extra income. Furthermore, furthermore, there taking so many breaks and there are taking so much time off to your being closed down during peak hours, so they are literally killing. Your profitability buy them going home early by them. Eating the food there killing your profitability and they were amazed that the accounting was the issue, and so this is where the business coach meets the accountant. I can’t file your taxes to the IRS, nor do I have a CPA, I’m not a certified public accountant. So I can say you know what I can help you make a performa and detail out what you need to do. But you need to go, see Paul HUD to get a look under the hood because you’re saving anything at all anything at all and they say no. No, no, I know how much would you recommend. We say that I said guys. This is what’s going to happen. I said this year I might go by my Christmas presents for my wife and I want you to know how I do it will you be mean just like I said if I guess it’s supposed to wake up and it’s Christmas. This is my point. Let me get my PINhere anytime. My wife mentioned that you like something. I write it down on a card so throughout the year. I just am always writing it down to business card, keep it in my wallet whatever, so I know that she wears a size, 6 and 1/2 shoe, for instance, I know she likes dark chocolate. These are things I take note. I also put all of our personal expenses on a Discover card and the Discover card is a cash back card, and so every year, however, much money has accumulated in that account. That’S what I spend on Christmas. I have never. I know it sounds horrible. I don’t spend any money on my wife’s Christmas presents so this year I had .50 that I could spend with my wife on that particular card. Then the other cash back I use for my other kids, but I proactively had that idea at the age of 18. That I was always going to be buying Christmas presents with my Discover card and Discover card gives you at 1 % cash back and at the end of the year, adds up this year.

The total is about ,500, but its 6:37 and 50 Cent. I got to spend on my wife’s Christmas presents this year how can work with you to set aside a set amount of money. Just like Discover card sets aside a set amount of money for you for me. He can help you do that in the money that you set aside, you’re not even going to miss, because it’s like to like 3 % Pokey talked about the importance of just automating your savings and paying yourself first, even just a small amount, like 3 %. Do I discover card? Does they pay you back 1 % absolutely play it’s how you know there was a lot of wisdom in what you just said you if, if people would break that down you, you actually were paying attention. You were business coach measuring and taking notes on something that you care about, and then you actually had a plan to how to execute what you wanted to do all paid for by discover. Cashback point is, I didn’t pay for yeah, but you know I don’t care what it is in life for you to be successful. You just have to have a plan, you have to be deliberate and you have to execute the plan and and a don’t deviate and youthe average person does not say because I don’t plan to say and there’s always that next thing they got to have, and so We teach people just like if you’re an employee and you put money in a 401k, it comes out before your paycheck and you know you just don’t ever have it and so business owners need to do the same thing. We set up automatic millionaire plans to where you try to create a second or third or fourth source of income down the road, and you just take a wheat. We recommend 3 % right off the top 3 %. It goes into a nice conservative Financial vehicle of your choosing that we can help you with, and you need to harness the power of compound interest, the power of a dollar cost averaging, and you get these things working for you. Instead of against you. So, instead of accumulating big credit card bills, where the power of compound interest works against you, you start saving yourself, you don’t proactively, say what you’re going to do. Is your going to look to get rich, quick you’re, going to look for a Proverbs 13:11 solution? Proverbs 13:11 speaks specifically againstthe idea of getting rich quick. You get rich slow over time as result of being deliberate and intentional about what you’re doing with your money. But if you don’t do that, the pro habits, as you begin to want to get rich quick and when you want to get rich quick. That means that you’re saying you know what I don’t have time to save until Proverbs 13:11. So dishonest money do windows away, but whoever gathers money little by little mix it grow. So if you’re, tired of always looking for the next get rich quick if you’re tired of things taking too long because you’re never being delivered about savings, if you’re, if you’re tired of we’re at financially, I encourage you, I probably endorse Paul Hood. I encourage you to go to hood CPAs. Comment: Hood CPAs., Calm and schedule your one-hour consultation with Tulsa’s, number 1 CPA in every way, get a free look under your financial hood and he’s going to give you a copy of Warren Buffett’s, onlyauthorized biography. Do that mean he’s only authorized one biography, and that is the book called snowball he’s going to give me the book an hour of his time. A total value of – and all you have to do, is ask this question yourself: is my accountant being proactive or they being reactive, but they help me like a plan, or are they just telling me why I’m behind the answer? Is you know what my account is? Probably not that proactive, then you owe it to yourself to go to hood cps.com and to schedule your one-on-one consultation with Paul Hood with hood CPAs he’s a great guy. I promise you you will leave. I would hope that just that you’re going to have a massive amount of knowledge, I got to pick this up. Massive fire hose of knowledge, get it to that hood. Cpas. Com, activatehave! You ever found yourself running out of money before the end of the month. Are you saving enough for retirement?

