Meeting Title: Brainforge-Finance-Weekly Date: 2024-09-26 Meeting participants: Braden Bullen, Liam Mears, Uttam Kumaran
WEBVTT
1 00:01:32.890 ⇒ 00:01:34.190 Yeah, where are we doing.
2 00:01:35.000 ⇒ 00:01:36.640 Braden Bullen: Doing good. How are you.
3 00:01:37.160 ⇒ 00:01:39.270 Liam Mears: Doing, Great Great.
4 00:01:39.470 ⇒ 00:01:44.470 Braden Bullen: I feel like. Did he not say the the last time like, were we supposed to move this or no?
5 00:01:44.670 ⇒ 00:01:47.849 Liam Mears: No, no, this one we-we that we’re gonna keep this one.
6 00:01:48.170 ⇒ 00:01:49.150 Braden Bullen: Okay. I’m just making.
7 00:01:49.150 ⇒ 00:01:54.290 Liam Mears: Yeah, I think I think we’re gonna keep them. And then, like, we’ll see going forward, how how often we’ll.
8 00:01:54.290 ⇒ 00:01:58.759 Braden Bullen: Yeah, yeah, I just for some reason, I thought, maybe this one we were like we were gonna skip.
9 00:01:58.760 ⇒ 00:02:01.029 Liam Mears: I was. I mentioned we could.
10 00:02:01.040 ⇒ 00:02:02.530 Liam Mears: So that was me. I was like.
11 00:02:02.530 ⇒ 00:02:04.269 Braden Bullen: Maybe maybe that was sort of us.
12 00:02:04.840 ⇒ 00:02:05.900 Uttam Kumaran: Hey, guys.
13 00:02:06.290 ⇒ 00:02:07.230 Liam Mears: How we doing.
14 00:02:07.230 ⇒ 00:02:08.300 Uttam Kumaran: Good! How are you?
15 00:02:08.300 ⇒ 00:02:09.680 Liam Mears: Doing great, doing. Great.
16 00:02:11.666 ⇒ 00:02:16.200 Liam Mears: So how are we feeling? I feel like we’re a lot more straightened away than we were the last time we met.
17 00:02:16.820 ⇒ 00:02:23.185 Uttam Kumaran: I feel I mean I feel I don’t know my day. My! You can’t ask me how I feel. It’s like that’s like day to day.
18 00:02:23.864 ⇒ 00:02:25.166 Braden Bullen: What is today.
19 00:02:25.600 ⇒ 00:02:32.910 Uttam Kumaran: Today is there. I feel when that when I get towards the end of the week I feel better, because usually, whatever problems happen.
20 00:02:32.910 ⇒ 00:02:33.390 Braden Bullen: Hmm.
21 00:02:33.390 ⇒ 00:02:35.600 Uttam Kumaran: I’ve solved, or I’ve kicked down the road.
22 00:02:35.600 ⇒ 00:02:37.699 Braden Bullen: Yeah, it’s it’s a u curve.
23 00:02:38.060 ⇒ 00:02:46.010 Liam Mears: You might have the whitest teeth have ever seen, like via zoom those you got some early whites. Sorry? Alright, anyway, folks.
24 00:02:46.010 ⇒ 00:02:48.673 Uttam Kumaran: It’s the lighting. It’s I swear it’s just the lighting.
25 00:02:49.497 ⇒ 00:02:54.670 Liam Mears: I’m really happy. We got the bill pay figured out. That’s awesome. Thank you for I mean.
26 00:02:55.310 ⇒ 00:02:58.360 Liam Mears: I guess I figured that quick books online would have been a little bit more flexible.
27 00:02:58.360 ⇒ 00:03:02.439 Uttam Kumaran: No, I’m glad we figured it out like I’m just happy. We now have that option, and that’s.
28 00:03:02.440 ⇒ 00:03:09.584 Liam Mears: Yeah, I mean, I’m surprised that they are well, not flexible with international building, considering it’s quick books online.
29 00:03:10.395 ⇒ 00:03:15.280 Liam Mears: but hey, what’s nothing like being let down by by quickbooks. Here and there. It happens.
30 00:03:15.280 ⇒ 00:03:15.630 Uttam Kumaran: Yes.
31 00:03:16.220 ⇒ 00:03:16.885 Uttam Kumaran: it’s
32 00:03:17.670 ⇒ 00:03:26.010 Uttam Kumaran: I wanted, I guess, 2 things I wanted to talk about the monthly Ap sheet for this coming month.
