Meeting Title: Uttam <> Liam Date: 2024-08-26 Meeting participants: Braden Bullen, Liam Mears, Uttam Kumaran
WEBVTT
1 00:00:40.360 ⇒ 00:00:41.150 Liam Mears: How’s it going.
2 00:00:41.150 ⇒ 00:00:42.830 Uttam Kumaran: Hey, Liam! Hey! How are you?
3 00:00:42.830 ⇒ 00:00:44.080 Liam Mears: Doing well, how are you.
4 00:00:44.240 ⇒ 00:00:45.709 Uttam Kumaran: Good good to see you.
5 00:00:45.710 ⇒ 00:00:49.145 Liam Mears: Nice to see you as well. Thank you for making time today.
6 00:00:49.760 ⇒ 00:00:57.389 Liam Mears: you know. Finally, feel like we’re in a really good starting at a pretty good spot, with books and everything, so I’m pretty pumped up heather.
7 00:00:57.830 ⇒ 00:01:02.589 Liam Mears: I have a question for you. There’s 1 remaining thing
8 00:01:02.670 ⇒ 00:01:07.989 Liam Mears: it had been done before I hopped in the books. That I wanted
9 00:01:09.690 ⇒ 00:01:11.400 Liam Mears: on the balance sheet.
10 00:01:12.250 ⇒ 00:01:15.529 Liam Mears: Looks like for 2024. This is a new account.
11 00:01:16.020 ⇒ 00:01:16.960 Liam Mears: There’s this
12 00:01:17.230 ⇒ 00:01:19.250 Liam Mears: paypal clearing account.
13 00:01:19.680 ⇒ 00:01:26.459 Liam Mears: and I don’t think this should exist does exist. So there’s 3 deposits
14 00:01:27.410 ⇒ 00:01:29.097 Liam Mears: in this account.
15 00:01:30.390 ⇒ 00:01:37.280 Liam Mears: so there’s 3 deposits from chase that are going into this account. I don’t believe
16 00:01:37.670 ⇒ 00:01:41.379 Liam Mears: if this is right at all. I don’t know.
17 00:01:41.380 ⇒ 00:01:43.190 Uttam Kumaran: Yeah, it should be stuff coming out.
18 00:01:44.450 ⇒ 00:01:46.190 Liam Mears: Yeah, so these
19 00:01:46.720 ⇒ 00:01:57.850 Liam Mears: these are the only accounts in there. So there’s this massive negative balance in that asset account, and 3 3 deposits into this apop account from Chase.
20 00:01:58.640 ⇒ 00:02:03.890 Liam Mears: I don’t know if these are. I don’t know if you can identify what these 3 trends. So
21 00:02:04.330 ⇒ 00:02:08.139 Liam Mears: so these, I believe these actually did reconcile and chase.
22 00:02:08.850 ⇒ 00:02:20.090 Liam Mears: Yeah, so on the chase. It’s the chase. Opex 7, 7, 1, 8 account. There are. Those 3 transactions are really coming out.
23 00:02:20.410 ⇒ 00:02:21.500 Liam Mears: but it’s
24 00:02:21.530 ⇒ 00:02:24.460 Liam Mears: kind of a mystery as where that money is going.
25 00:02:24.470 ⇒ 00:02:26.289 Liam Mears: It looks like they’re just going to.
26 00:02:26.440 ⇒ 00:02:27.789 Liam Mears: So these are.
27 00:02:27.790 ⇒ 00:02:31.329 Uttam Kumaran: Pay. The paypal was purely used to accept.
28 00:02:31.390 ⇒ 00:02:36.210 Uttam Kumaran: and then it just gets sent. It just gets immediately sent to the chase. So.
29 00:02:36.210 ⇒ 00:02:44.490 Liam Mears: I don’t think that these are actually going through the these are unless they went into Paypal and came directly right back out.
30 00:02:46.920 ⇒ 00:02:52.959 Liam Mears: But I didn’t see these amounts cold going out of the paypal account on the last.
31 00:02:53.200 ⇒ 00:02:55.360 Liam Mears: Let me open that up really quick. Actually.
32 00:02:57.000 ⇒ 00:02:58.879 Uttam Kumaran: I mean, I can look in Paypal as well.
33 00:02:58.880 ⇒ 00:03:01.050 Liam Mears: Yeah, do the same.
34 00:03:02.720 ⇒ 00:03:12.910 Liam Mears: because what could have happened is you could have reconciled if the deposits were never going in and transaction. It wasn’t linked when the transactions came out. So we just had a net 0.
