The Chris Voss Show - The Chris Voss Show Podcast – Accounting Fundamentals: A Non-Finance Manager’s Guide to Finance and Accounting by Shihan Sheriff

Episode Date: November 13, 2023

Accounting Fundamentals: A Non-Finance Manager's Guide to Finance and Accounting by Shihan Sheriff https://amzn.to/3QZk0DS Moneymasterhq.com The only guide required for Non-Finance Managers an...d Professionals, Entrepreneurs, Business Owners and Students! Are you frustrated by the complexities of Finance and Accounting? Do you find reading financial statements overwhelming and intimidating? As a business owner or manager, you know that finance and accounting are critical aspects of running any successful enterprise. But unfortunately, for many people, it is a complicated topic full of jargon that can be confusing and daunting. The lack of financial literacy can lead to costly mistakes, missed opportunities, and unnecessary stress. Imagine if you had a clear and concise guide that could help you easily master the basics of finance and accounting. Well, there is. This book was written to empower you with strong financial acumen so that you can make better, informed decisions in your career and business. Here are some topics you will learn about: The Principles of Finance and Accounting: Easy to grasp Accounting Principles and Financial practices to equip you with the knowledge you need to manage financial matters without frustration or confusion. Basic Financial Terms: 23 Financial terms explained in a way that anyone can understand, so you can confidently engage in conversations with any finance professional. Financial Analysis: Learn how to read a financial statement like a pro, this will enable you to analyze and gauge the financial performance of any business. Business Budgeting and Forecasting: Gain the tools and strategies needed to navigate the intricacies of business planning, create realistic budgets, and make accurate business forecasts. Don't let your lack of financial knowledge hinder your ability to grow a profitable business or build a successful career. With this book as your trusted resource, you too can build financial confidence … in as little as 7 days! It’s time to make the decision today to invest in your Financial Empowerment. Are you ready to embark on a journey toward Financial Mastery? About the author Shihan Sheriff, from Sri Lanka, is an accomplished Chief Financial Officer at Esanjo and Vice President of Finance at Nomod, a Y Combinator-backed global business based in Dubai, U.A.E. Holding two MBA degrees and currently pursuing a Doctorate in Business Administration, he is a member of several esteemed global accounting bodies: CIMA (UK), CPA (Australia), CGMA (USA), and UAECA (UAE). With 18+ years of finance and accounting experience, including 11 years as a CFO/VP, he excels in diverse industries. Shihan is also the founder of MoneyMasterHQ.com. Beyond work, Shihan loves acquiring new skills and helping others learn finance and accounting, striving to improve the world. His passions include spending time with family and watching cricket, tennis, and football.

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Starting point is 00:00:00 You wanted the best. You've got the best podcast, the hottest podcast in the world. The Chris Voss Show, the preeminent podcast with guests so smart you may experience serious brain bleed. The CEOs, authors, thought leaders, visionaries, and motivators. Get ready, get ready, strap yourself in. Keep your hands, arms, and legs inside the vehicle at all times because you're about to go on a monster education roller coaster with your brain. Now, here's your host, Chris Voss. Hi, folks. This is Voss here from thechrisvossshow.com.
Starting point is 00:00:42 And that's what the fat lady sings today. The chrisvossShow.com appreciate you guys coming by as always we're bringing you the chris voss show for 15 years we've been bringing you the ceos the billionaires the white house presidential advisors governors congress members u.s ambassadors astronauts tv and print pulitzer prize journalists and authors people from all walks of life that spend hundreds and thousands or sometimes a lifetime of hours learning so much data and they bring it to you in this beautiful little package we like to call The Chris Voss Show Podcast. And a bow that comes with it.
