KPI’s Archives - Business RadioX ®

Jonathan Wyrick – Wyrick Accounting Services

August 4, 2024 by Rose

North Georgia Business Radio

Jonathan Wyrick - Wyrick Accounting Services

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Clean Books Pave the Way for Smarter Business Decisions

Are your books a hot mess? Yes? No? Maybe? Regardless, you don’t want to miss this North Georgia Business Radio Show to get some expert insight into how to get clean, actionable financial data for your business.

Are you running your business by gut instinct alone? It’s time to take control of your finances and make informed decisions. Businesses often struggle to keep their financial records in order, leading to missed opportunities, poor decision-making, and unnecessary stress.

In this episode, host Phil Bonelli and Jonathan Wyrick, a virtual accounting expert, explore the critical role of clean, accurate books in driving business success.

During the show, Phil and Jonathan discussed:

✅ The number of small businesses (less than half) that have clean, accurate books and how this can significantly hinder growth and decision-making.

✅ How virtual bookkeeping allows businesses to access top-tier financial expertise regardless of location, potentially saving time and improving efficiency.

✅ Why clean, accurate, and timely financial data is crucial for making informed business decisions and avoiding costly mistakes.

✅ Key Performance Indicators (KPIs) are vital metrics that can help businesses track performance, identify trends, and increase profitability. Do you know what yours are?

✅ How automating financial processes and implementing efficient systems can lead to faster, more accurate reporting and better financial management.

✅ Bonus: The Cash Conversion Cycle (this is HUGE) Discover why understanding your cash flow is critical, even when your profits look good on paper.

This Segment Is Brought To You By Our Amazing Sponsors

Hopewell Farms GA

Roundtable Advisors

RichLife Advisors

Regions Bank

Highlights Of The Show

00:02:33 – Importance of Virtual Bookkeeping
Jonathan Wyrick explains virtual bookkeeping as a way to assist businesses from anywhere in cleaning up messy and unreconciled books. He highlights the significance of having accurate financial reports for making timely management decisions.

00:08:03 – KPIs and Granularity in Financial Tracking
Jonathan discusses the importance of tracking key performance indicators (KPIs) to analyze business metrics and trends. He emphasizes the need for granularity in financial statements to make informed decisions about product lines and overall profitability.

00:10:58 – Importance of Timely and Accurate Data
Phil and Jonathan emphasize the significance of timely, accurate data for making informed business decisions. They discuss the need for businesses to track key metrics and forecast cash flow to ensure financial stability and profitability.

00:12:41 – Case Study: Fine-tuning KPIs in Construction Company
Jonathan shares a case study of how tracking specific KPIs helped a construction company accurately budget and bid for projects, leading to significant improvements in project profitability. He highlights the importance of deep analysis in determining KPIs for fine-tuning business operations.

00:14:34 – The Power of Developing Processes
Jonathan shares how a paving company went from near bankruptcy to thriving by developing a process for tracking their bidding and pricing. He emphasizes the importance of knowing your numbers for effective estimation and growth.

00:16:13 – The Transition to Professional Accounting
Jonathan discusses the transition for business owners from minimal accounting needs to a more complex stage where proper accounting is crucial for success. He highlights the need to up your game as the stakes get higher and the business grows.

00:18:27 – The Efficiency of Virtual Operations
The conversation shifts to the efficiency of virtual bookkeeping, with Jonathan explaining how working remotely allows for quicker turnaround and access to digital tools for scanning physical documents. He also emphasizes the talent pool and cost-saving benefits of virtual operations.

00:19:29 – Importance of Outsourcing Bookkeeping
Phil and Jonathan stress the importance of outsourcing bookkeeping and accounting tasks to a professional like Jonathan. They discuss how virtual operations allow for flexible and efficient use of accounting talent, benefiting small businesses in particular.

00:28:07 – Importance of Software Familiarity
Jonathan discusses the importance of being familiar with various specialized software to make informed business decisions and stay well-rounded.

00:29:01 – Importance of Systems and Processes
Jonathan emphasizes the significance of efficient systems and processes in accounting, highlighting the impact of integration, automation, and accurate information for making wise decisions.

00:32:21 – Automation in Accounting
The discussion focuses on the automation of bank transactions in financial software to streamline the reconciliation process, ensuring accurate representation of balance sheets and profit and loss statements.

00:34:11 – The Role of Numbers in Business
The conversation highlights the importance of understanding and utilizing financial numbers to drive business success, emphasizing the need to merge passion with a strategic focus on financial data.

00:36:13 – Cash vs. Accrual Accounting
Phil and Jonathan delve into the significance of understanding the cash cycle, receivables, and cash conversion cycle in business, emphasizing the impact of cash flow and the tax bill on business operations.