35 00:03:13.090 ⇒ 00:03:15.350 Liam Mears: So if you’re disrupted.
36 00:03:16.020 ⇒ 00:03:17.460 Liam Mears: see here.
37 00:03:20.700 ⇒ 00:03:21.959 Liam Mears: he’s all of our.
38 00:03:21.960 ⇒ 00:03:24.260 Uttam Kumaran: And and frankly that we
39 00:03:24.550 ⇒ 00:03:26.469 Uttam Kumaran: we’re not even using
40 00:03:26.720 ⇒ 00:03:28.050 Uttam Kumaran: paypal
41 00:03:28.280 ⇒ 00:03:29.220 Uttam Kumaran: for
42 00:03:30.000 ⇒ 00:03:32.399 Uttam Kumaran: that since, like may.
43 00:03:32.920 ⇒ 00:03:40.709 Liam Mears: Yeah, that’s less than the last one went through. So that would make sense. These actually did happen. I wonder?
44 00:03:43.490 ⇒ 00:03:45.760 Liam Mears: that we would just mean that there was a link issue.
45 00:03:50.550 ⇒ 00:03:52.050 Liam Mears: the the.
46 00:03:52.050 ⇒ 00:03:57.019 Uttam Kumaran: The reason why there’s probably a difference could be because of the paypal fees.
47 00:03:59.450 ⇒ 00:04:03.530 Liam Mears: So my, the computer, let me look at the May
48 00:04:07.890 ⇒ 00:04:09.350 Liam Mears: may.
49 00:04:10.130 ⇒ 00:04:12.259 Liam Mears: Okay? So I am seeing
50 00:04:12.960 ⇒ 00:04:14.690 Liam Mears: these deposits.
51 00:04:15.100 ⇒ 00:04:19.630 Liam Mears: But the withdrawals aren’t okay. That’s where the issue is so.
52 00:04:19.630 ⇒ 00:04:25.650 Uttam Kumaran: The withdrawals. That’s what I thought. The withdrawals aren’t going to be the same amount, because Paypal takes the whatever percent like.
53 00:04:26.370 ⇒ 00:04:27.859 Uttam Kumaran: how much. It is maybe like 3%.
54 00:04:27.860 ⇒ 00:04:29.999 Liam Mears: I actually don’t think
55 00:04:30.860 ⇒ 00:04:32.839 Liam Mears: that the the
56 00:04:33.540 ⇒ 00:04:35.600 Liam Mears: the withdrawals, ever
57 00:04:36.620 ⇒ 00:04:39.649 Liam Mears: showed up in quickbooks, which is why
58 00:04:39.850 ⇒ 00:04:41.790 Liam Mears: so these 3 transactions?
59 00:04:41.870 ⇒ 00:04:45.790 Liam Mears: But to the separate account, so I didn’t see them reconciling.
60 00:04:46.370 ⇒ 00:04:47.830 Liam Mears: Let me.
61 00:04:49.990 ⇒ 00:04:57.640 Liam Mears: You see, I don’t think I think that there’s an issue with the Paypal link earlier in the year. So those trends, those withdrawals, never even
62 00:04:58.610 ⇒ 00:04:59.990 Liam Mears: were registered.
63 00:05:00.050 ⇒ 00:05:01.249 Liam Mears: Do you know
64 00:05:01.940 ⇒ 00:05:06.080 Liam Mears: where the where that money would have went from the Paypal account.
65 00:05:07.140 ⇒ 00:05:09.139 Uttam Kumaran: And all was going through the OP-ex.
66 00:05:12.940 ⇒ 00:05:13.920 Liam Mears: Okay.
67 00:05:14.110 ⇒ 00:05:18.019 Uttam Kumaran: Or do you do? If it was this like the those are the ones this year.
68 00:05:18.370 ⇒ 00:05:22.269 Liam Mears: Yeah. So there’s 1 in March one in April, one in May.
69 00:05:23.160 ⇒ 00:05:26.220 Liam Mears: and they’re all around 1516,000.
70 00:05:26.460 ⇒ 00:05:27.350 Uttam Kumaran: Exactly
71 00:05:28.340 ⇒ 00:05:29.570 Uttam Kumaran: so.
72 00:05:29.810 ⇒ 00:05:31.570 Uttam Kumaran: The linked bank account
73 00:05:31.690 ⇒ 00:05:33.449 Uttam Kumaran: is 7, 7, 1, 8.