Starting point is 00:01:31 It's almost like Christmas every day on The Chris Voss Show. And I should mention, of course, for guilt and shaming purposes, we do three to four shows every weekday, 15 to 20 a week. So if you're not keeping up, there is a test on Saturday. And if you flunk, you have to listen to all the shows again. But thank you for supporting the show. Tell your family, friends, and relatives to go to Goodreads.com, 4chesschrisfoss, LinkedIn.com, 4chesschrisfoss, YouTube.com, 4chesschrisfoss, subscribe to the LinkedIn newsletter,
Starting point is 00:02:00 130,000 LinkedIn group. Also go to Facebook where you can interact with the show at chrisvossfacebook.com. Today we have an amazing gentleman on the show. As always, we just have these amazing people that will broaden your minds, expand your perceptions, and educate you in ways that you'll just be like, I know so much. I'm going to go solve cold fusion and nuclear whatever. I don't know. I flunk physics. Today, we have a gentleman on the show. He's the author of the newest book that just came out, July 26, 2023,
Starting point is 00:02:39 Accounting Fundamentals, A Non-Finance Manager's Guide to Finance and Accounting. Shihan Sharif is on the show with us today, and he's's gonna be talking to him about his amazing book went into it now you too can be a non-finance manager and manage your money maybe figure out how to how to do your accounting better eh some of you i've seen your books i was on a mortgage cover for 20 years i've seen a lot of books and pnls on people uh he is the founder and of money master hq and the vp of finance for y combinator back company nom nomad nomad do i have that pronounced right that's right chris yes there you go nomad uh with dual mbas and over 18 years of finance across multiple industries he is a certified global accounting expert. So he's here to offer you actionable insights on finance and accounting.
Starting point is 00:03:34 Drawn from his extensive career with both publicly listed and family-owned businesses, he is also passionate about self-improvement and community support and all that good stuff. Welcome to the show, sir. How are you? All good, Chris. Thank you very much for having me on your show. And hi, everyone. I hope you're keeping all well. There you go. And do I have your first name pronounced correctly on the show? Yes, that's right.
Starting point is 00:03:54 There we go. Not everyone gets it right, but yes, you got it perfect. We try hard to get stuff right on this show. Although if you've seen me, there's a lot of things wrong with me. But the show, we try and get it right. So welcome to the show. Give and get right uh so welcome the show give us your dot com so people are going to find you on the interwebs yes so uh it was a it was a very difficult few years for me personally uh over the last few years but uh you know there
Starting point is 00:04:18 were so many inspirations as well during the way along the way that really motivated me to write this book so glad that it achieved a bestseller ranking on Amazon. There you go. Congratulations. It's been a little more than two months now. So it's been a great journey so far. Great. And is it your first book?
Starting point is 00:04:37 Yes, this is my first. And that first book is fun. So let me get your dot coms out of the way so we can get the plugs in so people can find you on the interwebs. Where do you want people to find you? Yeah, so they can find me on moneymasterhq.com. That's my website and my personal website goes as shihansherif.com.
Starting point is 00:04:56 I'm also very active on LinkedIn and Facebook. If anyone wants to find me by Shihansherif, it's quite easy. You can just Google it and you'll find my profiles there. Awesome, Saas. So give us a 30,000 overview of the book, if you would. Yeah, so the book is primarily meant for non-finance managers,
Starting point is 00:05:17 non-accountants, entrepreneurs, business owners, and anyone who is interested in the subject of, you know, in learning finance and accounting. Some people read the first part of the title, Accounting Fundamentals. Oh, this is for accountants, but it's not really. I think if you read the full title, the title and the subtitle together, you know, you'll figure it out that it's actually for non-finance managers. There you go.
Starting point is 00:05:42 So is this an everyday person book then? Like anybody, mom, pop, people that math are like, oh, that makes my brain hurt. Absolutely. So it's written in such simple language where it's easy to understand. Whilst in finance and accounting, there are so many technical terms. All the technical terms are explained well uh i mean in in a very easy to understand language with examples work work throughs you know so there are there are chapter end quizzes and so on so it's very easy to follow if you follow it from the beginning to the end now this is billed as the only guy required for non-finance managers for professionals entrepreneurs business owners
Starting point is 00:06:23 and students so it sounds like a wide sw, but probably really important for business owners or entrepreneurs to understand their accounting, right? Yes, absolutely. So in my professional career, I've met a number of business owners and even some of the firms which offer bookkeeping solutions. And I've seen a number of you know mistakes errors that have led to even bankruptcy in some of these larger firms so you know these these are the main reasons which led me to write the book and I've seen even simple terms like cash versus profit is a very commonly
Starting point is 00:07:00 misunderstood phenomenon in the business world so people people think, you know, higher the cash balance that I have, you know, my profit should be higher or vice versa. But it's not really the case. You could have a significantly higher profit in a particular year, but your bank balance could be significantly lower and vice versa for a number of reasons. So there are so many things like that, which I have captured in the book.