33 00:03:26.290 ⇒ 00:03:31.110 Uttam Kumaran: and then, so I think you should have access to that sheet I created.
34 00:03:33.430 ⇒ 00:03:36.892 Uttam Kumaran: I created another sheet. That’s basically
35 00:03:37.650 ⇒ 00:03:39.430 Uttam Kumaran: for October.
36 00:03:42.080 ⇒ 00:03:43.609 Uttam Kumaran: So you should see
37 00:03:44.036 ⇒ 00:03:46.970 Uttam Kumaran: october 2024, you should see the
38 00:03:47.340 ⇒ 00:03:51.539 Uttam Kumaran: the 3 sort of invoices, or 3
39 00:03:52.230 ⇒ 00:03:55.210 Uttam Kumaran: say, else places where we’re gonna get money from.
40 00:03:57.470 ⇒ 00:04:03.680 Uttam Kumaran: there it should just be this these 3 right now.
41 00:04:05.090 ⇒ 00:04:06.970 Uttam Kumaran: but next month
42 00:04:07.230 ⇒ 00:04:10.210 Uttam Kumaran: this should expand.
43 00:04:12.460 ⇒ 00:04:17.210 Uttam Kumaran: so the top 2 are the same like 2. We’re actually
44 00:04:17.510 ⇒ 00:04:23.919 Uttam Kumaran: so we subcontract through Pungo insights. And so that’s why they get a little bit of a discount because they
45 00:04:23.970 ⇒ 00:04:27.609 Uttam Kumaran: they get we, they get basically 10%
46 00:04:27.800 ⇒ 00:04:37.500 Uttam Kumaran: But vitaco. Also, I need to put in the totals. So the totals aren’t finalized for vitaco. But the other 2 are.
47 00:04:37.500 ⇒ 00:04:41.939 Liam Mears: So I’m sorry to interrupt you. Should this be accounts receivable, then.
48 00:04:42.861 ⇒ 00:04:44.770 Uttam Kumaran: Yes. Account receivable. Sorry. Yes.
49 00:04:44.770 ⇒ 00:04:50.689 Liam Mears: Sorry, hey? That’s I mean, I have to be that guy right? That’s why that’s that’s literally what I’m here for. So.
50 00:04:50.690 ⇒ 00:04:52.600 Braden Bullen: That is your that is your job. You are so sad.
51 00:04:52.600 ⇒ 00:04:53.500 Liam Mears: I was like.
52 00:04:53.630 ⇒ 00:04:58.240 Liam Mears: I know, for a fact. We’ve already done some work with via cocoa. But that is not account.
53 00:04:58.665 ⇒ 00:05:02.220 Liam Mears: Okay, alright, great. Sorry. Didn’t mean to interrupt you. There.
54 00:05:02.220 ⇒ 00:05:09.460 Uttam Kumaran: So the only complication here is I have to finalize the via cocoa stuff. So what’s still on my plate is the W. 9.
55 00:05:09.550 ⇒ 00:05:15.010 Uttam Kumaran: And I tried to email chase because they wanted, like some official letterhead.
56 00:05:15.180 ⇒ 00:05:21.410 Uttam Kumaran: something like, I don’t. I gotta look at. I don’t know if I have a checkbook from Chase for the account.
57 00:05:21.490 ⇒ 00:05:25.210 Uttam Kumaran: But I think that’s the only thing remaining is they wanted like an official
58 00:05:26.660 ⇒ 00:05:33.099 Uttam Kumaran: like, do you own this account sort of thing. So I’m gonna I’m gonna try to get that done by tomorrow so we can get that in
59 00:05:35.500 ⇒ 00:05:37.750 Uttam Kumaran: But all of these should be
60 00:05:39.510 ⇒ 00:05:42.553 Uttam Kumaran: the lonely amount that’s remaining I have to put in is
61 00:05:43.220 ⇒ 00:05:45.579 Uttam Kumaran: the amount for vitacoco
62 00:05:46.760 ⇒ 00:05:47.776 Liam Mears: And as far as
63 00:05:48.090 ⇒ 00:05:53.930 Liam Mears: only because I haven’t done AR for you yet, as far as like 2 hearts to go and go insights like
64 00:05:54.480 ⇒ 00:06:01.010 Liam Mears: the payment methods like, are are they going to send those, or are you sending out like, are you charge sending out like?
65 00:06:02.000 ⇒ 00:06:04.239 Liam Mears: How did you request for like September.