74 00:05:34.960 ⇒ 00:05:40.990 Liam Mears: So that’s what the money. Alright. So the money came from the opex account
75 00:05:41.040 ⇒ 00:05:42.760 Liam Mears: went into Paypal.
76 00:05:44.000 ⇒ 00:05:52.240 Uttam Kumaran: No, yeah, there was no money that ever went into Paypal. This is money that came in from an external client.
77 00:05:52.530 ⇒ 00:05:53.510 Liam Mears: Okay. It was gotcha.
78 00:05:53.510 ⇒ 00:05:54.770 Uttam Kumaran: Usually around like
79 00:05:54.940 ⇒ 00:05:57.990 Uttam Kumaran: 16 k. Or 15 K.
80 00:05:58.090 ⇒ 00:06:01.590 Uttam Kumaran: And then that immediately gets transferred net of.
81 00:06:01.590 ⇒ 00:06:02.030 Liam Mears: Actually.
82 00:06:02.030 ⇒ 00:06:03.090 Uttam Kumaran: The Paypal Fees.
83 00:06:03.090 ⇒ 00:06:10.759 Liam Mears: I’m sorry misunderstanding in my end. Okay, so this was deposited into the chase. Okay, you know what I heard. So the money was deposited into chase.
84 00:06:11.380 ⇒ 00:06:14.399 Liam Mears: The account is listed as
85 00:06:14.660 ⇒ 00:06:16.320 Liam Mears: it helpers
86 00:06:17.000 ⇒ 00:06:20.250 Liam Mears: you said that so is this all like a sales income.
87 00:06:20.650 ⇒ 00:06:21.410 Uttam Kumaran: Yes.
88 00:06:21.410 ⇒ 00:06:26.830 Liam Mears: Okay. Alright, I’m sorry. Thank you, for that’s the that’s the clarification. No problem.
89 00:06:27.350 ⇒ 00:06:29.740 Liam Mears: So that’s an easy fix.
90 00:06:30.250 ⇒ 00:06:32.660 Liam Mears: just like requests. He’s
91 00:06:36.100 ⇒ 00:06:38.710 Liam Mears: oh, that’s awesome. That’s the easiest.
92 00:06:39.340 ⇒ 00:06:40.730 Uttam Kumaran: Yes, it’s I think
93 00:06:40.750 ⇒ 00:06:48.020 Uttam Kumaran: you know, through the whole process. I realize also it’s easier. I mean, if you have time to just talk through this stuff, because for me it’s like a
94 00:06:48.720 ⇒ 00:06:53.040 Uttam Kumaran: what’s anecdotal for me like you’re not. Gonna it may not be super clear like.
95 00:06:53.910 ⇒ 00:07:00.000 Liam Mears: Right. That’ll be awesome. And honestly, I think that’ll clear up. Our side clears up that account.
96 00:07:00.250 ⇒ 00:07:04.030 Liam Mears: That was my last question. So this is really.
97 00:07:04.390 ⇒ 00:07:06.890 Liam Mears: really clean. Everything’s reconciled
98 00:07:07.270 ⇒ 00:07:09.229 Liam Mears: cool. All the accounts are good.
99 00:07:09.908 ⇒ 00:07:19.479 Liam Mears: I I know that we need to figure out. I mean, is that the biggest deal. We’re having issues accessing the Amex, like, I said, like not a crazy big deal.
100 00:07:19.480 ⇒ 00:07:25.970 Uttam Kumaran: Yeah, I mean, honestly, like, we’ve tried this like 3 times. I’m just down to just send you guys statements.
101 00:07:25.970 ⇒ 00:07:27.189 Liam Mears: Yeah, I know.
102 00:07:27.190 ⇒ 00:07:28.479 Uttam Kumaran: You got almost. It’s like.
103 00:07:28.530 ⇒ 00:07:30.649 Uttam Kumaran: yeah, he he messes me again to like
104 00:07:30.740 ⇒ 00:07:32.660 Uttam Kumaran: run through the instructions. I mean, I
105 00:07:32.690 ⇒ 00:07:34.339 Uttam Kumaran: I already did that. So.
106 00:07:34.340 ⇒ 00:07:36.680 Liam Mears: Yeah, I don’t want to be touchy.
107 00:07:36.800 ⇒ 00:07:45.270 Liam Mears: I don’t know. Usually we can figure it out, so I don’t know what the deal is with this. But I I this is a matter of us needing statements, so are things reconciled.
