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Painting Contractors: P&L is shows profit, but your bank account is low in cash?

Name: Painting Contractors: P&L is shows profit, but your bank account is low in cash?
Uploaded: 2023-06-14T19:28:37+00:00
Duration: 47 s
Channel: Daniel Honan
Description: This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Contractors: P&L is…

14 Jun 2023 · 1 min

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This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Contractors: P&L is shows profit, but your bank account is low in cash?" (posted June 14, 2023). The excerpt features a single speaker (labeled SPEAKER A) giving practical financial advice to painting contractors: explaining why a profit-and-loss statement can show profit while bank cash is low (uncollected invoices), recommending pulling an accounts receivable report from QuickBooks or invoicing platforms (e.g., Drip Jobs, Pain Scout) to identify who owes money, and advising faster collections/reducing days outstanding to improve cash flow.

Chapters

You look at your profit and loss, it says you're doing awesome, but you don't see any of the cash in your bank account. It might be because you've invoiced a lot of your customers, but you haven't received payment from them yet. So you want to pull an accounts receivable report either in QuickBooks Online or your whatever you're invoicing your customer out of, whether it be Drip Jobs or Pain Scout or whatever. You want to pull an accounts receivable report to see who owes you money and try to get paid as quickly as possible. And that's a big lever to improve your cash flow, is to get paid faster. And it can just be in a matter of days, you know, if you just decrease the amount of days that you have outstanding accounts receivable, collect that a few days quicker, that's going to drastically improve your cash flow over time.