66 00:06:04.240 ⇒ 00:06:06.523 Uttam Kumaran: Yeah. So the top. So
67 00:06:07.210 ⇒ 00:06:10.900 Uttam Kumaran: pool parts to go. They they have been paying actually.
68 00:06:11.060 ⇒ 00:06:13.670 Uttam Kumaran: directly via the invoice
69 00:06:15.760 ⇒ 00:06:19.700 Uttam Kumaran: But I don’t know whether they’re using paypal.
70 00:06:20.150 ⇒ 00:06:22.960 Liam Mears: How did you? How did you invoice them last month?
71 00:06:25.070 ⇒ 00:06:27.640 Uttam Kumaran: through quick! It’s all- it’s all through. It’s all through quickbooks.
72 00:06:27.640 ⇒ 00:06:31.349 Liam Mears: That’s all. Alright. Okay, that is just so easy. I appreciate you trying to.
73 00:06:31.350 ⇒ 00:06:38.670 Uttam Kumaran: It’s all through quickbooks in terms of just like, do they use a card or something? Yeah, all the invoices go through quickbooks. The
74 00:06:39.220 ⇒ 00:06:42.139 Uttam Kumaran: but the Vita cocoa, one, you know, is, gonna be a.
75 00:06:42.140 ⇒ 00:06:44.130 Liam Mears: That’s a special one. Yep, yep, gotcha.
76 00:06:44.130 ⇒ 00:06:49.060 Uttam Kumaran: So I don’t know whether you can. Still, I think you could send it from quick push just to that email right?
77 00:06:49.230 ⇒ 00:06:58.320 Liam Mears: Yeah, yes. Do they say anything? The Quick book send say anything about like you have like 5 free ones per month. Do they say anything about
78 00:06:58.330 ⇒ 00:07:07.140 Liam Mears: doesn’t matter, because we only have 3. So that should be fine out on the 1st every month. Or do you want to give you a green light. Do you like? How do you want that done.
79 00:07:07.140 ⇒ 00:07:14.369 Uttam Kumaran: No, I would send you that at the 1st I want to. I basically like cause. Some of these were still like
80 00:07:14.420 ⇒ 00:07:29.720 Uttam Kumaran: working on, but for pool parts. I I know what the remaining work is. Gonna be for Pungo. I know what the remaining work is. Gonna be for vitacoco. I’m gonna probably get a sense how much we’re gonna bill for next week, because next.
81 00:07:29.720 ⇒ 00:07:33.739 Liam Mears: Did you want me to shoot you a confirmation email before I.
82 00:07:34.000 ⇒ 00:07:35.447 Uttam Kumaran: That’d be perfect.
83 00:07:36.210 ⇒ 00:07:43.390 Uttam Kumaran: I can. I can then just eyeball it there. But I’m gonna make sure all the details are here. And then, basically, I try to. I try to get this ready
84 00:07:43.470 ⇒ 00:07:45.130 Uttam Kumaran: at least 2 weeks ahead.
85 00:07:46.930 ⇒ 00:07:51.557 Uttam Kumaran: and so that should be great on this. So I think the only thing remaining is just
86 00:07:52.480 ⇒ 00:07:57.389 Uttam Kumaran: the W. 9 and the the official letterhead thing for Vitacoco
87 00:08:00.310 ⇒ 00:08:04.159 Liam Mears: Great. I’m sorry. I’m just sending myself a reminder here.
88 00:08:04.170 ⇒ 00:08:05.260 Liam Mears: Monthly
89 00:08:05.590 ⇒ 00:08:07.109 Liam Mears: works. Okay, cool.
90 00:08:07.910 ⇒ 00:08:09.799 Liam Mears: Alright. In that case
91 00:08:09.810 ⇒ 00:08:11.080 Liam Mears: I feel like
92 00:08:11.150 ⇒ 00:08:13.120 Liam Mears: already in a week’s time.
93 00:08:14.100 ⇒ 00:08:17.051 Liam Mears: We’re looking a lot better as far as
94 00:08:18.140 ⇒ 00:08:19.230 Liam Mears: Everything.
95 00:08:19.450 ⇒ 00:08:20.459 Liam Mears: Yeah. So the.
96 00:08:20.460 ⇒ 00:08:22.437 Uttam Kumaran: I guess the only other on the
97 00:08:22.790 ⇒ 00:08:30.610 Uttam Kumaran: on the payroll side. So I’m thinking of setting up clockify over the weekend, and then having everybody go through there.
