Scheduling a Time and Place to Review Your Numbers – A Look Under The Hood

Show Notes

On this episode of A Look Under The Hood Tulsa’s #1 CPA, Paul Hood of Hood CPA’s, is talking with Clay Clark and Dr Zoellner about the importance of scheduling a time and place to review your numbers.

  1. NOTABLE QUOTABLE – “We need to re-create boundaries. When you carry a digital gadget that creates a virtual link to the office, you need to create a virtual boundary that didn’t exist before.” – Daniel Goleman (Daniel Goleman, born in 1946 in California, is a psychologist and science journalist and author of the best-selling book Emotional Intelligence)
  2. MYSTIC STATISTIC – Why half of Americans can’t come up with $400 in an emergency
    1. https://www.usatoday.com/story/money/personalfinance/2017/10/06/why-half-of-americans-cant-come-up-with-400-in-an-emergency/106216294/
  3. MYSTIC STATISTIC – Five Reasons 8 Out Of 10 Businesses Fail
    1. https://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/#5a16e4826978
  4. MYSTIC STATISTIC – 90% Of Startups Fail: Here’s What You Need To Know About The 10%
    1. https://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/#b86d39066792

Action Steps:

  1. Step 1 – Book a specific time to look at your accounting on a weekly basis
  2. Step 2 – Hire a full-time accountant to look over your numbers monthly
  3. Step 3 – Never stop looking at your numbers on a weekly and monthly basis
Business Coach | Ask Clay & Z Anything

Audio Transcription

Broadcasting from the business coach thrivetime 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 financialwelcome back to look under the hood with tulsa’s number one cpa in every way:paul hood, it’s the energy of a friday night, but yet it is a saturday morning. I am super excited to be here with you, my friend. How are you doing? I am amazing play. Thank you for asking. How are you today well I noticed that you’re getting ready for this fitness competition, and can you share with the listeners out there who are wondering how? How old are you right now, hun 50 years old, or wondering how a man at the age of 50, plus thousands of customers at hood cbs.Com how you can find the time to work out I want to know. When are you working out my friend? What are you doing? Well, I get up at 5. Every morning, every morning, time or morning, cuz I go to bed at about 10:30 11:00 sing about to pick you up at about 5:05 alarm for 1 alarm. Just actually I generally don’t set alarm. You know you train your body, serious yeah, no wayno i, don’t want yeah i. Just we don’t set an alarm. That’s a lie. I set an alarm but I set it for 5:05, just in case i, don’t wake. You up. Let me see that alarm. I could not do it.

That’s a present present to me that you wake up and then would you work out by yourself. Do you work at with an army of people to have a trainer? Do you have a professional person helping you get in shape here? What’s going on? Why have a trainer but doesn’t work out with me? My trainer gave me my workout. This is what you do when you do it, how you do it? How much you do! This is what you eat when you eat how much you eat those kind of things but yeah. Well, why is my 2000 people I just don’t want to wait around somebody else. I mean i, maybe I’m selfish i, just I want to get in and get it done get after it. You know and and then move to the next task to talk about today is schedule specific time and place to review your numbers every week to review your financial numbers your accountingevery week now the reason why I was asking about fitnesses and I’m interested but be do you have a specific business coach place that you work out or you wake up and say:i, don’t know we’ll see where I go I mean. Did you wander around of the community looking for a place to work out every morning, I walk around the neighborhood look for doors that aren’t locked so that maybe find them know by the morning at 5 and 1 I have a specific place. I have I typically work out a couple days. We could co-op fitness be coming to mine and the other days I work out at home. There’s I have to there’s things:i can’t do it home. You know what the the home gym. I have a you-know-what bench. So I can do decline bench that I can do decline.