Starting point is 00:07:22 Awesome. I don't worry about cash or profit. As long as I have checks, that means I have captured in the book. Awesome. I don't worry about cash or profit. As long as I have checks, that means there's money in my account. Absolutely. That's a common way of thinking. I mean, I wouldn't blame you for that, but that's not the exactly right way of thinking. There you go. Don't do that, people.
Starting point is 00:07:44 Check your – understand what's going on with your books and everything. So tell us about your hero's journey. How did you get into finance? How did you get into accounting and all this stuff? What was it as you were growing up made you say, hey, that's what I want to go do? It's a really long story, but let me explain it. Well, we only have so much time on the show. Yeah. Make it quick and make explain it. Well, we only have so much time on the show. Yeah.
Starting point is 00:08:06 I'll make it quick and make it short. Yes, I understand. So when I was doing my advanced, sorry, ordinary levels back what it was called in Sri Lanka where I was born and brought up and studied, I had an option of selecting
Starting point is 00:08:21 certain subjects, so whether it was accounting or another language or whether it was in the art stream and so on. So there were a few optional subjects. And then for some reason, I happened to choose accounting. And a few months down the line, I really struggled with it. I mean, I'm not embarrassed to say that. I really struggled with it and I found it so confusing.
Starting point is 00:08:44 And that was partly because I missed the first few lessons which always kind of two plus two yeah a two plus two lesson is important you can't skip that one yeah exactly the foundation is critical so I missed those because I was ill or something that that took place during that time and then I really never got back into you know the subject I found it so confusing and then my marks were like absolutely terrible don't ask me how much they were and then I took some private tutoring and luckily I found a great tutor back in Sri Lanka her name was Mrs. Kariya was someone I can never forget and she taught me from the basics of accounting.
Starting point is 00:09:27 And from that point onwards, it was never looking back. So for my advanced level, I did accounting. Then after my advanced levels, I did a number of accounting-related qualifications, such as CIMA from the UK, CPA in Australia, and so on. So there you go. So thank God for teachers, man. such as CIMA from the UK, CPA in Australia, and so on.
Starting point is 00:09:46 There you go. Thank God for teachers, man. They inspire people to go do stuff and show the way and help people learn all the stuff. If it wasn't for teachers, we'd be in a world of hurt. We need more good teachers. Absolutely, Chris. Just to add, I come from a background where I'm surrounded by a number of teachers. My mother was a teacher.
Starting point is 00:10:08 My sister is a vice principal in a prominent school back in Sri Lanka. And my wife is also a teacher where she teaches young kids. So, yeah, surrounded by that background. Full disclosure, my mom is a teacher too, so I'm prejudiced. And my sister. But yeah, I watch the teachers, and they give more than they get. Let's put it that way, especially in getting paid. But they are, man, if it wasn't for us, we'd be in a world of hurt as a humanity.
Starting point is 00:10:43 So let's dig into the book. It's accounting for non-financed managers. You cover the basics of financial statements. What are these financial statements you speak of? Yes. So the primary financial statements are called the profit and loss statement, the balance sheet, and the statement of changes in equity. So I know it may sound complicated but if you take any sport you've got something like a scorecard whether it's baseball or whether it's
Starting point is 00:11:11 tennis or whether it's cricket or football you know there's always a scorecard. So the scorecard of businesses are these primary financial statements. So when it comes to the profit and loss it will tell you how much you've earned during a particular period in terms of revenue and income and how much you've spent during that period. And then what are you left with? Is it a profit or a loss? Wait, you're supposed to have a profit on there? I didn't know that. I was always looking at negative numbers going. What does this mean? Does this mean I can't write checks anymore? Again, profit and loss is different to the checks or the cash flow.
