Episode #32 – 5 Questions with Guest Liz Szporn

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Welcome back, new episode, and I wanted to change things up a bit. We are now on episode 32, and up until now, it's always been me, and I've not had a guest. And, there's no particular reason for it, just, I think primarily because I've had a lot to say. And didn't really reach out to schedule a guest because I didn't have a topic that I thought was something that I would be able to discuss with a guest.

But I am so excited that we are going to have our first guest on the show today. Her name is Liz Szporn and I know her through Profit First Professionals. 

So, Liz is my guide. She has been now for let's see, it's been over three years that we've known each other. And when I first interviewed to join Profit First Professionals, when I met with Ron Saharyan, he's Oh, between your personality and logistics of where you grew up, I'm going to pair you with Liz.

And while she doesn't live there anymore, she grew up in Ohio. And then he references a town and I'm like, Oh, that's 30 minutes from where I grew up. All this time we lived near each other, didn't know each other. And it took us meeting up through Profit First Professionals. But I love Liz. I feel that My relationship with her has really catapulted me through a lot in these last couple of years that her and I had been working together..

So, I invite you to continue listening as we talk in this episode about the value of having a business coach. Enjoy.

Kelley: Hi Liz, 

Liz: how are you? I'm really well, Kelley, how are 

Kelley: you? Oh, it's a little rainy here, which sucks. But, you 

Liz: know, getting over it, it's fall. Tis the season's. I know. Have to, almost those leaves have to fall off the trees. That's how it does it. 

Kelley: The last rain. I know.

Kelley: I keep telling my kids next weekend I'm going to go and mow because I don't blow leaves. I mow over them. Yes. And that I mulch them. Yeah. And next weekend I'm going to mow, and it'll be the last time. And then there's still leaves on the trees. 

Liz: So Nope. Not the last time. Just keep watching. 

Kelley: They just won't give up.

Kelley: Thanks for joining me. I'm so excited that I was able to get you booked for today. So, let's talk about the importance of having a business coach. So, if you're up for it, I'm up for it. Love it. So, let's start off. What do you think the main challenges are that small business owners face right 

Liz: now?

Liz: What do you see? I'm going to say the one that I hear the most is really around finances and really around how they can pay themselves more consistently. Or at all. So it tends to go back to the fact that, business owners have great intentions. They leave a job, for example, or they start a new business, and they're doing something scary and risky and amazing.

Liz: And then they get in it, and they find their good at what they're doing. Let's say they are let's say they're a baker and they have a bakery and they're like, I did it and people love my bakeries. They love my items. Someday I'm going to pay myself. Someday I'm going to pay myself. So, I see that.

Liz: What do you see? 

Kelley: Yeah, definitely along the same lines. And those that that do have money that can pay themselves, they worry about then making that first hire. And it's, can I trust that person? Are they going to take care of my clients the same or better than I do? Can I afford to keep paying them?

Kelley: It's so it definitely revolves around the same. I definitely see the same struggles. So that's interesting. 

Liz: Yeah. And especially like with a team, like the team aspect that is for so many people that almost seems impossible. Like how can I pay somebody else? 

Kelley: Exactly. That doesn't make sense.

Kelley: Yeah. And the scary part is that if you never get through that first hire, you'll never have a team to be able to delegate work to, and you'll never be able to grow. Like it's, and it's so scary and I get it. I really do. And I've been there. Like I've had, and I've talked about it on my podcast before. I mean I started off by myself, then I had a team, and the team imploded.

Kelley: I imploded my whole business, and I swore I'd never do it again. But now I'm back to having a team because I got to a point where I was burned out. I was doing all the work myself and so it was great that I could pay myself because I was doing it all, but I was doing it all. 

Liz: Exactly right. That's so total.

Liz: Yeah. Getting back

Kelley: to adding a team, it's been such a huge relief off my shoulders to be able to delegate work out to people and, And as nervous as I was to bring back a team and start hiring people again you know what, they're competent, they know what they're doing. So it just becomes now more of a communication.

Kelley: Am I telling them what I'm expecting out of them? And that's a big that's been a big deal, big game changer for me to be able to take a big weight off my shoulders. So that's awesome. That's great. Love it. So, what do you think working with a coach, how does that help small business owners overcome their challenges?

