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187 - Mastering Profitability in Business with Ruth King
Manage episode 391013521 series 2954305
内容由Benali, Khalil Benalioulhaj, and Martin Holland提供。所有播客内容（包括剧集、图形和播客描述）均由 Benali, Khalil Benalioulhaj, and Martin Holland 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品，您可以按照此处概述的流程进行操作https://zh.player.fm/legal。
In the heat of day-to-day operations, it's common for contractors to put financial management on the back burner. However, neglecting the books can have far-reaching consequences beyond dollars and cents.
In this episode, Ruth King, well known as the “Profit and Wealth Guru”, joins Khalil and Martin to discuss profitability and the role of accurate and timely bookkeeping in making informed business decisions.
Time Stamps
- 01:38 - Luca Pacioli & Bookkeeping
- 04:26 - The Role of Bookkeeping to Contractors
- 07:44 - Ruth's Entrepreneurial Journey and Business Ventures
- 10:21 - The Role of Bookkeeping in Detecting Fraud
- 15:12 - Revenue Generation
- 15:38 - The Importance of Billable Hours in Construction
- 18:08 - Calculating Billable Hours
- 25:14 - Warning Signs of a Cash Flow Crunch
- 27:45 - Challenges in Managing Inventory & Deposits
- 31:21 - Understanding Deposits and Inventory Management
- 35:23 - The Importance of Hiring Qualified Bookkeepers
- 37:12 - How to Get Out of a Cash Flow Crunch
- 39:37 - The Financially Fit Business
- 40:40 - Signs of Financial Statement Inaccuracies
- 42:03 - Using Software in Financial Management
- 46:41 - The Foundational Role of Books
- 50:28 - More from Ruth King
- 52:17 - Outro
Quotable Moments from the Show
- "In our industry, in construction, we generate revenue through billable hours. If you do not have a billable hour, you don't have revenue." - Ruth King
- "Decreasing current ratio should be the greatest warning sign to you that there is a problem with productivity. There's a problem with profitability. Figure it out or get help. One of the two." - Ruth King
- "It's [Bookkeeping] actually easier to do than all the technical stuff you learned. Period. It's just we weren't trained in it. We weren't taught it. We didn't take it in school." - Ruth King
- "I've been in business for 50 years now and I have never seen a business thrive without books. Ever." - Martin Holland
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Resources
- AIPB Bookkeeping Hiring Test
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- Need Help with podcast production? We recommend Demandcast
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