Are you clear about your business profits?
In this episode, Nachman Leiser shares how he started his career and how he ended up building his eCommerce bookkeeping and accounting firm. He explains the importance of not only having software that connects your Amazon account but really looking at the data. Nachman remarks on what are the key metrics you have to look at to make sure that you have the proper profit margins. Pay close attention to how he has been able to juggle multiple businesses and grow his new SaaS business. Listen and enjoy!
Nachman Leiser is the CEO and founder of Connectbooks and Bottom Line Management. For over 10 years, he’s been an entrepreneur, financial analyst, and profit game changer – usually all 3 at once. After working as CFO in several businesses, growing their revenue by double-digit percentages and more, he founded his own eCommerce bookkeeping & accounting firm that specializes in uncovering ways to reduce cost, eliminate losses, and scale profits. He helped online sellers in the red become profitable within a year and exceed the million-dollar mark in net profits.
Key Highlights:
[00:01 – 07:15] Benefit from Hiring a Bookkeeping Company
• Nachman shares his background in the eCommerce space
- The CEO and founder of ConnectBooks
- Reconcile every transaction with banks statements
- See itemized and bottom line profit and inventory updates as they happen
• The importance of having software that connects your Amazon account and data-driven strategies to improve profits
[07:16 – 32:42] The Software You Need to Keep Your Amazon Business Running Smoothly
• You should determine your break-even point and calculate your profit margins and overhead costs
• It is important to have realistic expectations and be willing to pivot to keep their business afloat
- Put together financial information
•Why Nachman decided to split the company into different businesses
- When you focus on one industry, it’s easier to scale the business
• How Nachman realized there was a need for a good bookkeeping software
[32:43 – 52:12] How to Automate Your Accounting and Selling in QuickBooks
• How to hire the right people for your business
- Make sure they fit the company culture
• Why understanding the inventory value and profits can be difficult
• Connect books offers data visualization that breaks down profitability by skew and variation
- Understanding where products are losing money
- Automating accounting and tracking of product sales
• Before taking any action, it is essential to understand the P&L (profit and loss) of a company
[52:13 – 57:25] Wrapping Up!
• Why Shopify is different than Walmart
- More customization and control over how orders are processed
• Nachman on the four rapid questions
Key Quotes:
“If you work really hard, nonstop, at some point you’ll get there.” – Nachman Lieser
“Make sure whatever you’re doing, you’re doing it a hundred percent completion and then you move onto the next project.” – Nachman Lieser
Connect with Nachman
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