Oh 

Liz: my gosh, I have so many thoughts on this. It's a great question. I love it. So, the first thing is I go quickly to this quote that I probably say too much, but it's The power of a coach allows you to move from like amateur to pro status. So, we'll use this sports analogies, right? Amateurs will do it themselves, right?

Liz: Professionals use coaches because there's, there is power in getting out of our own way and having somebody see something different. Our perspective is very, laser focused on what we're doing, how we're feeling. We're in here, right? But to have, I have this joy of working with profit first professionals all the time.

Liz: And I have this 30, 000 foot view. I don't have all the answers. I don't know everything. Obviously, I don't have a zillion things. I don't know. But what I could see Is a different viewpoint, a different vantage point. And so, I could see something that may be a roadblock for you, for example, and you would say, Oh, my gosh, I forgot about that.

Liz: Or I didn't even see that. And they're like, Yeah, of course you can't. It's too close. It's too much. It's too big. It's too whatever. So I find that, that simply a higher view. Is really helpful. But also, there's usually a structure or our intention is to move you toward the goal that you said you wanted.

Liz: So, if you say, Liz, I want to pay myself $100,000 this year. I say, cool, we're going to keep that as our mile marker. And no matter what we're doing, we're not going to lose sight on that. We are not very accountable to ourselves in ways that actually can benefit us. So, we constantly put up reasons like I can't do that because I need to spend more money here.

Liz: And we put ourselves last and a coach can help you to put yourself higher up on the totem pole, because the only reason you got into this was to have freedom to have, money to have whatever, and a coach can help you remember what your goal is when our behavior doesn't serve us. 

Kelley: Yeah, absolutely.

Kelley: So, I, this last week, I, all of a sudden somebody had recommended to me Alex Hermozi's book, $100M Offers. I'm starting with “offers”, starting at the beginning. So, starting with the “offers” we'll do “leads” next week. But in there he talks about somebody approached him and said he wasn't, he was all about his gyms and managing them and getting them to grow.

Kelley: And then he had two different, he had spoken at an event and two different $50,000 for one day. If you can come in and do all of this. And he said at the time I wasn't, it was like this weird, Because that's not what he was doing. He wasn't thinking about it. And then it occurred to him afterwards yeah, because now you're going to leverage like I've been through what you're through what you want to go through and now you, I can shortcut so I can get you over the hurdles faster than if you do it by yourself.

Kelley: So correct that I kept replaying that over. I'm listening on audible and reading the book and I like, I listened to that one a couple of times because I'm like, yep, that's it. It's getting through those hurdles. Because I've been there so I can you get get there faster.

Liz: I've been there, I've made those mistakes. Yeah.

Liz: I've been in that pitfall. I've fallen there. You know it, and I've figured out a shortcut I figured out Yeah. A way to not cut yourself. Exactly. That's what I did. 

Kelley: Exactly. Yeah. So yeah. So that's definitely, that's resonated with me. So yeah. I'm like, yep, that's very true. I love that.

Kelley: Yeah. Yeah. So, what specific ways can a coach help a small business improve their strategy? 

Liz: So most coaches or advisors will have a framework behind them, so they are using, we'll just use profit first concepts, for example, we know that these are really stable concepts and frameworks that can help us to achieve the goal that we want, which is, to be able to pay ourselves more to have an emergency fund and, anticipate success with taxes.

Liz: So, we have a framework. Which we know how to implement because we've done it ourselves. We've done it with other people. We have access to a lot of the resources. And so, I find that the strategy specifically, whether you're looking for a marketing person or a content strategy person or a profit advisor or a small business coach in general, they have frameworks to achieve whatever you want.

Liz: So, the strategy, again, that's Big picture, high level, high level insights backed by framework, backed by structure, backed by accountability to move you through the process. So I find that when people say, Hey, I have this thing I want to do, we can reverse engineer it, which is what most coaches will do.

Liz: We'll say, All right, let's start with this end in mind and work our way back to say, All right, what's the first thing we're going to do? 