108 00:07:47.210 ⇒ 00:07:50.899 Liam Mears: this looks finally really pretty. So I
109 00:07:51.020 ⇒ 00:07:51.999 Liam Mears: he should say.
110 00:07:52.000 ⇒ 00:07:56.319 Uttam Kumaran: So tell me about like your process like, what did you see when you got in? Like what’s kind of like your
111 00:07:56.360 ⇒ 00:08:06.320 Uttam Kumaran: cause? I I’ve I. I have a little bit of a finance background like I, I do a lot of data for finance stuff. So I’m used to like doing reconciliations on ledgers and stuff like that.
112 00:08:06.360 ⇒ 00:08:10.519 Uttam Kumaran: like, what did you notice when you got in and like, kind of what’s the end? State that you’re going for?
113 00:08:10.520 ⇒ 00:08:29.980 Liam Mears: Yeah, I mean, your margins are looking really good and out. Originally I was a little worried. My main issue. I looked at this was a negative net income. Now we figured out that there was like 45 $46,000 worth of sales that were just categorized. I feel really comfortable.
114 00:08:31.630 ⇒ 00:08:39.430 Liam Mears: I mean, your payroll is relatively low. Do you have, as far I do have employees, or these wages and salaries going here.
115 00:08:39.870 ⇒ 00:08:42.820 Uttam Kumaran: It’s all. 1099 contracts.
116 00:08:42.820 ⇒ 00:08:43.710 Liam Mears: Gotcha. Okay.
117 00:08:43.710 ⇒ 00:08:49.470 Uttam Kumaran: So everything’s going through gusto. It’s all contractors. I’m the only W. 2, and I’m paying myself
118 00:08:49.490 ⇒ 00:08:57.964 Uttam Kumaran: very low. And then the the money that I do take out is primarily through just like owners. I just take it off the top right?
119 00:08:58.710 ⇒ 00:09:03.259 Uttam Kumaran: but there’s no other W. 2 folks. That’s 1 thing that I’m thinking about doing
120 00:09:03.576 ⇒ 00:09:06.539 Uttam Kumaran: maybe this year is moving some people to W. 2
121 00:09:06.819 ⇒ 00:09:10.810 Uttam Kumaran: but again, we’ve only been in business for about a year as of last month. So.
122 00:09:10.810 ⇒ 00:09:20.550 Liam Mears: Well, that’s awesome. I mean, things are definitely trending in the right direction. And I mean, we might want to reassess how much you’re paying yourself at the end of the years, as you are looking at a healthy net income.
123 00:09:20.860 ⇒ 00:09:21.550 Uttam Kumaran: Okay.
124 00:09:21.660 ⇒ 00:09:27.200 Liam Mears: I have you sitting in a net right now through July. Awesome.
125 00:09:27.530 ⇒ 00:09:30.909 Uttam Kumaran: And where are you? Where are you? Seeing that in in quick books.
126 00:09:30.910 ⇒ 00:09:37.730 Liam Mears: Yeah. So I opened up the profit and loss, and I open up, I think the dates from January 1, st 24 to July 30.
127 00:09:38.470 ⇒ 00:09:39.899 Liam Mears: So it should just be the standard.
128 00:09:39.900 ⇒ 00:09:41.939 Uttam Kumaran: Profit and loss. You just go to reports.
129 00:09:42.250 ⇒ 00:09:52.009 Liam Mears: Yeah, if you go, if you go to the report section, go to your it’ll just say if you see on the left sidebar we should just have like a report section you’ll have like favorites.
130 00:09:52.310 ⇒ 00:09:55.460 Liam Mears: and profit loss is, gonna be your bread and butter
131 00:09:56.550 ⇒ 00:09:57.180 Uttam Kumaran: Call.
132 00:09:58.480 ⇒ 00:10:00.840 Liam Mears: Now i 1 thing I did notice.
133 00:10:01.660 ⇒ 00:10:04.259 Liam Mears: It looks like for July.
134 00:10:04.620 ⇒ 00:10:10.710 Liam Mears: There wasn’t we we did take a a kind of a substantial loss through July.
135 00:10:11.240 ⇒ 00:10:16.319 Liam Mears: So I noticed that, like, they obviously have a nice healthy income. But then, you know.
136 00:10:16.750 ⇒ 00:10:17.350 Liam Mears: yeah.
137 00:10:17.350 ⇒ 00:10:28.110 Uttam Kumaran: So what’s happening is like, up till, like around May, we had like 3 clients that were all billing, we lost one of them, and so the last few months have been like a little bit touchy.