Starting point is 00:11:51 But yes, on the profit and loss, it tells you how much you actually earn during a particular period. Probably it was always negative because I was using those checks all the time and uh not checking the balance on the thing which is probably why i don't know my bank keeps calling me i should answer that one of these days uh there you go uh old joke uh so um you give people what you call a business success blueprint what what is that or keys out that a little bit if you would yeah this is this chapter i guess is like the icing on the cake. It's the last chapter of the book. It's the 13th chapter but again to get to that chapter, I suggest everyone reads the book from the beginning to the end and what's included in the 13th chapter is
Starting point is 00:12:36 a checklist and a guideline for any manager, any business owner to implement in their organization. So such as, you know, how they should progress in terms of what ratios they should look at in an organization, what what aspects of their business should they look at, whether it's the profit and loss or the balance sheet and whether it's certain metrics within within a certain department and things like that, monitoring your cash balances, doing cash flow forecasts, and things like that. So it has a range of different things. And I'm sure anyone who reads that chapter will find it really useful.
Starting point is 00:13:13 And from the comments and the feedback and reviews that I've got so far, people are really enjoying reading this particular chapter. There you go. If you're a small business owner, I'll do a little commercial for you. If you're a small business owner or any business owner, I mean, I can't imagine any CEO who shouldn't understand accounting and books. If you don't understand your accounting and books, you're flying blind what your burn rate is of cash flow, especially if you're in the negative. You've got to understand, you've got to know when you're going to run out of money. If you're in a situation where you're in a burn rate situation, where you're burning more cash for developing something that R&D or maybe you're a startup, you've got to know. And you've got to know when you're going to run out of cash. And you've got to anticipate that and either start raising funds or trying to figure out when you're going to be
Starting point is 00:14:08 profitable because there's always a long you can burn money until no one wants to give you any. Ask my previous 10 marriages. So it's really important to understand what's going on and the nuts and bolts, knowing that, okay, we invest this much in our employees. We invest this much in the business. How much are we getting as an ROI, return on investment? How much return are we getting? Understanding all those metrics are so important. And sometimes it can be hard because you're like, oh, God, math.
Starting point is 00:14:43 But it is imperative. It is imperative. If you're a CEO or a small business owner flying without understanding your books, and then you get into tax savings and tax benefits and different tax strategies you can take and use. But just understanding the basics of, are we making money or are we not?
Starting point is 00:15:02 What is our return on investment? What's happening over here? And then part of having your finger on that pulse is knowing when things change because you're going to run a great business for 10 years, 5 years, whatever, and everything's working fine and you got profit. And one day you start losing money
Starting point is 00:15:20 and you got to know when you're starting to bleed out or you're starting to have a loss so you can go you can go around and fix the plug the hole that's out there or try and figure out what's going on but it's so important it's you're just like a doctor basically as a ceo constantly checking the pulse of the patient financially i guess that's maybe a good analogy of course yes you really sum that up. So just to add a point to what you just mentioned, Chris, there's so much of passion when a business owner starts a business. And without them realizing it, they could keep on investing in their business, not realizing the amount that they've invested. And like you said, suddenly they could go bankrupt, not realizing their cash balances,
Starting point is 00:16:08 not realizing the liabilities that they owe banks or any other lenders or their suppliers. So it's always important to keep yourself separate from the business. I know it sounds very difficult, but that's an absolute must for any business owner. And I see that happening a lot where people don't have that segregation, particularly within the segment of small business owners. Oh, yeah. Yes. What you're talking about is keeping the business accounts separate from personal accounts, right? Absolutely, yes.