Kelley: No, absolutely. And that's actually what attracted me to profit first to be a profit first professional, I had read the book and of course it resonated with me. It was stuff that I had been telling clients for years but had not thought through everything like Mike had.

Kelley: And obviously I had not done any of the research that Mike had done to put the book together. But I'm like, Oh, he took I had the same basic thoughts. But he took it. A whole, better direction and it was better detailed, and it was a better framework. And that was really the basis.

Kelley: And I'm like, okay, now I feel better about teaching this to people. I was telling people before, but I didn't have behind it. The why, like, why am I was just saying, Hey, open up another bank account. If you have, if you struggle with. Payroll, open up another bank account. If you have sales tax and you're struggling to get that, save that money, open an account just for that.

Kelley: But I didn't have the why behind it and I didn't have the like authority, I guess would be, behind it. But having a framework was an amazing thing for me. That definitely opened my eyes. And shifted me from the, the transactional doing the compliance work, the bookkeeping and the taxes and the payroll to do to look more forward shifting and helping people like actually teaching them because I've never been a good teacher and.

Kelley: That was like a game changer for me because that really shifted my focus. And they're like, Oh, yeah, now, 

Liz: now I've got it right. And it's so important this whole part of, the line where you said, I read the book and I got it, but I didn't know exactly necessarily how to do this for someone else.

Liz: And so, what is also important to know about small business coaches is, the more they dive deep into something. So, when, for you, for example, you don't have 65 different certifications at 65,000 different things. You say, I am a converted CPA. And so, I have all of that education.

Liz: I have my corporate career. But then. I chose this thing, this profit first advisory, this, helping people to helping small business owners, stabilize their profit and I'm diving all in because the book, we use this phrase a lot is the tip of the iceberg, but what you have done by investing in yourself, investing in your professional development and what all of our members do is they go deeper.

Liz: And they look for all the friction points. They look for all the ways to change this from a fix it philosophy to a full on growth strategy process. And good on you for really taking that seriously and diving in. So, whoever is lucky enough to get to work with Kelley Brubaker or someone similar to Kelley Brubaker is they're in good hands, right?

Liz: They have expertise, they have certification, they have, and that matters. 

Kelley: Absolutely. And then within the Profit First Professionals world, we've got other people. Just even, I want to say last week or the week before somebody had asked me a question and I'm like, Oh, I'm like, that's a great question.

Kelley: And I'll tell you right now. I don't know the answer, but I've got my, I've got my people. And so, I was just able to jump into our group and say, Hey, And say, Hey I have this, I, this question was asked of me and I don't know how to answer it. And then I can get people who respond back either within the group, or I had a couple of people, send me direct, emails like, Hey, I didn't want to mention this in the group, but so it's nice to be able to have the people around me and I know just going through, so going through the $100M Offers book, I hit, I'm like three fourths of the way through the book.

Kelley: And it's an easy read and to listen to it on audible and then Alex put together some videos which very much support the book, but he's just repeating the book and so I actually hit a point where I’m like Oh, I wish he had somebody and he's very open that he doesn't help people until you hit $3 million in revenue.

Kelley: And I'm like, but I wish he had somebody that, that I can contact because now I have this one question and it could get me through this hurdle pretty quick. So, I'm like I'll just keep my question off to the side. But it's nice to be able to have people that can help you that have been there and done 

Liz: that.

Liz: So, I agree. Absolutely. Agreed. A hundred percent. Nice. Absolutely. 

Kelley: How do you think a coach can help small business owners manage their time and priorities more effectively? 

Liz: Ooh, time and priorities again. And I can't wait to hear what your answer is on this, too. So again, I go back to we start with the end goal.

Liz: So, what do you want? Whether it's a revenue goal, a team goal, a growth goal, develop whatever the goal is, you have declared it. And there's something about the declaration to another person that already levels up the accountability. So now somebody else knows what you're trying to do. And someone else that you happen to be happens to be working for you and saying, All right, the only way we can say this is successful is if we achieve this goal.

Liz: And it does depend on what you do. So again, as a coach can't fix things. A coach though has perspective, insight, has frameworks and can guide you and then going to your priority and time. Hold you accountable. And sometimes I don't love that phrase. Cause it sounds like, Oh I'm not your mom.