Sit-ups I have a setup that I can move around as far as I can do just about anything other than legs. I can’t do I can’t really do much music. Do you listen to when you’re working? Are you not listen to music and you listen to podcasts or what? What are you listening to when you’re working out I generally listen to faith by music, specifically when I’m on the treadmillto do with the workouts about a 2-hour workout in the last 30 minutes is, is on a treadmill that 15 degree and christian songs. This is you know one they’ve been making me feel better and give me guidance, but they also or longer clay right. Yet I don’t look at the clock on the treadmill until the song ends. I’m really glad you said christian songs, because for a while I thought you said, faith-based I thought he was talking about george michael i. Wouldn’t it be nice if I could touch your body I know not everybody got a body like you did george michael guy I’m, sorry about your recent loss. Hopefully, you can, okay, that you find a specific time and a place, and you have all the equipment available before you start working out, so we transition marshall, morris business coach into the world of accounting. We transition to accountingsit down and you personally not you’re not. We’re. Even talk about working with your clients, I’m taking your personal financial management as a young man, who’s making money paying taxes were looking at your expenses saving up money where and when? Do you look at your numbers on a weekly basis on a weekly basis? I, look at my business coach numbers on sundays sundays a fun day. I! Do that i! Do it at the beginning of the day about her mid-day, almost about maybe two before I go over to family night today, like 9 p.M. 9 p.M. 1 p.M. And so then I’ll go to family night, and this is why I do it prior to family night right, because something always comes up during family night. That I need a budget for so it’ll, be like a family wedding that I have to schedule a flight for something like that so prior to family night and then reconcile everything after family nightis mike back to him there. So it with your clients by default. What percentage of your clients actually look at their numbers on a weekly basis before going through the coaching program, in what percentage of them are actually being proactive about their county to guess before you cook them as they get the bigger size businesses, but if you’re, a man or small little business I mean maybe 1 to 5 out of a hundred, the song I think I want to take a small business.

Accounting is the beatles song. Let it be let it be, let it be. Let it be. Never look at my number is throw some crap into quickbooks. Let it be let it be, let it be how to check chipotleis the view you hear a special guest on the paul hoodie. Look under the hood show here:dr. Robert zoellner, one I thought he had a passcode to get behind the man wall all ready to get into the man. Cave. He did not have that. So my fault too, you are out there and see you know it will go to the man pass. You know and I didn’t interrupt. It was supposed to be in the scotsman man passed away. Why they interrupt a priority. This party, when I was just i, was just had little time. So I thought you as an optometrist. Yes, but I know a lot about time. Actress know who don’t do their business coach accounting and never have never. Will there 60 years old, you talk to these guys. I’ve worked with clients who come in one guy. I met with this is about 5 years ago. He’s a business coachchiropractor in the dallas area, making a ton of gross revenue and I said to him:hey now, you’re getting all these leads you’re getting sales, your top of google I just want to make sure we’re getting you 3, 1/2financial freedom. When is your weekly time, you look at your numbers or who, on your team, does he looks at me like deer-in-headlights? Look at my numbers daily, baguette text numbers daily, okay, daily, correct and you don’t in hausa county department that generates a profit loss statement to p&l and i. Look at that on a monthly basis team. It was just you dr., zoellner and associates started with you and another person. That’s an associate doctors on so she’s coming misleading associate hold off the s4 know when you started out. Where did you find x you’re, seeing patients all the time? Where did you find the time to look at your numbers? Will 6 go around every day in the morning? You well know it 6 o’clock in theyeah. You have to get your bank statement have to get your deposit ready.

You have to you know till the end of the day. You have to kind of reconcile anything and and get your deposit and then I would have that sword in the morning I gotta run by the bank and make you know, make a daily deposit. So that was you know. 6 weeks shut down to do it at magoo’s call. When did you just you need to find an empty bar still there you over there, you just i, like here right, you’re, not out of the bar at the office in the back music, classical music, while you’re doing the numbers or little known fact, I have to do all that I’ll just sit down, grind, get it all done, knock out and give me your hand, like I said you had to. You, know, reconcile the day and it’s being paid in cash to pay the checks and he will pay you and I had to you knowdump out the little machine there you know. What’s it called? What’s it called whenever you need it off until you have it so I just want to know, though I park, can you workout without any music I mean could, you actually just workout and total silence? Could you do that? Yeah i, don’t like music when I’m working out I have the tv on i, listen to music when I’m on the treadmill, when I’m lifting no I don’t want to be distracted. That’s just me:i, don’t know most people that they they want, that music in their ear and I’m kind of a kind of i, don’t know maybe I’m too much of a dude I can’t do more than one thing at once that place got well. He can working out, I mean you getting smaller and your shirts is getting tighter. What’s going on, this is my batman shirt man.