Starting point is 00:16:40 If you've invested something in the business, it has to be accounted in the books of the business. If you withdraw something back from the business, that has to be accounted. But you should not mix your accounts with the company's accounts, basically. Do not do the commingling because if you commingle the funds, commingling is not a sex position, people. Commingling is when, like, for example, you go buy personal groceries with
Starting point is 00:17:06 your with your uh your business credit card or something you know don't do it um you've got to keep that money separate especially if you have like a c-corp uh or i'm not sure i mean you have some limited liability companies but one of the great things about a c-corp is not having what's called piercing the corporate veil and let me tell you if you're getting when you get in lawsuits with a c-corp there's nothing that makes you sleep better at night than knowing that your personal assets are safe and that people can't pierce that corporate veil but if you're doing the co-mingling uh yeah they can pierce the corporate veil and they can be like well you're not really there and i think the i think think the IRS will also say,
Starting point is 00:17:46 um, you know, this, this really isn't a business per se. You're, you're making a mess of things and you're not going to get these sort of write offs and stuff. So don't commingle the funds,
Starting point is 00:17:56 no commingling. Absolutely. It's bad. I caught a bad case of, uh, of, uh, a rash one time when I commingled,
Starting point is 00:18:04 I don't know what that means but it was in thailand uh so oh that joke worked out it took me a while to go through that in my head but it came out uh just landed perfectly right boom um so uh let's see what in your opinion is finance and accounting uh why is it such a hard area to learn by non-finance managers? Why is it hard for people to? I think people just get overwhelmed with the terms. And yeah, they don't kind of realize the importance of it unless they fall in trouble. Or, you know, people remember about managing their cash flows, you know, when they really don't have cash.
Starting point is 00:18:41 They just think, you know, okay, now I just need to do a plan and look at the next few months on how I'm going to get over this period and settle certain liabilities that they have and so on. So, you know, if on the other hand, you know, they keep focusing every week or every month, a few minutes on their finances. And likewise, in a business, you know, if they spend that certain amount of time in terms of focusing on their accounting and reviewing their financial statements, you know, it will be a whole different thing. Like the famous Tony Robbins says, where focus goes, energy flows. So, you know, the moment you keep focusing on something, you know, you'll be able to get a lot more out of it rather than not. Yeah.
Starting point is 00:19:27 If you know that what you focus on or for, you know, something I'd like to say on the show, if you plan to fail, you fail the plan or whichever way that was. Now, as you mentioned, a lot of people don't get overwhelmed by the basic terms and the, you know, what does cash flow mean? Is this, you know what oh what is cash flow me a is this is oh you know basically my wife's Amazon account the cash flow going out with cat with your book you do 23 financial terms that you go through and you explain it in a
Starting point is 00:20:00 simple way people can understand so they can try and master these terms and once you kind of know the lingo it's kind of like a little language right absolutely yes so i mean most of these terms are familiar but some people get them confused like the difference between revenue and account revenue and sales or the differences between finance and accounting likewise when it comes to finance and accounting there are specific terms like revenue expenses, cost of sales, equity, assets, current assets, non-current assets, liabilities and so on. So you could go on and on. But each of these terms are explained in a very simplistic manner
Starting point is 00:20:39 that probably even a fifth grader or a third grader could understand. It's explained in that simple language. And I've also provided a lot of examples. I've provided examples of specimen financial statements. And then we go into a bit more in-depth in the following chapters where we go into financial analysis and so on. But the real foundation is this 23 financial terms uh and without understanding that you know uh following the subsequent chapters would be difficult so that's why i said at the
Starting point is 00:21:11 beginning if if any reader follows it from the first chapter onwards and follows that sequence you know you couldn't go wrong i think you're right i think people get the first hurdle is the language barrier. You know, it is, you know, math and accounting and all these things. They kind of are like, you know, their own language where you're like, am I learning Swahili here? What's going on? But once you can kind of learn it, you get the terms down, you get the fundamentals, you kind of understand what's going on. And then another thing you talk about that's important in the book is budgeting and forecasting. This is really important, being able to forecast in my mind too. I mean, running with a budget is good. But being able to forecast, okay, where are we going to be in a year from now? Where are we
Starting point is 00:22:03 going to be in a quarter from now? Where are we going to be in a quarter from now? Where are we going to be in two years from now? And things change, you may get it wrong, but be able to forecast so that you can see how much profit are you making? What's our growth? You can adjust for growth. You can adjust all the metrics of your business. You can really get a vision of where your business is going and why it's going. At least that's my opinion. What do you think? Absolutely. Sometimes it's not even that long of a period. I going and why it's going. At least that's my opinion. What do you think? Absolutely. Sometimes it's not even that long of a period. I mean, whilst it's very common to budget and forecast for the next one to three to five years
