Keeping Your Cash Safe by Automating Monitoring

The Mind 🧠 of a CFO

Read time: 3:29 minutes

Welcome to The Mind of a CFO newsletter. The newsletter is designed to help entrepreneurs grow in business 📈, mind 🧠, body 💪, and spirit🧘.

We will give our CFO's take on a topic to grow your business profitably each month.

In addition, we will provide you with a few things we are listening to 👂, reading📚, or watching 👀 that we believe will help grow an entrepreneur.

Disclaimer: Some of the links below support me in writing this newsletter, and some give you a deal too.

It's been a minute since I last posted here. I've been over at Inc. Magazine, sharing some wisdom, but I'm back and excited to catch up!

First, I want to share that we're launching an exclusive Virtual CFO Cohort, specifically designed for service-based business owners in the $250k to $1.5 million revenue range. This unique program is dedicated to helping you achieve profitable growth and unparalleled financial clarity heading into 2024.

Here's What's on Offer:

✔ Expert-Led Zoom Sessions: Three in-depth sessions focusing on financial mastery, pricing strategies, and making informed financial decisions.

✔ One-on-One Expert Recap: A personalized session with a financial expert to cement your learning and tailor it to your business needs.

✔ Money-Back Guarantee: We're confident in the value of this cohort and offer a full refund if you're not satisfied.

✔ Complimentary Access to Enjoy a 6-month free subscription to, which provides real-time financial insights without the need for constant app check-ins.

We are offering you an exclusive early bird price of $500 from the standard $750 investment. This offer is valid until December 1st, so don't miss this exceptional opportunity!

Click here to learn more and apply.

CFO’s Monthly Take - Keeping Your Cash Safe by Automating Monitoring

Let’s talk about safeguarding your business’s finances. In the dynamic world of business, the risk of fraud is an ever-present shadow. But fear not, as I've got another insight from my latest Inc. article: "5 Tips to Prevent Fraud." Today, I’m zoning in on Tip #3: Proactively monitor and analyze data.

Entrepreneurs are busy focusing on a million things, so proactively monitoring your accounting can be challenging. Plus, entrepreneurs doing less than $1 million in revenue can have difficulty investing in a fractional CFO, as I recommended in Tip #5

This is where accounting automation can be vital. I recommend to clients and use it for my firm. It's not just a tool; it's your financial watchdog. FinDaily provides an automated financial digest of accounting, banking, and Zapier data via email for less than a cup of coffee a day.

Imagine getting a daily or weekly email with both you and your bookkeeper CC’d. Sounds simple, right? But here's where it shines: this creates a transparency loop. Your bookkeeper knows they're being monitored, upping the accountability factor. Plus, it nudges you, the business owner, to dive deeper and ask those crucial questions. Why? Because knowledge is power, especially when it comes to your finances.

Another benefit comes from Verne Harnish's book Scaling Up. Vern recommends having your cash reported daily. According to Vern, you'll learn so much more about your business when you see how the cash is flowing on a daily basis.

To sum it up, integrating an automated tool like into your financial strategy creates a culture of transparency, encouraging proactive engagement and gaining insights that can pivot your business towards success. Remember, in the business world, the best offense is a good defense, especially regarding your finances.

In the spirit of Cyber Monday, Get 50% off for three months of FinDaily using the code “BF2023”. This deal expires on 11/30/23.

Brain 🧠 Food

🧠 🧘📚 Breaking through negativity 👇

Thanks for reading, Luke Templin!

P.S. There are two ways to work with Luke to grow your business profitably.

  1. Virtual CFO Cohort for service-based entrepreneurs with $250k - $1 million revenue.

  2. Fractional CFO for service-based entrepreneurs with over $1M in revenue.