Three Things You Must Know About Key Performance Indicators, with Bill McDermott, Host of ProfitSense

August 1, 2022 by John Ray

North Fulton Studio

Three Things You Must Know About Key Performance Indicators, with Bill McDermott, Host of ProfitSense

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Three Things You Must Know About Key Performance Indicators, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill explains three important aspects of key performance indicators, what they are, and how to measure them.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Bill’s commentary was taken from this episode of ProfitSense.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession. The show is presented by McDermott Financial Solutions. McDermott Financial helps business owners improve cash flow and profitability, find financing, break through barriers to expansion and financially prepare to exit their business. The show archive can be found at profitsenseradio.com.

Bill McDermott is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center and Gwinnett Habitat for Humanity and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University and he and his wife, Martha have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Twitter and follow McDermott Financial Solutions on LinkedIn.

David Shavzin, The Value Track

October 29, 2019 by John Ray

North Fulton Business Radio

David Shavzin, The Value Track

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North Fulton Business Radio, Episode 173: David Shavzin, The Value Track

David Shavzin, Founder and President of The Value Track, explains how he gets business owners on “the value track,” methodically building the value of their business in preparation for a successful sale or transition in the future. “North Fulton Business Radio” is hosted by John Ray and is broadcast from inside Renasant Bank in Alpharetta.

David Shavzin, The Value Track

David Shavzin created The Value Track to help business owners build value and create a path toward a successful exit. Too often, they have not built the value they need and are unprepared when the time comes to put their transition into action.

Since 2000, David has helped business owners get on The Value Track. He helps them think through their long-term goals and plans, educates them on business value and brings the right – collaborative – advisory team around the table. He then assists in the implementation of value-growth initiatives, guiding them to a successful transition (sale, family transfer, etc.) His 7-step process improves their quality of life and allows them to exit on their own terms.

A frequent speaker on these topics, David is a Certified Management Consultant, former IMC Georgia chapter president and President and Co-Founder of Exit Planning Exchange Atlanta, formed to bring advisors together in a collaborative effort to serve their clients.

His early career was in banking and finance, then 12 years with life sciences company Sanofi/Aventis. He spent 4 years in corporate finance and Mergers & Acquisitions. Then, 8 leading teams responsible for Quality, Finance, Supply Chain, Customer Service and IT functions within a $175M subsidiary.

To learn more, go to The Value Track website. email David directly, or call 770-329-5224.

“North Fulton Business Radio” is broadcast from the North Fulton studio of Business RadioX®, located inside Renasant Bank in Alpharetta. Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with approximately $12.9 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Year End Planning for Medical Practices

October 31, 2013 by angishields

The Doctors Roundtable

Year End Planning for Medical Practices

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The healthcare environment changes daily and physicians often struggle to keep up with regulatory changes, competition and reimbursement changes. There are many challenges looming: Obamacare, ICD-10 and Meaningful Use. Providers must spend time working on their practices as well as in their Atlanta Business Radio practices to thrive and not just survive. However, practices do not have to stay in a reactive mode. Taking time to plan can put a practice in a proactive mode to be able to anticipate and appropriate respond to opportunities, changes and challenges.

Quarter 4 is the perfect time to take action to minimize tax burden, maximize retirement plans, reconcile inventory, create the coming year’s budget and evaluate the coming year’s capital needs. Taking inventory, updating depreciation schedules, retirement planning, fee schedule analysis, A/R cleanup, tax planning, productivity and compensation evaluation are just some of the year end financial activities that can really make a difference in achieving solid financial performance.

Planning for retention of market share and growth is key to future practice viability yet how many practices have a formal, annual marketing plan. Marketing is often viewed as an expense vs. an investment yet new patients are a critical piece of revenue generation for every practice. The same marketing plans often do not yield different results and how providers reach, communicate with and message to current and potential patients is changing. Year end is a great time to acknowledge referral sources and examine the ROI of existing marketing efforts, brand cohesiveness, content relevancy and process, social media effectiveness and to make adjustments as needed. In a recent poll, 51% of patients said that digital communications would make them feel more valued as a patient and 41% said social media would affect their choice of healthcare providers. Is your practice keeping up with the interactive“new word of mouth” ?

An overall strategic plan can be the differentiating for success. Yet, many providers either don’t know how or feel they don’t need it. Yet, evaluation of Key Performance Indicators (KPI’s) to show the current standing of a practice, a SWOT analysis, a competitive overview and then making and implementing a strategic plan will help all businesses be positioned to recognize and capitalize on growth opportunities, assist in overcoming challenges and help protect market share for any business. Why should the business of medical practices be different?

In this segment of The Doctor’s Roundtable, three industry subject matter experts will weigh in on tips, strategies and considerations for year end planning for 2014 for medical practice success. Join Sharon Allred of LW Consulting ( a healthcare strategic planning expert), Beth McCauley of McCauley Marketing and Mark Estroff, CPA and medical practice tax expert as they share their best advice for positioning your practice for success in 2014. Listeners can visit: www.lw-consulting.com , www.mccauleyadvertising.com and www.pyagatesmoore.com for more information.

Mark Estroff