Starting point is 00:22:33 or even 10-year forecasts, sometimes it's even as short periods as the next week when it comes to cash flow forecasting. It could even be for the next two weeks or for the next one month. So there are various levels of budgeting and forecasting, and there are different time horizons that you could consider. There are different aspects when it comes to finance,
Starting point is 00:22:53 when it comes to budgeting and forecasting, such as sales budgets, to cash flow forecasts, to a department budget, to an overall budget for an organization. And there are so many different ways it could be done there are ways in which you could consider the historical achievements of your business and consider your future forecasts based on that or if not you could just start from ground zero and just in depth look at each and every revenue and expense and look at it in that way and see do you absolutely require each and every of each and every expense of the business and like be more aggressive or you
Starting point is 00:23:32 could even you know just work on a rolling forecast where you just eliminate the month that passed by and look to add a new month and keep you know adding month on month as each month passes by so rather than having a fixed period of one year or six months and so on so it's very it's a very dynamic subject when it comes to fine budgeting and forecasting but you know as as businesses start using these tools it becomes so much more easier for them to manage their day-to-day operations of the business. And it also provides a lot of insight into how businesses could structure themselves and get ready for that next level of growth. Or if there is some issue that's upcoming in the business or if they're in large payouts coming up to be made to suppliers or banks, how well they could be prepared. So like you said a moment ago, failing to plan is planning to fail,
Starting point is 00:24:30 and that goes very well with forecasting and budgeting. It really does. And I always thought of myself as kind of like a doctor, where I always have to diagnose and check the patient, see what's going on. I've got to monitor the patient. Your business is a very vibrant thing. I met some people that they just go, well, I don't know. We do the books.
Starting point is 00:24:53 Somebody does data entry on the books, and then we hand them over to the accountant, and he tells us once a month where it's going on. You really don't want to be in that situation. You want to be in a situation where you can understand what's going on day to day in your business. You can see what's bleeding because if you're behind the eight ball on when you're going to start having problems and when you see problems, you don't want to be in that situation because usually by then you've got such a bleed out or loss or some sort of thing that
Starting point is 00:25:22 trying to dig back out of that hole can be just an incredible problem, man. So, yeah, there you go. It's really important. What are some other aspects of the book that we haven't touched on? Yes, so taxation is also explained in the book and from a very basic level. And, you know, if you get on the wrong side of the tax guise, you know, you could end up in deep trouble. So that's not something that anyone wants to,
Starting point is 00:25:52 that's not a place where anyone wants to be. So you need to really plan well and submit your tax returns on time and make sure they are accurate. And if you're really not sure, you know, you should seek specialist advice on that area. But it's not rocket science. End of the day, at least anyone and everyone should have the basic understanding of taxation.
Starting point is 00:26:16 I mean, everybody is not expected to be an expert in every single field. But Warren Buffett famously said, the language of business is accounting so it really speaks a lot and for someone of that caliber to mention something like that you know there's definitely a reason he reads i think over 500 pages a day uh wow so many different financial statements and reports and does a lot of reading, invests in not millions but in billions and probably over his life maybe in trillions. So for someone to say something like
Starting point is 00:26:51 that you know it really means a lot. So taxation is something like that you really need to be on top of it. You need to be proactive rather than reactive and you know if you get late in terms of filing your taxes, the repercussions can be really crazy. I mean, the penalties, the fines, and all of that. So that's not an area that anyone wants to be in. Most definitely. And I like what you said. I mean, you're in business,
Starting point is 00:27:19 and you're in business to make money, thereby money is the real key. Because you can say, well, we're going into business, we care about people and helping people. Maybe you're a charity. But even then, without money, you're not going to stay in business long to be able to help other people. So you've got to take care of the money and the patience and everything else that you do if you really want to succeed long term. And like I said, the most important thing that I've ever, the only time I've ever had a situation where I'm like, why are we losing money all of a sudden on the books here?
Starting point is 00:27:55 What's going on? And somehow we spent like an inordinate amount of money last month. You can uncover embezzlement. You can uncover theft. You can uncover rampant expenditures. And sometimes there's just like, well, we, you know, we, maybe we invested in something, you know, like sometimes we'd have a crazy month where we'd spent 20 grand upgrading a phone system or something, but the phone system, you know, would make us like, you know, two to three times
Starting point is 00:28:21 that amount. And so once we outlaid the hard cost for it, the return would go up from there and you'd see the numbers. But there's all sorts of things that can happen. You can find out that you're spending on something and it's not really getting the return you want. Maybe your employee cost balloon. The life of your business really is, I mean, the money of it, the accounting of it.
