Stacey Bennett is a jack of all trades and a renaissance soul who has done a lot of work in the mental health space and working with Youth at Risk. Her accounting career began when she wanted to help the guy she was dating with his business. Now, she runs her own successful company and does profit coaching, which is more than just giving the numbers: teaching how to use the numbers.

Stacey's contact:
https://2dayprofitaccelerator.com/
https://theslcgroup.co/

It's a good thing that technology has helped eliminate some of the tedious data entry of bookkeeping. Stacey Bennett works almost exclusively on Zero with clients because it has taken so much of the tedious part of keeping books out of it. A balance sheet is a snapshot of a company's value and assets, while the profit and loss is a tracking progress of how income and expenses have been flowing. Payments on loans and owner draws are not tax deductible, so understanding the relationship between financial statements is important for business owners.

The statement of cash flows is the translator between the balance sheet and the income statement, as it shows how much of the cash in the business went to actual expenses, financing, and equity activities. ERP systems are important for businesses, as they can integrate payroll, inventory, and other systems. Cloud accounting software prioritize third-party plugins, as they understand that a piece of software that tries to do everything often fails at more things than they win.

Mindset tools recommended by Stacey:
https://www.landmarkworldwide.com/the-landmark-forum
https://untetheredsoul.com/

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