That is that’s a good-looking shirt on a good-looking guy I’m, just telling you right now. So if you guys borrow my shirtperformance shatter the workout or know that it’s a two weeks, I’m ready for it to come and cheer you on 95 lb baby compared to that man’s body, know and i, don’t have that much are motorcycle or anything else. Okay, so he decide if you’re going to sit down with your client right now, the average listener and they’re saying:okay, i! Don’t have a lot of fun here, but the statistics are not that good. According to the federal reserve puts on the show notes, search up according to the federal reserve, the average american has less than $400 saved, not good, not good. 8 out of 10 businesses fail not got 9 out of 10 startups fail according to forbes. Not so do not fall into the statistical, our listeners listeners. They don’t fall into those mystic statistic. These are just a cut above. The rest is for your friend, but bring me out there. Listening who’s has financially I need to have a proactive account. I probably need to have an account on a scale of 1 to 10 of 10 to proactive account and I might rate my account 3. What is the offer? The smoking hot offer the dropping right now, hood cps. What’s the deal? What’s the no-brainer, you got a hot off or what is it my friend I’m in hot but yeah? It’s an hour free of my time, as well as a copy of warren buffett’s snowball book. Mention all these statistics about people that fell in business. How many people fell it at married? How many people fail at a diet? It’s it’s because you don’t plan you’re, not proactive, you know you, don’t you don’t schedule time for that date.

I want to list out all the things that I fail at real, quick, so any time that I do prayer time. I immediately, stop so I do like td jakes, i, listen to td, jakes and I do pray about things when I’m driving, but like there’s this thing by pastor, brian gibson, who I refer to as my pastor, I’ll, listen to pastor brian talked about the importance of prayer,. Here we go here, we go. Has everybody just me and I realized I got to move on cuz i! Don’t do well with like praying by myself. I can’t also I cannot work out without a trainer who I hate. I literally have to have a part of my friend eugene i. We hate each other for like a decade we had awesome, workout. I would say you are so weak and weak. Are you kidding? We just got in the best shape ever there’s like a unified hate. I would have love playing for bill belichick I love that unified hate to the fitness thing. That’s a struggle for me unless I have a trainer or something the finance thing. My wife is very, very good at setting it and forgetting it she’s very good, like setting up the number to budget she’s, so good at that and I am for some reason. That’s that’s easy for me too I like that. That’s it easy for me, but the spiritual stuff gets a little weird.

Also friendships I have a very, very, very, very hard time with sustaining a long-term horizon relationship with somebody who’s, not a business owner, cuz I view the world so differently, i, don’t i, don’t get it. So it’s like these are things if you’re listening right now my life and I prayed for like 4 hours in a row, in fact I’m a devoted monk and I’m the best in the world and by the way I just celebrated my 75th anniversary together, maybe you’re talking to you. If you are like the model of everything, but you struggle with your finances. You’re, not a moron, everybody struggles in one area where you don’t have to struggle you, you have to be deliberate. You have to schedule that time when you going to do it, you have to have all your resources ready again:i have to eat a certain way. I have to prepare and cook all my meals on sunday night coming week, and so, if i, don’t then guess what I’m going to sleep I’m going to eat something else, because I didn’t have time to fix it. Store here I am what happens to chicken on sunday. They have any tickets big of a chicken donut by chance. I know that you, if you have not yet schedule a one-on-one consultation with paul hood, do it today. If I go to hood cpas. Com put cbs.Com get a free copy of warren buffett’s book the snowball studios in key box that rocks it is number one freeway. What is it chilling it’s time to take a look under your financial hood, with paul definition of welcome back to another exciting addition of your saturday morning show, the business coach hood with paul hood and today we’re talking about.