138 00:10:28.690 ⇒ 00:10:41.430 Uttam Kumaran: So the kind of the focus on the business, and I think it’s helpful for you to hear the business contact. So again, like we bill clients on monthly basis, we do like data consulting work for them. Typically, hey, Braden.
139 00:10:42.400 ⇒ 00:10:46.008 Uttam Kumaran: typically, this is work that’s billed like at like
140 00:10:46.850 ⇒ 00:10:51.740 Uttam Kumaran: 150 an hour, plus like clip for engineers.
141 00:10:52.115 ⇒ 00:10:56.500 Uttam Kumaran: So I Bill, and then kind of transition the business to like
142 00:10:56.954 ⇒ 00:11:02.150 Uttam Kumaran: having engineers basically bill directly for clients. So we’re going after some new clients right now.
143 00:11:02.597 ⇒ 00:11:05.379 Uttam Kumaran: Most of the expenses of the business are
144 00:11:05.720 ⇒ 00:11:07.870 Uttam Kumaran: like they obviously payroll
145 00:11:08.550 ⇒ 00:11:12.159 Uttam Kumaran: and then there’s software. There’s like Github, there’s like
146 00:11:12.400 ⇒ 00:11:19.415 Uttam Kumaran: slack like that sort of software. So that’s I’m interested to go check out like how much that’s contributed as well.
147 00:11:19.960 ⇒ 00:11:28.200 Uttam Kumaran: And there’s some travel stuff. But I know I’m actually gonna go. And I think a lot of that is probably personal. So I’m gonna get, like, probably booked out.
148 00:11:28.200 ⇒ 00:11:29.010 Liam Mears: Yeah.
149 00:11:29.010 ⇒ 00:11:32.610 Uttam Kumaran: I have, too, is like, how do can I just go in and like remark that? Or what’s the
150 00:11:32.800 ⇒ 00:11:47.699 Liam Mears: Yeah, absolutely I’m gonna I mean, I’m gonna be constantly looking at this book. So if you pop in there and you you don’t like go ahead and change it. If there’s a recurring trend like transaction that you believe is being categorized or could be a categorized better.
151 00:11:47.710 ⇒ 00:11:50.849 Liam Mears: Just give me a heads up, because what I’m gonna try and do
152 00:11:51.050 ⇒ 00:11:53.520 Liam Mears: is set up a lot of rules and quickbooks
153 00:11:53.530 ⇒ 00:12:08.080 Liam Mears: just kind of iron out how the process goes. So that’s like, if you’re going like, Mcdonald’s like 5 times a week, and I’m seeing x 20. I don’t wanna have to go through and like change like. But if you see something that’s consistently being categorized wrong, that’s my heads up.
154 00:12:08.080 ⇒ 00:12:08.410 Uttam Kumaran: Exactly.
155 00:12:08.410 ⇒ 00:12:10.360 Liam Mears: Have you seen a 1 off instance?
156 00:12:10.760 ⇒ 00:12:12.209 Liam Mears: Go ahead and change it.
157 00:12:12.540 ⇒ 00:12:20.100 Liam Mears: When when I see a transaction pop up that I don’t want to categorize. 1st thing I’m gonna do is look at how it’s gonna store up and categorize
158 00:12:20.361 ⇒ 00:12:28.570 Liam Mears: so that’s kind of how I’m getting my idea. If there’s like inconsistencies or like it’s up in the air. So it can really be. I’m going to ask you. I’m actually gonna like
159 00:12:28.600 ⇒ 00:12:31.690 Liam Mears: you look like a hail, Mary. I’m gonna try and figure it out.
160 00:12:32.190 ⇒ 00:12:36.390 Uttam Kumaran: Yeah, for me, the biggest thing is is like, as long as everything has a category I can go back
161 00:12:36.690 ⇒ 00:12:38.960 Uttam Kumaran: and then move things around like.
162 00:12:38.960 ⇒ 00:12:39.620 Liam Mears: Absolutely.
163 00:12:39.620 ⇒ 00:12:40.280 Uttam Kumaran: The.
164 00:12:40.420 ⇒ 00:12:41.970 Uttam Kumaran: So that’s really great.
165 00:12:41.970 ⇒ 00:12:44.590 Liam Mears: Yeah, I wanted to talk. Go ahead. I’m sorry.