Liz: I'm not going to tell you what to do, but with adults tell me what to do, but don't tell me what to do. Tell me, don't tell me, don't tell me what to do. Cause I'm not going to do it but tell me that again. And so being able to have somebody that you've said.

Liz: Okay, Liz, I want to do this thing. It's big and scary and I'm going to do it. I'll use actually, I'll use an example for this. I did in terms of the accountability. I declared I wanted to run a half marathon before I turned 40 and I had to put that out there. Yeah. Oh, absolutely. I had to put it out there and I had to put it.

Liz: So, I put it out on Facebook, which was my main social thing at the time. And so, people who were runners were like, awesome, this is great. And then they kept saying, how's it going? How's it going? And for me to be like, Oh, I didn't really do it was not an option. So, I was like, now I'm embarrassed. Now I have to do it.

Liz: So right. That accountability helped me with my priority, which was to do this big thing. Yeah. And get like on the Saturday morning long runs where I'm like front getting up at six to run nine miles, which sounded terrible Cursing yourself. Why did I do this? Until we're done and then I’m like boom everybody on Facebook.

Liz: I just ran nine miles Yep, whatever but that accountability is key. And as far as time you're having regular meetings with a coach, whether they're monthly or quarterly or whatever, there's a consistency And a homework or an assignment or a follow up that helps you with the timing, So you and I are big believers in Parkinson’s law, right?

Liz: And we know that if we're given a certain amount of time it's going to take that Magically exact amount of time for us to get done. Most people operate this way, right? I joke often people will turn in their assignments to me before we're meeting and they're like, sorry, and they're embarrassed and they're like, I'm sorry.

Liz: I just started It's like whatever man. You did it, right? You 

Kelley: did it. You did it. Yes, and that's the thing, right? 

Liz: Exactly when you did it, right? Yeah, right So I think those are the two biggest ones accountability and then consistency with meeting. How about you? What do You 

Kelley: know, it's funny you mentioned the half marathon goal.

Kelley: So, I actually had the same goal, but before I had my second kid so it was one of those things I was, I had gone on vacation with my cousin. I already had one kid at home. It was like my mom's day out weekend. And I'm on the plane, we were coming back, we were in a Dallas and I'm coming back home and I'm, and I just happened to catch an article, somebody, inspirational, I, didn't run and now I run.

Kelley: And I'm like, Oh, I've been running five K's. I'm going to do a half marathon. Now's the time I did the same thing. Came back home, Facebook, I'm going to run a half marathon. And then, and yeah, it actually, I struggled because I didn't have a coach because I didn't have somebody that was barking in my ear, even though I put on social media, a lot of my friends were 

Liz: like, ah, okay, Kelley, that seems to come and no way.

Liz: And 

Kelley: yeah, that's great. But. And, and you brought up great points. I do not like being told what to do. That's part of why I'm employed because I, like I had, started in big four and it was constant being told what to do. And then once I left there, I was CFO. So that was great.

Kelley: Because I was CFO of a bank. I got to be in charge. It was amazing, except I reported the CEO and he and I butted heads all the time. Oh, that did not last. And so then going on my own, yeah, I was lost for the longest time because I didn't have somebody else. I didn't have somebody to lean on to ask questions and to hold me accountable for things.

Kelley: And like you said, as much as I don't want to be told what to do or be held accountable for things, that's actually how I'm getting things done. We've worked together for a couple of years now and yep. I've done things that I published a book I have wanted to write a book for almost 20 years, and it finally took me saying, this is it, I'm going to do it.

Kelley: It's just, it's declaring it and having somebody there that I'm meeting with, on a regular basis. 

Liz: And we stepped it up, right? So again, like you were saying, you basically said to yourself, I'm done being an amateur. I'm done playing small. And so, it's like that declaration, you made it to me, you made it to profit first professionals.

Liz: You made it to your other core peer group. And we're like, this is happening. So, we stepped up. Our frequency. So, you and I are meeting every other week for a long time. And we're like, all right, what'd you do? Here's your homework. And again, that accountability end of the day, you're not grounded if you don't do it, you're like, I did this to myself.