We are talking about the topic of you and how can you get to the place financially, you want to be, and I and I know that we had a great intro, they’re kind of a clever intro. The song I want to be rich, but I’m, going to read the lyrics to you paul I’m, going to read the lyrics to you dr. Z, dr. Zoellner special guest. Today we have paul hood here with hood cpas. This is his his show him his space today and I want to get your take the lyrics to you and i. Want you guys to tell me what you have a problem with with these lyrics? Okay, he does big bill collectors. They ring my phone. They bother me when I’m, not at home. I ain’t got no time before and found feet hit the floor then I get on down. You see, I want money, lots and lots of money. I want the pie in the sky, so I see see, see, i, want lots of money, lots and lots of money. So don’t be asking me why I want to be rich, no problem with the mindset of wanting to be rich, but not willing to do the work needed to be rich is this is this? This is it? If, so, what are your goals ever met? Somebody says:i want to be barely able to survive. I want to just barely be adding. Everybody wants to be successful, so talk to me about being abyss for someone listening today who goes okay, I’m, looking over this massive abyss between where I want to be and where I am give us, some encouragement, I mean i, don’t think anybody wants to do with this? Mr. Calloway is saying in his lyrics to dodge bill collectors and then have a desire to be rich without willing to do. The action needed I got to believe that most of our business coach listeners, if you’re not where they want to be, they want to improve talk to me about that. If i, if i, feel like I’m way off financially right now from where I want to be, how can you help him pull what I can help? In the first thing we have to decide to have to figure out is:do they really want it? Are they really interested in being successful? Because just be you say you want something that mean you’re willing to put in the effort, because the thing is clay, we can show it hood cph.Com. We can show anybody, how, to, be, a, millionaire, anybody, anybody they just have i, don’t care what color your skin i, don’t care your educational background.

I. Will you know if you’re willing to put in the work I can show you, depending on you know which time line of work you are and what you want to do, but the bottom line is they have to put in the air. Just like I think anybody can have a successful marriage. Anybody can have a successful, be physically fit if they’re willing to put in the effort you use as well as my business coach and me is a financial advisor in a cpa and a tax advisor. It’s it’s a pattern that exists for success. You do these things, and this is what happens. It’s very predictable. The problem is, is a lot of people like the blame, and so my messages are stop blaming start working the system and be successful. I want to blame myself for this. Next, a little little editorial I want to adhere my wife i. Remember we were married for about a year. Did you remember, like the newlywed, that glow? It is a scientific fact fact that whenever you first fall in love with someone you about 18 months, where the chemistry is not the same inside your brain cut at the love potion, that’s why that’s why they go from relationship to relationship exactly 18 months that that that wears off? So you think we dated at the business coach oral roberts university I met her the freshman year at oral, roberts university. She dated jonathan barnett. Now they found of oxyfresh what couple times when I waited till it was enough time and how long was that to 72 hours, don’t even when your feedback, but then I went ahead and I and she went to orwell weber state university. She said the girls dorm I said the guys doing and I dated her. All this year really started. Officially dating christmas and then we’re engaged that form to fill that summer. I can fly to minnesota I propose to her in minnesota, where in the gauge for the entire school year before we got married, to engage for about 9 months of the whole thing was probably about 15 17 months. She says to me:i think we should go dancing together as a sm.

We could do together. You know like we go to dancing classes. Why not that sounds lovely and I thought you don’t have to do paul? What are you going to do it? Cuz I want to be the love doctor doctor doctor by went to the to the class. You know the guy says:1 2, 3, 1, 2, 3, 1, 2 3 come out. Send my wife says:let’s do hot yoga and I’m like that’s awesome, I would love to hot yoga. Let’s go. They say downward dog to the vinyasa darren I’m out I’m out, but that time I just stayed in the room and just fell asleep. So I could not could not breathe and now there’s a certain sliver of activities. I can do with my wife, and it is, are the things I could go to the rooftop hotel in downtown, broken, arrow, establishment and I can have a moscow, mule or glass of wine or whatever guacamole I could do that. I can do I go to sprouts to buy groceries, I will go to sprouts like a boss and i. Don’t care how long it takes to go to sprouts and go to super. Target I can go to the get lowe’s I can go to lowe’s I can go to bed. Bath & beyond. I can I watch it. An epic movie with her I can spend time with the kids with her, but I cannot do the pinatas. I cannot do hot yoga. I cannot golf with her. I cannot work out with her. I cannot talk about spiritual concepts with her, because I now know my vesica pisces I know my that the intersection of two circles, one thing I’ve discovered, is my wife love doing accounting. She loves it. Pop like this is like you give her a county. To give me more give me salesy. We started out as a couple or yeah you’re going to go dancing.