98 00:08:30.820 ⇒ 00:08:34.849 Uttam Kumaran: I have previously been handling, submitting
99 00:08:34.880 ⇒ 00:08:36.886 Uttam Kumaran: those in
100 00:08:37.909 ⇒ 00:08:39.380 Uttam Kumaran: in gusto.
101 00:08:39.429 ⇒ 00:08:40.880 Uttam Kumaran: basically.
102 00:08:41.150 ⇒ 00:08:47.340 Uttam Kumaran: And this is like, gonna probably change. But most of the contractors get paid after the clients are paid.
103 00:08:47.380 ⇒ 00:08:52.409 Uttam Kumaran: because otherwise we get we get in a cash crunch. So all of their contracts are situated that way.
104 00:08:53.154 ⇒ 00:09:14.910 Uttam Kumaran: We do have some full time, people, that I will just. I’ll just pay as soon as we have the money to do so. What I’m going to be changing to and we’re working on new contracts for everybody is for it’s basically having like a 4 week delay for external contractors, so that there’s time between them billing and time between us
105 00:09:14.960 ⇒ 00:09:17.443 Uttam Kumaran: getting paid for that work.
106 00:09:18.410 ⇒ 00:09:29.690 Uttam Kumaran: well, that isn’t final yet. But I was gonna ask, like, would you be able to handle submitting those payments via gusto. If I’m able to get everything organized and clockify. Okay, cool.
107 00:09:30.160 ⇒ 00:09:40.796 Liam Mears: No, just I might like want like a confirmation like like, just so we like, you shoot me a message or an email like, hey? This is what’s gonna look like for this period. And.
108 00:09:41.430 ⇒ 00:09:44.650 Uttam Kumaran: Yeah. And then hopefully that way. Next month
109 00:09:44.740 ⇒ 00:09:49.830 Uttam Kumaran: we could start to get a sense of like tying the people back to the revenue.
110 00:09:49.890 ⇒ 00:09:54.899 Uttam Kumaran: and then I can start to update my model with like, what does that look like per contract?
111 00:09:55.090 ⇒ 00:09:55.770 Liam Mears: Okay.
112 00:09:58.540 ⇒ 00:10:05.949 Uttam Kumaran: yeah, I think that’s the biggest stuff we had some other new vendors that we’re paying for this month that I need to go into quickbooks
113 00:10:06.000 ⇒ 00:10:07.920 Uttam Kumaran: and just like double check.
114 00:10:08.770 ⇒ 00:10:09.569 Uttam Kumaran: But
115 00:10:10.190 ⇒ 00:10:13.499 Uttam Kumaran: I think that’s like that’s the big stuff on our end.
116 00:10:13.730 ⇒ 00:10:25.679 Liam Mears: Awesome. Yeah, I mean things. I mean, I definitely feel like we’re smoothing things out. It feels like there’s a lot less like pending for us iron out. So that’s really good. We’re having these processes moved out.
117 00:10:26.013 ⇒ 00:10:32.109 Liam Mears: Yeah, as things come up, keep me in the loop. I imagine you might want to tweak things here and there, you know, if we
118 00:10:32.270 ⇒ 00:10:36.676 Liam Mears: implement a new process that you end up not liking, we can always tweak it.
119 00:10:37.330 ⇒ 00:10:40.230 Liam Mears: I just think we’ve made good progress even in the last week.
120 00:10:40.320 ⇒ 00:10:43.560 Liam Mears: So as things pop up, keep me in loop.
121 00:10:43.920 ⇒ 00:10:46.456 Uttam Kumaran: Yeah. And then also, like we have, we’re gonna start
122 00:10:46.840 ⇒ 00:10:54.700 Uttam Kumaran: we’re working with a new insurance provider. So I’m also setting that up. I don’t know what the payment methods and stuff like that are going to be.
123 00:10:54.750 ⇒ 00:11:01.088 Uttam Kumaran: But again, as I as any of those big kind of like, we have bigger stuff. That’s like recurring. I’ll just
124 00:11:02.070 ⇒ 00:11:04.649 Uttam Kumaran: message you in the flow. 5 chat. And then
125 00:11:05.582 ⇒ 00:11:07.490 Uttam Kumaran: I hope that that’s all. Auto pay.
126 00:11:07.670 ⇒ 00:11:08.320 Uttam Kumaran: Be a car.
127 00:11:08.667 ⇒ 00:11:13.882 Liam Mears: 2024, they better be able to set up auto pay right? I mean.
