5 Issues on your Profit/Loss that can impact business decisions with JR Armstrong

Welcome to this episode of 20/20 Money! My guest on today’s show is JR Armstrong. JR is a CPA and partner with May & Company and similar to our firm has a focus of serving optometric practice owners nationwide. JR joins us on the show to talk about not only why it’s important to know the financials of your practice, but specifically how important it is to ensure that the financials are accurate and correct before making business decisions based on your financial metrics. We discuss items such as the importance of not going “negative equity” in your business, why it becomes really confusion to commingle business and personal expenses on one credit card, and other business financial overlooks.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.   And with that introduction, I hope you enjoy my conversation with JR Armstrong. Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!