I’ll go do sales in about 2 minutes into sale. She’s like i, don’t come out just like i, said I’m out show me listing right now see who’s not really doing their accounting, but they haven’t hired somebody else to do. Neither can you talk to listen out there who is reluctant to hire an accountant like hood cpas, to do their taxes, but they’re also not doing it themselves. If that’s bad, you don’t want to mess around with that little organization called or will they say what birds could be worse? I will say this I have met many a business coach client to haven’t filed taxes in 2 to 3 years. Have you seen this to paul them? They don’t mess around about. It is is that with a no-brainer that hood cps put up on the table, you can go in and meet the guy for an hour and hang out with one of the team members of how are you pop? You are yeah exactly and your test um. You can think he said he coming to test drive it for free. Why not? Why not? Why not? Why would why? Wouldn’t you tell me I’m, okay, I’m listening I thought you have a good answer right right right. There was a lot of great clients that are really really quality people and it’s rare, but what percent of the client by default without any coaching, are staying on top of their I would say:1 to 5 out of a hundred 125 had of 100? What are you saying? Are you sick one at 2500, 1251 to 5% I thought you said 1 out of 5 at marshall, I understood again we’re not trying to bring up. The reality is that most people are not staying ahead of their kindness because we don’t have a specific time and place imma give you berries, practical actionable, step, 1, step, 2, step 3, step book, a specific time to look at your accounting on a weekly basis or meet with your bookkeeper who’s.

Doing this you on a weekly basis need to know your numbers to hire a full-time in-house accountant, cool, look at your numbers and analyze them on a monthly basis to look for patterns or go schedule. Your free consultation with hood cpas. Com step, never stop looking at your numbers on a weekly and monthly basis, if you, take, your, eye off, the ball, if you thought I was i, was thinking about this garden and you decide not to weed it for, like i, don’t know a year that the weasel take over between this and you know, I get it there’s a lot of people that depend on me, financially and, and so I get a physical every 6 months. You know the first thing that I do is I have to go, give blood, sick, yeah and then yeah. They checked my business coach blood pressure and they check my heart. They’re checking my numbers. You look good. Thank you. Sir same thing happens with accounting. If you’re just flying by the seat of your pants and you’re, not measuring you don’t know how to change. You don’t know which direction you’re going. You don’t know how the fruits of your effort. How do you measure that? Because there’s plenty of times when people come in and they their financial show, they made money, but there’s no money in the bank or the other way around I got money in the bank and it says they’re not making money in the end.

That’s both of those can be possible. Theme can be negative, and so you got to know. You’ve got to know where you came from you, gotta know where you’re going to go, and then, where are you at on that on that path? And will you measure that, with your numbers, I would ask all the listeners out there on a scale of 1 to 10? How proactive is your account if a 10 is super duper proactive, he’s helping you leave the way you show me the path I want is reactive, you’re, always behind on your taxes. If you don’t you’re, not giving your accountant to 10, you owe it to yourself in your wallet to schedule a free consultation with hood cpas., comets, hood, cps.Com schedule your one-on-one consultation today and he’s going to give you a free business coachcopy of warren buffett’s book snowball. In addition to a free consultation. That’s a massive value, I would say it’s. At least you know 300 some odd dollars value got the book an hour, paul hoods time, but you got to take action to the hood. Cpas., I know somebody out. There has carpal tunnel and scooby talk, you have to click multiple times type things, but go to hood, cps.Com and schedule. Your consultation and we’ll see you next week

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