Are you getting ahead financially Tulsa? If you need to look at your financial HUD, you come to the right place. It’S a look under the hood with Tulsa’s number one CPA and every way, Tulsa. Welcome to the hood with Paul Hood CPA and every, where he’s at he’s the guru who knew he’s the guy. Who knows how to make your money multiply. He is the reason for the savings season. He is my bro he is. He is my brother from another mother he’s a guy who has an accounting practice and Claremore they’re dominating up there in Bartlesville That multiple practices in Claremore in Bartlesville and Tulsa Hood CPAcalm look em up and you know, if you are saying I think it’s a scam. I feel like it’s a scam, because I never heard it’s business coach guy before at all, and now I hear about him all the time. I think it’s a scam, Ronald Reagan would, if you were here with you right now, Ronald Reagan would say well. Well, if you want to trust but verify you want it, you want to trust, but but but verify the Ronald Reagan. He was. He said trust but verify so I encourage you to do your research and policy conference meet the man shake his hand. Schedule 1 hour. Free consultation go in there with the mindset you’re not going to become a client to see what it’s all about.

 

Just going to put cps.com schedule your one-on-one consultation with the man, the myth, the legend, the guru that Yoda of accounting made with him he’s going to give you a copy of the Warren Buffett book snowball just for meetingthen, you can decide by thousands of people have Said yes, why are thousands of people said yes to Paul Hood, because he knows what he’s talking about? That’S what we’re going through chapter, one of his book, a look under the hood talking about how your accounting must be viewed as your front dashboard, not your rear-view mirror, Paul Hood. How are you doing this morning? Because you know we start talking about it? You just mentioned Yoda and actually last week it was really funny how things just happened yeah. So this guy we’re kind of we’re meeting and we’re talking about what I do compared to what Most accountants do and he said, sothere’s a lot of Luke Skywalker’s out there and you’re kind of like the Yoda to all the Luke Skywalker’s. You know they they have their planning their GoldenEye kind of help them guide where they want to go finances. I will as long as people don’t say. I start saying I look like Yoda from noon to 2 everyday. We have a podcast of people that will do the same thing for you, they’re going to Google. Like you know, Paul Hood, I got to say what is this guy look like and you, my friend you you have you not been Photoshop you just you just look that good with a client of ours. I want you to understand. This was met with all due respect. She says he is the prettiest man. I’Ve ever met, and I said what does that mean, and she said he just dress – is so sharp, so Paula, TNT fashion tips for all the guys out there. It’S the holiday season, maybe some guys have won the last minute Christmas gift of your wife is listening. Do you have any fashion tips for a guy whocuz, I’m looking for a a new, a new, a new outfit? I want to look sharp when I’m on a budget. What’S the recommendation will first off, I don’t think I think they would take away your man card. If we start talking about outfits, you know we’re just dude. These are closed for some manscaping know: you’re hard, fixed expenses per month. You right here in your book. Fixed costs generally are fairly straightforward. To identify simply stated, these costs are approximately the same, whether you sell 0 items or a thousand items in the early stages of businesses life. These costs represent the vast majority of expenses. Time should be spent trying to control these cost from the decisions to lease or buy in an office space as well as administrative costs, are major components of a company’s fixed cost. You going to list office, space phone bills, internet insuranceteam, salaries, printer cost, heating, air and water pump, talk to me about fixed cost and how you can help the average listener out there that schedule a time to meet with you. They going to put cps.com is schedule. 1 hour power to meet with you, they want to get a copy of the Warren Buffett snowball book they made with you. What is that first meeting look like and how do you help them with their hard cost with you, and I think we may be creating some headaches out there this early in the morning talking about fixed costs – and I just heard the bottom line once you get Over that, then, you can start creating profit, but you’re going to have those cost with you sell anything and so that the objective is to minimize those are hold those down. So it’s easier to make a profit. The problem is, we have to identify what the costs are first and to identify those cost wax have to compile that data. So we have to make sure one their current on financial statements and then we we can’t we break these costs into the variable vs.and in Burr Bob’s that go up and down we’ll talk about that in a bit. But fixed costs are just it’s this. Just a straight line: your rents going to be the same every month, you’re in a lot of times your cell phone bills, going to the same every month, those kind of things as we have to get our arms around, though so that we can minimize I’m so That makes it easier to create profit. Why don’t most people have a proactive approach to to their account, and I feel like if I is a business coach and asked to coach a business lot of times will work with somebody like Barbie, cookies or the or the Tulsa Oilers or total lending Concepts or Oxyfresh different brands, different companies, UPS in a big company, small companies, Subway I mean we work to the mall and when you work at these companies that come in, they want to help grow their business. They want maybe some accountability marketing help, but I always focus on the numbers first and I and I’m not exaggerating, I bet you if I sat down with 10 clients this week of those 10, I’m going to sayprobably 9 of those 10 do not have any type Of grass, before they’re at financially am I am I just dealing with a bunch of wackos or or is that normal? The strangely enough is it is? It is very normal for somebody, they just don’t do it and you know you have to wonder how are they stayed in business? This long and you know Clay worth Society of measuring everything. I don’t care. You know if you’re trying to a lot of times, there’s a bathroom scale. You know I wait you just step on it in the mornings.