166 00:12:44.590 ⇒ 00:12:48.630 Uttam Kumaran: Yeah, we and otherwise, like, I think we, we last year we had a lot more
167 00:12:48.820 ⇒ 00:12:50.280 Uttam Kumaran: legal fees
168 00:12:50.560 ⇒ 00:12:51.909 Uttam Kumaran: and stuff like that.
169 00:12:52.370 ⇒ 00:12:55.209 Liam Mears: Legal fees are pretty low this year. You have, I mean.
170 00:12:55.730 ⇒ 00:13:00.399 Liam Mears: what? What do you? It’s just like, I just don’t have a broad idea of yeah.
171 00:13:00.420 ⇒ 00:13:04.609 Liam Mears: what the contract? I mean. You’re obviously the contractor expenses
172 00:13:04.930 ⇒ 00:13:09.360 Liam Mears: pretty significant on the profit and loss. What is the or the majority of like
173 00:13:09.380 ⇒ 00:13:12.279 Liam Mears: assets that are being handled by these contractors.
174 00:13:13.194 ⇒ 00:13:15.879 Uttam Kumaran: Wait, say the last part again. So what are the majority.
175 00:13:15.880 ⇒ 00:13:17.850 Liam Mears: Yeah, what are you using these contracts?
176 00:13:17.850 ⇒ 00:13:23.570 Uttam Kumaran: Oh, so those are all the contractors are actually doing the work. So that’s the those are the the
177 00:13:23.750 ⇒ 00:13:24.310 Uttam Kumaran: like.
178 00:13:24.310 ⇒ 00:13:25.520 Liam Mears: Sure delegation.
179 00:13:25.520 ⇒ 00:13:30.859 Uttam Kumaran: So there’s actually a couple of things. So that’s also one thing I want to look at is like there’s contractors that are working
180 00:13:31.130 ⇒ 00:13:40.760 Uttam Kumaran: on behalf of clients. And then there’s also contractors that are like helping us on our website, helping us with like some internal automation stuff. So there’s looking at the current
181 00:13:41.290 ⇒ 00:13:45.189 Uttam Kumaran: contractor expenses that looks very high. So there’s probably some of that that’s
182 00:13:45.960 ⇒ 00:13:53.519 Uttam Kumaran: actually related to wages and salaries. So I’ll go look at that like, for example, anything that for the most part all the stuff we pay through wise
183 00:13:53.570 ⇒ 00:13:57.000 Uttam Kumaran: anything through gusto. Is all
184 00:13:57.510 ⇒ 00:13:58.180 Uttam Kumaran: like
185 00:13:58.340 ⇒ 00:14:00.659 Uttam Kumaran: stuff that’s being done on behalf of clients. So
186 00:14:01.880 ⇒ 00:14:05.928 Uttam Kumaran: all that should be associated with revenue. There’s actually not a lot of
187 00:14:06.490 ⇒ 00:14:09.130 Uttam Kumaran: contractor expenses associated with the business. So like
188 00:14:09.500 ⇒ 00:14:13.060 Uttam Kumaran: the the main cost of goods sold is just the people for this business.
189 00:14:13.060 ⇒ 00:14:21.239 Liam Mears: Okay, alright, then we’re going to want. So right now, the contractors, expenses are just being labeled as like operating expenses.
190 00:14:21.420 ⇒ 00:14:29.114 Liam Mears: I’m going to create like a cost of goods sold contractor expense, because that’s gonna give you a better idea of where your profit is. Gonna be
191 00:14:29.530 ⇒ 00:14:35.609 Liam Mears: because it’s it’s it’s still like, obviously being a part. It’s part of your net income cause. It’s a massive expense.
192 00:14:35.730 ⇒ 00:14:39.180 Liam Mears: But realistically, they’re the ones we’re handling.
193 00:14:39.180 ⇒ 00:14:53.620 Uttam Kumaran: That’s what I would love to know. Yeah, I would love to know. Like, for example, I just pulled up the line items. That one is that? Yeah. Anything coming from Gus, though, is all associated with client revenue. So that would be really great to see that
194 00:14:54.024 ⇒ 00:14:58.579 Uttam Kumaran: and then, of course, like there’s anything W. 2 again. It’s just it’s only me. So.
195 00:14:58.900 ⇒ 00:14:59.460 Liam Mears: It’s okay.
196 00:14:59.460 ⇒ 00:15:03.350 Uttam Kumaran: Be that. And then there’s a couple of contractor expenses
197 00:15:03.600 ⇒ 00:15:06.789 Uttam Kumaran: through wise or through paypal that are like
198 00:15:06.830 ⇒ 00:15:10.709 Uttam Kumaran: for, like a website thing I needed, or like, you know, stuff here and there.