Liz: Stop sabotaging. This is only trying to help. Or, when you with your clients, you're like, you said you wanted this. If you do not want this, We'll stop, but are you sure you don't want this? Exactly. This is a big 

Kelley: deal, right? Whatever. Exactly. Yeah. Because that's the thing. In life and running a business, there's no, hard set ultimatums.

Kelley: There's nothing that says you have to hit this milestone, or you have to do this. And yeah, so if you change your mind, you change your mind. That's one of the first things I tell clients when we start with profit first, I'll say, Hey, can you fill out this questionnaire? Let's talk about some of your goals, just so I have an idea.

Kelley: And there's no wrong answers at all. And then once they finish it and we, the next time we meet and we'll talk about it and I'm like, just so you know, this is going to change, like in the time we're together, you're going to change your goals and that's absolutely fine, but let's just keep talking so that I know what I'm helping you with.

Liz: Totally. So, I love it. Absolutely. So, I love 

Kelley: it. Awesome. So how about one last question? Okay. How does working with a coach keep small business owners accountable, which we just went through? 

Liz: Yeah, I think it's having another person. And it's like, Finding the right person matters. So yeah, I've got to leave with that, just like a therapist, you're going to interview some, you're going to kiss some frogs.

Liz: You're going to, you're going to have some people that you don't jive with. So, I think if you've found your person who, values wise is a good fit that you feel really comfortable with so that you're able to be, there's a vulnerability and a respect that needs to exist in a coaching relationship.

Liz: And because you're. You're coming in and you're declaring yourself as not perfect, right? Which as grownups, we don't like to do very often. No one likes to say, I don't know. No one likes to say I didn't do well, all of those things. So being able to have somebody that you jive with, that you trust, that you can stand financially vulnerable in front of in a way that says, I cry uncle a little bit, like I, whatever I've done so far was good, but it's not going to get me here.

Liz: So having a relationship with a trusted advisor, someone that you respect, someone that respects you, and isn't just trying to push their agenda Down the road and be like, Oh, absolutely. You're like, I didn't actually want to do that. I want to do something else. You said this and or I don't do that or whatever.

Liz: So, I feel like the relationship actually is huge in that part. And then once you're there, then you're like, all right, I trust. that what you're telling me to do serves the greater good. So, I'm going to do it. So, I believe there's a weird way to get to accountability, but I think the relationship is huge in it.

Liz: Yeah, whoever gets to work with you is super lucky to be able to be like, okay, she sees me, she's done this experience, or she's had this experience, and she knows what's best for me with this goal in mind. No, 

Kelley: absolutely. And yeah, and I completely agree, which is part of why I love this format of podcast and making video podcasts as well.

Kelley: So, you can either read the transcript, you can watch it, or you can listen to it because it gives me this ability to be able to put myself out there. And so, I have opened up a little bit. On my podcast, but once I'm actually in a private meeting with clients I'm able to share, okay, this is really what happened.

Kelley: Like I mentioned it before in a podcast, but this is this is what happened. And that vulnerability…it goes both ways. And I know how scary it is. Cause I've, I'll admit I've been in therapy for. For a long time. And who has it that I know but who you know, you get to that point where it's like You've got you've got to share if you're ever going to get through it And so i'm just as vulnerable in our meetings with clients that yeah that I expect my clients to be as well So 

Liz: great.

Liz: No, absolutely Yeah, that's great. And it's It's not as rare as people think, to be able to find good people. They're amazing, really wonderful people. But, with the coaching, it's, it is different than therapy, right? With therapists here, but it's one thing where you're sitting there.

Liz: Like I have a very specific goal in mind. And so I need to feel good that this person knows what I'm doing, but also feel that I can be open and honest and not it was, I was just thinking about the, as you were talking, like we're conditioned to be professional. Instead of real. And I think that is a huge block.

Liz: Particularly, I can only speak on the female business owner experience as a female business owner. We're trying to be professional instead of ourselves. And that's actually it gets in our way. So being yourself in this type of relationship is critical. 

Kelley: No, absolutely. Absolutely. I definitely agree.