128 00:11:14.230 ⇒ 00:11:16.861 Uttam Kumaran: Yeah. So that’s that should be really good.
129 00:11:18.360 ⇒ 00:11:20.082 Uttam Kumaran: yeah, I think that’s mainly it.
130 00:11:20.983 ⇒ 00:11:22.210 Liam Mears: Okay, cool.
131 00:11:22.430 ⇒ 00:11:26.900 Liam Mears: Alright. So alright. We’re in good shape. Do you?
132 00:11:27.060 ⇒ 00:11:33.870 Liam Mears: Do you want to leave on the weekly meeting? Do you want to space it out to every other week. Do you want to just do like an on an as needed basis somewhere.
133 00:11:33.870 ⇒ 00:11:38.095 Uttam Kumaran: Yeah, let me space it out. Let me space it out.
134 00:11:38.880 ⇒ 00:11:44.979 Liam Mears: So we can do as needed as well. I’m pretty flexible around this time period, most days. So
135 00:11:45.160 ⇒ 00:11:49.710 Liam Mears: either we can space it out, or we can just do on, on like an as needed. So we’re
136 00:11:50.030 ⇒ 00:11:51.260 Liam Mears: terrible whatever works best.
137 00:11:51.260 ⇒ 00:12:00.509 Uttam Kumaran: Maybe let’s space it out on this one that way. We can just cause. I think now, we have a couple of processes running. We’re gonna have monthly payroll monthly close
138 00:12:01.016 ⇒ 00:12:10.599 Uttam Kumaran: small stuff like setting up new receivables and then paying people out. So like, there’s a couple of processes. So by next.
139 00:12:10.640 ⇒ 00:12:19.679 Uttam Kumaran: by next time we will have done a couple been in the process a couple, and then, in case I have some questions, and then at that point. If it’s if we’re basically good, then I’ll just cancel it.
140 00:12:19.700 ⇒ 00:12:26.009 Uttam Kumaran: And then we can just keep talking on. It just gives me also like seeing this reminded me to like organize a couple of other things so.
141 00:12:26.010 ⇒ 00:12:27.339 Liam Mears: For sure. No, absolutely.
142 00:12:27.340 ⇒ 00:12:32.969 Uttam Kumaran: Very helpful, and I’m I cancel meetings if there’s nothing to talk about, so we won’t. We’re not going to be here
143 00:12:33.260 ⇒ 00:12:34.440 Uttam Kumaran: chit chatting.
144 00:12:34.440 ⇒ 00:12:35.190 Liam Mears: Yeah, listen. Listen.
145 00:12:35.720 ⇒ 00:12:38.140 Liam Mears: No. This is what we’re for, you know, it’s.
146 00:12:38.140 ⇒ 00:12:39.580 Uttam Kumaran: Unless you want to, but.
147 00:12:39.948 ⇒ 00:12:41.419 Liam Mears: Get lonely. No, I’ll
148 00:12:42.530 ⇒ 00:12:45.449 Liam Mears: this is what we’re. This is what we’re here for, and
149 00:12:45.790 ⇒ 00:12:51.110 Liam Mears: I feel like we made so much progress since the last one. I just wanna make sure that you know we’re not wasting your time so.
150 00:12:51.110 ⇒ 00:12:52.880 Uttam Kumaran: No, no, this is great.
151 00:12:52.880 ⇒ 00:12:54.920 Liam Mears: Feel very good about the progress we’ve made, though.
152 00:12:54.920 ⇒ 00:12:55.566 Uttam Kumaran: Okay, cool.
153 00:12:56.490 ⇒ 00:12:59.130 Uttam Kumaran: Great. Okay. I think that’s it.
154 00:12:59.130 ⇒ 00:13:07.089 Liam Mears: Alright team. Well, I’ll say, just yeah. Let us know when you want to. Give me like a rough time period for when you want to schedule the next one.
155 00:13:07.462 ⇒ 00:13:15.080 Liam Mears: We’ll throw on the calendar. But until then, yeah, keep us in the loop and happy to hear that things are are getting better, so I appreciate it.
156 00:13:15.080 ⇒ 00:13:16.599 Uttam Kumaran: Thank you. I appreciate it.
157 00:13:16.620 ⇒ 00:13:19.309 Uttam Kumaran: Thanks, Brendan. Good to see you as always.
158 00:13:20.380 ⇒ 00:13:21.460 Uttam Kumaran: See you guys.
159 00:13:21.460 ⇒ 00:13:22.710 Liam Mears: Alright, guys have a good one.