199 00:15:12.000 ⇒ 00:15:12.750 Uttam Kumaran: but
200 00:15:12.950 ⇒ 00:15:21.970 Uttam Kumaran: for the most part it should or like. For example, there’s 1 thing that’s like content strategy that’s like someone that’s helping me for, like some content strategy stuff for the most part, it’s all
201 00:15:22.150 ⇒ 00:15:25.070 Uttam Kumaran: expenses related to getting work done.
202 00:15:25.460 ⇒ 00:15:29.880 Liam Mears: Okay. That’s awesome. I’ll make sure that that’s changed.
203 00:15:30.230 ⇒ 00:15:37.780 Liam Mears: I also noticed you have it looks. I I believe that these are recruitment expenses. It’s this higher, with near
204 00:15:37.790 ⇒ 00:15:39.110 Liam Mears: for San Antonio.
205 00:15:39.110 ⇒ 00:15:39.950 Uttam Kumaran: Yes. Correct.
206 00:15:39.950 ⇒ 00:15:42.340 Liam Mears: That’s how you’re finding your contractors. I’m guessing.
207 00:15:42.340 ⇒ 00:15:53.650 Uttam Kumaran: So we got. We got one contractor through that, and there was there was a fixed fee because of. There’s a fixed fee based on his annual salary. That was a 2 split expense, basically.
208 00:15:56.013 ⇒ 00:16:02.540 Liam Mears: We talked about travel that might just be you needing to sort out which one we’re looking at. So the other than that.
209 00:16:02.540 ⇒ 00:16:04.324 Uttam Kumaran: And then also in terms of like
210 00:16:05.400 ⇒ 00:16:07.840 Uttam Kumaran: percentage splits like, for example.
211 00:16:07.980 ⇒ 00:16:14.979 Uttam Kumaran: when we do expenses for like this Home Office, and things like that like, How do you typically handle that? Or like, what’s the typical process.
212 00:16:14.980 ⇒ 00:16:16.590 Liam Mears: Yeah. So I know that
213 00:16:16.760 ⇒ 00:16:29.150 Liam Mears: this is probably going to be manual journal entry, because obviously majority of your bills are not going to be business related. So we’re going to figure out the portion that is going to be related to business. What I recommend us doing
214 00:16:30.296 ⇒ 00:16:39.460 Liam Mears: is you just kind of gathering like you should be able to just pull like an annual statement for most of these bills like for rent, electricity. Anything else?
215 00:16:41.240 ⇒ 00:16:44.079 Liam Mears: just kind of send us a total of what you’re paying
216 00:16:44.380 ⇒ 00:16:48.720 Liam Mears: in total for each type of utility. Grant expense.
217 00:16:49.120 ⇒ 00:16:50.519 Uttam Kumaran: And doing. At the end of the year.
218 00:16:50.520 ⇒ 00:16:55.374 Liam Mears: Yeah, at the end of the year we’re just gonna make one large adjustment cool. And then
219 00:16:55.790 ⇒ 00:17:15.730 Liam Mears: we just need to figure out. You know the square footage for your total place as well as square footage for the Home Office, so they’ll just figure out the percentage that we can deduct to the business, and we’ll just make a large journal entry. To include all those expenses because it it adds up, you know, like that can end up being a decent, a decent portion.
220 00:17:15.859 ⇒ 00:17:16.500 Liam Mears: Okay.
221 00:17:16.500 ⇒ 00:17:16.960 Uttam Kumaran: Oh, you’re right!
222 00:17:16.960 ⇒ 00:17:25.989 Liam Mears: That’s what we’ll do. At the end of the year. It’ll be really really easy. Just gather those statements. I’ll go through it all the second portion that we take of the
223 00:17:27.133 ⇒ 00:17:28.699 Liam Mears: really easy
224 00:17:31.200 ⇒ 00:17:33.629 Liam Mears: I don’t believe. Yeah. I mean.
225 00:17:33.810 ⇒ 00:17:40.789 Liam Mears: usually the legal fees are done from last year was awesome. Everything. I mean, I I recognize that a big portion.
226 00:17:40.950 ⇒ 00:17:45.010 Liam Mears: What you’re gonna do is gonna include a larger software expense as well.
227 00:17:45.180 ⇒ 00:17:51.319 Liam Mears: So I mean, that really covers all the expenses that jump out to me. This is a really healthy net income.