Kelley: That is all the questions that I have for today. So hopefully we can get you booked back again 

Liz: in the future. Any time you want to listen to me blather on game on all the time, 

Kelley: all the time. Nope. I love it. I love when I first contacted Ron to join profit first professionals and He and I are talking for a little bit and he's Hey, he goes, wait a minute.

Kelley: He goes, did I read that right? You're from Ohio. And I said, yeah. And he's Oh, he goes, I already know who I'm going to pair you with as your guide here. And I said, okay, is this good or bad? You're a little excited. You never know. And he goes, Nope. He goes, Liz, she lives in New Jersey now, but she's from Ohio.

Kelley: It's a small little town. And I said, Oh my gosh, that's 30 minutes away from where I grew up. So, we lived near each other for 20 years and never knew each other. 

Liz: But also my favorite part of that is because I went to high school with a Kelley Brubaker. 

Kelley: Yes. Oh, I forgot about that. That's 

Liz: true.

Liz: So, I texted my sister and I said, Sarah, where's Kelley Brubaker live? She goes, how on earth would I know? And I was like, are you the Kelley Brubaker who went to Hoover high school? And you're like, no, but how funny. That's just, it is. Two coincidental. 

Kelley: That was great. Absolutely. And yeah, it's just been a match made in heaven.

Kelley: So, the last couple of years working with you has just been amazing. 

Liz: you're awesome.

Kelley: Awesome. Thank you. Thank you for your time today. I appreciate it. Like I said, hopefully we'll schedule you back for another episode. Thanks friend. Good luck everybody. Thank you.

Liz Szporn Bio 

Liz Szporn is a Sr. Guide at Profit First Professionals. She supports the transformation of accounting, bookkeeping and coaching firms. She particularly loves increasing profitability in these firms by working on marketing content and strategy to increase client engagement starting at the beginning of the sales cycle.  

Liz has 20+ years of experience as an executive and entrepreneur with a track record of financial success and strong leadership skills. In addition to being a Guide, Liz is a co-host on the Grow My Accounting Practice podcast, with Mike Michalowicz and Ron Saharyan.  

She also co-founded Leaderally, a professional development firm for educators, where she produced and delivered curriculum, workshops and presentations focused on communication, management and strategy.  Liz lives in New Jersey with her husband, three children, and two dogs. 

Email: [email protected]  

LinkedIn: https://www.linkedin.com/in/elizabethszporn/ 

Listener’s Question of the Week

So now it's time for our listener's question of the week. And this week's question comes from Carl. And Carl says, I think I need help, but I'm not even sure where to start. 

My bookkeeper just admitted to me that while she has been reconciling the IOLTA checking account to the bank statement every month that we've been working together. She has never reconciled the checking account to the trust liability. And I'm looking at the balance sheet right now and they don't match.

Can you please help? What do I do? 

Carl, yes, definitely you need some help. I will say that this is probably one of the biggest things when a law firm hires a bookkeeper that should be inquired about. Do you have experience reconciling the IOLTA doing a three way reconciliation? And if they don't understand that, they're probably not the best fit for you.

Most accounts are considered to be a two way reconciliation. So, this is your normal, like your personal checking account, you reconcile to the bank statement. It's two way. So, you've got your check register that you keep, and then you have the bank statement, and you reconcile those two things. But with an IOLTA account and trust balances, that becomes a three way reconciliation.

Because you have to reconcile three pieces. First, you want to make sure that you reconcile the IOLTA checking accounts that you have in your QuickBooks. That check register reconciles to the bank that confirms that the information's correct in your general ledger. And it also confirms that the bank's correct.

Banks can make mistakes. Shoot, I've had a bank. I wrote a check for $800 once and the person, and this was years ago when they used to do more manual processing of checks. And this is also so old that when 10 keys had a double zero button instead of just a single zero, like normal zero.

So, when they cleared it, the person hit the double zero button instead of 800. And so, it turned into clearing for $8 million. I wish that I could write a check for $8 million. And it cleared my bank, but that was an immediate phone call. I got from the bank saying, Hey, you're trying to write a check for $8 million.

