Description

Keywords:  entrepreneurship, bookkeeping, technology, startups, financial management, small business, accounting, operational efficiency, nonprofit fundraising, restaurant marketing, bookkeeping, accounting, collections, remote work, sales strategies, franchising, financial services, technology integration, small business, cash flow

Takeaways

• Matt Tait transitioned from law to entrepreneurship.
• He emphasizes the importance of operational efficiency in accounting.
• Technology can streamline financial processes for small businesses.
• Understanding the cost of time is crucial for entrepreneurs.
• Many business owners overlook the importance of bookkeeping.
• Common mistakes include doing bookkeeping themselves and not seeking help.
• Businesses need to focus on their core competencies.
• The journey from employee to owner can be complex but rewarding.
• Innovative tech solutions can enhance fundraising for nonprofits.
• Effective financial management is key to business success. It's not just bookkeeping; it's all processes involved.
• Many companies struggle with accounts receivable and collections.
• Good businesses have good processes and habits.
• Collections should be a dedicated time each week.
• Outsourcing collections can harm client relationships.
• Fixed monthly fees provide predictability for clients.
• Technology and globalization are key to scaling operations.
• Partnerships with fractional CFOs drive growth.
• Franchising can help accountants start their own firms.
• Understanding your numbers is crucial for business success.

Summary:  In this episode, Mitch Beinhaker interviews Matt Tait, CEO of Decimal, who shares his journey from being a lawyer to becoming an entrepreneur. Matt discusses the importance of operational efficiency in accounting and how technology can streamline financial processes for small businesses. He emphasizes the need for entrepreneurs to understand the cost of their time and the common mistakes they make in financial management. The conversation also touches on innovative solutions in nonprofit fundraising and the transition from employee to owner. In this conversation, Matt Tait discusses the intricacies of bookkeeping and accounting processes, emphasizing the importance of streamlining operations for efficiency. He highlights the challenges businesses face with collections and the necessity of establishing good habits for financial management. Tait shares insights on building a remote accounting firm, the evolution of sales strategies in a digital landscape, and the upcoming franchising model for Decimal. He also addresses the complexities of managing a global workforce and the comprehensive financial services offered to small businesses.

Titles

• From Lawyer to Entrepreneur: Matt Tait's Journey
• Streamlining Bookkeeping for Small Businesses
• Innovative Solutions in Nonprofit Fundraising
• The Cost of Time: Why Entrepreneurs Should Delegate

Sound Bites

• "I'm a recovering attorney."
• "Every business has to pay their bills and get paid."
• "You shouldn't do it. It's not a good use of time."
• "Common mistakes include doing bookkeeping themselves."
• "Make it nice and easy."
• "Nobody wants to be in business collecting money."
• "We have a big team in the Philippines."
• "We’re going to start franchising Decimal."
• "You have to think through the whole life cycle."

Chapters

00:00 Introduction to the Podcast and Guest

01:11 Matt Tait's Entrepreneurial Journey

04:09 Transitioning from Law to Tech Startups

06:14 Innovations in Nonprofit Fundraising Technology

09:16 Creating a Restaurant Marketing Platform

12:22 Joining Decimal and the Journey to Ownership

14:34 The Importance of Bookkeeping for Businesses

18:11 Understanding the Cost of Time in Business

21:14 Common Mistakes in Financial Management

22:12 Streamlining Bookkeeping Processes

25:30 The Importance of Collections

26:51 Building a Remote Accounting Firm

30:33 Sales Strategies in a Digital Age

34:42 Franchising the Decimal Model

36:05 Challenges of a Remote Workforce

41:29 Comprehensive Financial Services for Small Businesses