Starting point is 00:28:50 And you kind of have to think of yourself as a doctor. In fact, I'm just going to start wearing a white coat around the office all the time. That's true, yeah. And just one stethoscope things there. Sorry, Chris, just to add one point to what you just mentioned, you know, Milton Friedman very famously said the business of business is business. So I know there's a lot of talk about, you know, saving the environment and all of this stuff.
Starting point is 00:29:16 But the bottom line is if a business doesn't earn enough profits, you know, that wouldn't leave them with anything. So, you know, if they have an excess profit, yes, they could do so much more for the society, for the community, for the environment and so on. So that's definitely the main focus of any business and that's what it should be. Definitely, definitely. So final thoughts and pitch out to people as we go out on the book and what's inside and picking it up and all that good stuff. Yeah. So it's available on Amazon. I've just translated the book into two other languages.
Starting point is 00:29:51 It's that's, that's in Arabic and that's particularly useful in the region here where I am in Dubai in the middle Eastern region. And I've also just translated the book, a book into Italian. And in the future, I'm looking to have it translated into many more languages. It's available for sale on Amazon in paperback, hardcover, and e-book format.
Starting point is 00:30:14 I'm also working on the Audible version of it, just finalizing it. And hopefully in the next few weeks, that should also be available. I've also published a second book, and it's on an area that we just discussed on KPIs. Oh, really? You know, monitoring those and the importance of monitoring certain KPIs within a business. Now, is that on Amazon yet?
Starting point is 00:30:38 That's available on Amazon, yes. The title is The Art of Measuring Success in Small in small businesses and the seven kpis most businesses ignore now what is the kpi a key performance indicator and that could that could be a useful aspect or a trigger to monitor in certain departments in certain aspects of your business whether it's marketing or sales or finance, HR and so on. So when it comes to HR, probably the employee cost, the new join is the number of employees who are leaving and those
Starting point is 00:31:16 who are leaving as a percentage of the total employee count and so on. So there are so many different aspects when it comes to sales and marketing, you know, maybe your click through rate, your marketing and marketing expenses, the effectiveness of each marketing campaign and so on. So there are maybe hundreds of KPIs that are available. And I've actually put out a list of over 300 KPIs for each department, which also people will get as a bonus once they purchase that book. And I think the bonus is on your website, right? I think I saw a bonus section on the website for that. There you go. Well, this has been very insightful.
Starting point is 00:31:57 We really appreciate it. Give us the.coms one last time as we go out. Yeah, so my website is moneymasterhq.com and there's a lot about the book as well as the bonus resources that you just mentioned, Chris. Aside, my personal website goes as shihansherif.com I'm also
Starting point is 00:32:15 available on LinkedIn with my name Shihansherif and I'm also available and active on Facebook as well by my name. There you go. Well, thank you very much for coming to the show. We really appreciate it.
Starting point is 00:32:29 Thank you very much, Chris. And it was lovely being on your show. It was always a dream, you know, on being on one of these top podcasts. I really enjoy listening and listening to your show. It's been really useful. Thanks, man. And now you've made it more useful with all the data you've given people to help them do their businesses better. There you go. Order of the book, folks, wherever fine books are sold. That's very important to go in the fine bookstores. It's called Accounting Fundamentals, a Non-Finance Manager's Guide to Finance and Accounting, available July 26, 2023.
Starting point is 00:33:04 Well, thanks for tuning in. Go to Goodreads.com, Fortress Chris Voss. YouTube.com, Fortress Chris Voss. LinkedIn.com, Fortress Chris Voss. Subscribe to the big LinkedIn newsletter. The 130,000 group that's over there on LinkedIn. You can just search for the show. On Facebook, Chris Voss.
Starting point is 00:33:19 Facebook.com will get you in the group where we have our private chats and all that fun stuff. Thanks for tuning in. Be good to each other. Stay safe and we'll see you guys next time.

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