And I said, I think you're crazy. So luckily that was detected very quickly and resolved before it became an issue, but mistakes happen on both sides. So, you can enter something incorrectly in QuickBooks or whatever your bookkeeping program is, but the bank can also clear transactions incorrectly as well.

So that's why you do that reconciliation. So that's the first step on your trust accounts is to make sure that your IOLTA checking account, the check register you have detail for. matches what the bank, those transactions match. Then the next piece, and this is the third part, so that first piece is the two way reconciliation.

Now once you've established that your IOLTA checking account register is correct in your bookkeeping program, you then reconcile that balance to your trust liability accounts. And those should match. I'm not sure that I can think of a time when they don't actually match. They should always match.

So, you should be able to pull up your balance sheet and you should be able to look at the top of your balance sheet where your assets are listed. Your bank accounts are usually first and for your IOLTA checking account balance, that should match to the penny to whatever your trust liability.

I think the only time I've ever seen them not immediately right off the top of, face value tie is that there's either multiple IOLTA accounts. And one trust liability account or one IOLTA bank account and multiple trust liability accounts. And the only reason they don't immediately appear to match is because you have to add.

You have to add up either the multiple bank accounts or the multiple trust liability accounts. But once those, the math is done, the Bank account does equal the trust liability in total. So if they don't match, there is definitely an issue and I don't know the rule for every state bar, but the ones that I've looked up, that is an issue with the state bar.

If your trust liability checking, or I'm sorry, if your trust liability account is out of balance with your checking account, that is an issue that, that is stop everything, get that fixed. I did do a podcast it's one of my very first podcasts. It's episode number three where I talked through the process of going through how to figure out how to fix it.

So definitely go through. Now, I will say that just because your person has not done the reconciliation, and I do believe that for most states that it's actually required that the reconciliation is performed on a monthly basis, on a timely monthly basis. But so that, that's an issue. But just because it hasn't been done doesn't mean it's out of balance.

So, it could just be a fact that it's just not been done. And if that's the case, get them done, get them documented so that you have that there. If you get audited by your state bar, you'll have the documentation. But if it is out of balance, then definitely listen to my episode number three, and I'll try to link it in the show notes below that talks about the process, the steps to go through to get that fixed.

And it's very tedious. It could be something you could have one transaction from a long time ago that was entered wrong or didn't clear correctly, and it'll throw off the whole thing. Take a listen to episode number three, and definitely it's high priority to get this fixed because if you do get a random audit from your state bar at least a couple of the bars that I have looked at this into.

And so, I can't say that it's for every state bar, but it is an offense that could get you disbarred. So, it's that severe. If you have any questions, please feel free to reach out to me. I'm more than happy to help. This is a service that I can help provide if you want somebody independent to come in and just look at getting this issue resolved. I'm more than happy to help out. Just reach out to me. You can contact me at [email protected].  Thanks, and have a great day.

Inspirational Quote

This week’s inspirational quote is from anonymous, “Don’t be afraid of going slowly. Be afraid of standing still.”

Final Thoughts

So final thoughts for today. I am so excited that I was able to coordinate having Liz come on as our first guest. So, I adore Liz and it was a great conversation. Let me know what your favorite takeaways were from our conversation. Is there a different topic that you would like discussed with a guest or is there a guest that you think would go great with this show?

If you have any questions about today's episode please let me know. If you're watching on YouTube, you can comment below or send me an email to [email protected] and if you know someone who might need to hear this information please share this episode with them or if you're on YouTube, you can tag them below. 

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And before I go, remember profit is something you intentionally plan for in the beginning. It is not a potential bonus at the end of the year. 

Thanks, and have a great day.

Welcome back, new episode, and I wanted to change things up a bit. We are now on episode 32, and up until now, it's always been me, and I've not had a guest. And, there's no particular reason for it, just, I think primarily because I've had a lot to say. And didn't really reach out to schedule a guest because I didn't have a topic that I thought was something that I would be able to discuss with a guest.

But I am so excited that we are going to have our first guest on the show today. Her name is Liz Szporn and I know her through Profit First Professionals. Be sure to follow and subscribe to get notifications for future episodes!

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