E31: Top Accounting Mistakes New Businesses Make and How to Avoid Them, Apple CFO Lean Finance Team

We're back after audit, year end, month end, budget, everything szn. It's Ash + Kevin this week, and we wanted to break down the critical steps to setting up a strong financial / accounting foundation for your business. Whether you're just starting out or looking to revamp your existing finance function, there is something for everyone! In this episode, we discuss: - Why businesses fail and how poor accounting practices contribute - Does an accounting software matter? - Setting up your accounts and reporting structures for better insights - The critical role of cash flow management in your business's success - Simple yet effective controls and processes to keep your finances in check - The difference between accrual and cash accounting and why it matters - Apple CFO's departure and his lean finance team methodology Plus, we share the latest update on Hubert’s new baby girl and how the Pod is evolving (peak the name change!) 🎉 Whether you're an entrepreneur, a small business owner, or just looking to get your business finances in order, this episode is packed with practical advice to help you level up. Don’t forget to like, subscribe, and hit the notification bell to stay updated on all our latest episodes! #AccountingTips #NewBusiness #Finance101 #BanjoPod #Entrepreneurship #businesssuccess _______________________________________________________________ Welcome to the Ash, Hubert & Kevin Pod (AHK). We share finance stories, lessons, and mistakes to help business owners and finance pros understand sometimes complex concepts. Our aim is for you to leave each episode thinking, "Ah, okay. I get it now." About the hosts: Ash: Husband, dad, and strategic finance leader with more qualifications than letters in the alphabet. Hubert: Husband, dad, and the technical finance leader with a passion for anything with engines. Kevin: Husband, dad, finance leader by day, side hustle builder by night!