 

Your way, you know you’re you’re, measuring you look and see what the weather’s going to be tomorrow to determine what you’re going to wear you. You know you go to the doctor. They immediately say they got to get a handle on where you’re at right. Now they check your blood pressure check. Your bank account you just go out: there, use your debit card and hope it goes through I’ll. Just go hard part of business. You know they’re my likes the the the dream and and and doing all the fancy stuff for the show, Fancy thingyou have to measure, and so why? You know if you measure, and you see where you’re going, you don’t have to work as hard, and you know people that are creating a lot of wealth over there working their tails off. But if they would just really you know she like those those leaks in their ship, if you will, they would have to work as hard to make less money. I want to share a hot example at the tribe Nation. This is a hot example with the hood nation is a hot example of 1170 people. When you were a child, a young kid, and then you decide how you know how to put my finger in the light. The light socket just to see what happens in electrical socket. I just going to go ahead, and just so you know, I think, about 1 and 5 kids have tried that move or Bureau to older your to your three or four years. I’M going to touch the pan, I know Mom says: don’t touch the pan, I’m going to go ahead and touch the pan either way you touch the hot pannow. You have your own apartment, I’m making macaroni something fancy like Ramen noodles. You know something fancy like macaroni, something to 200 % sodium. It’S like /bin/sh.96, cuz you’re, trying to save money, you’re boiling something you’re, making that macaroni pulling that powdered powdered cheese. You pour in that milk is starting over that body. Right have the macaroni and its butt boil in your and you even used spill the hot water on your thigh. I’M so glad I didn’t get a liar and that wasn’t just you. No one can sells you your mom’s, not there you’re, not married yetyou, say you’re. Your PW sit down with a booth with ice, and you give you put put the ice or the or the frozen peas on the leg and try to get the swelling down it hurts like. You wouldn’t believe how to numb the pain you tell yourself. I am never making macaroni again because the pain immediately so bad with accounting, its long-term pain.

So when you’re 65 near going, do I want to live in government housing or do I want to live in a retirement home in retire with dignity When You’re 15, you say: do I want to live in a shack.? It’S beat up with that, maybe 10 rubber. That may be at your idea: you love that kind of vibe. That’S fine! Maybe you have to cuz. You can’t afford anything. Here’S the deal literally having the regimented scheduled process as the Canadiens called the process of meeting with an account on a monthly basis, will absolutely change your life, because you be telling your money where to go instead of wondering all the time where yourhe went and that’s So important Paul that they did a sit-down people go to hood cps.com. They schedule your first consultation with you you’re, going to give him an hour of your time and a copy of Warren Buffett book snowball, just rescheduled, appointment, yeah yeah, just give me an idea sitting here. Listen to you know, you know, you know when you grab that hot pan, its immediate in the problem, is with people’s accounting. It’S a delay. You know you can you can get by with not doing it over and over because it’s a shock collar account. It says it’s an inch, it is nobody’s doing it when they come and see me. If I haven’t done it was a pain. This is at the budget for a week and then, if you ever spend over, I got them if they don’t come in to meet with you, monthly and progressively. You can turn that bad boy up so that you knowreach for that credit card. That said, it’s Max. You get zapped wants to help you get to where you want to go financially, but he can’t help you if he doesn’t get to know you go to hood cps.com once again: Hood CPAs. Com and schedule your one-on-one consultation with Paul Hood, get a free copy of Warren Buffett’s book snowball simply for scheduling a one-hour consultation, get proactive, stop being reactive Clark. You listen to look at the hood with Paul. Hood will see you next weekend. I want to be a billionaire, so freaking bad. I love those things. I know the heck

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