228 00:17:51.870 ⇒ 00:17:58.769 Liam Mears: Your gross margin is also looking really nice. Once I, even when I, when I’ll move the contractor expenses over just a little bit.
229 00:18:00.210 ⇒ 00:18:15.319 Uttam Kumaran: Yeah, the the big thing is like for me, I would say, the big. The trouble in this business is like a service business. So usually, you’re not looking at like, you know what you would see in terms of margin, like, my whole career is working software. So software margin.
230 00:18:15.360 ⇒ 00:18:18.710 Uttam Kumaran: gross margin can be really high services business. Of course.
231 00:18:18.730 ⇒ 00:18:24.539 Uttam Kumaran: it’s like, it’s all people related. So what what like is ideal is like 20 to 30%.
232 00:18:24.610 ⇒ 00:18:40.729 Uttam Kumaran: I would say for us has been like touch and go like month over month. But then, also, my personal expense has been high. So I’ve been taking cash out of the company. I’ve just been moving and doing a lot of travel this year. But the big goal for this year is really just increase revenue
233 00:18:41.211 ⇒ 00:18:43.939 Uttam Kumaran: and so we’re going at. We should ideally
234 00:18:44.030 ⇒ 00:18:47.593 Uttam Kumaran: like we’re going after a bunch more clients and
235 00:18:48.140 ⇒ 00:18:52.080 Uttam Kumaran: you know we should. We should ideally what I’m going for is like
236 00:18:53.040 ⇒ 00:18:54.279 Uttam Kumaran: either, like.
237 00:18:54.390 ⇒ 00:18:59.650 Uttam Kumaran: for the most part, like 50% gross margin on what we’re billing
238 00:18:59.670 ⇒ 00:19:04.419 Uttam Kumaran: like. For example, if I were billing. If we’re billing 1 50, then we’re paying people 100.
239 00:19:04.450 ⇒ 00:19:07.120 Uttam Kumaran: So like, that’s kind of what I’m doing. I’m like a
240 00:19:07.390 ⇒ 00:19:09.450 Uttam Kumaran: like a basically like a
241 00:19:10.420 ⇒ 00:19:15.280 Uttam Kumaran: envelope math in terms of like the contracts that I’m sending out that way.
242 00:19:15.750 ⇒ 00:19:22.240 Uttam Kumaran: or at least cover based on. Because before I was like thinking, okay, could do like 2030 bucks over like 2030%. But
243 00:19:22.470 ⇒ 00:19:30.020 Uttam Kumaran: like, I talked to a lot of friends in this sort of business, they’re like you need to gun for like 50 to 100% on top, just because of how much.
244 00:19:30.360 ⇒ 00:19:37.600 Uttam Kumaran: And again, I also say, though, I’m like very, I’ve been very frugal and like running the business.
245 00:19:37.600 ⇒ 00:19:38.060 Liam Mears: Right.
246 00:19:38.300 ⇒ 00:19:44.309 Uttam Kumaran: As much as I can like. I do a ton on my own, and like I’ve been getting favors for a lot of stuff. But
247 00:19:44.320 ⇒ 00:19:50.820 Uttam Kumaran: there is a lot there. There will be a lot more expenses related to, of course, like we still haven’t done taxes for
248 00:19:52.550 ⇒ 00:19:56.840 Uttam Kumaran: the the 2023, so that’ll be a huge expense that we’ll end up paying.
249 00:19:58.780 ⇒ 00:20:01.180 Liam Mears: Yeah, I I mean, okay.
250 00:20:01.410 ⇒ 00:20:04.180 Liam Mears: Everything that I see and everything you’re telling me.
251 00:20:04.790 ⇒ 00:20:12.199 Liam Mears: It’s kind of disappointing that you’re in a great spot. I mean, this is looking really good. Your books are great to start the year. I love looking over
252 00:20:13.460 ⇒ 00:20:16.919 Liam Mears: because majority of the plan that I did was recently work.
253 00:20:18.290 ⇒ 00:20:31.309 Liam Mears: but everything that I see points you being in a great spot. I mean, you said that your goal is to ramp up revenue this year for the last year, and you’re already well ahead of what you did last year in revenue. I mean, we’re I
254 00:20:31.410 ⇒ 00:20:35.700 Liam Mears: rolling through July, I mean you already well exceeded that number.
255 00:20:35.730 ⇒ 00:20:38.859 Liam Mears: They were hardly more than half of the year, financially. So
256 00:20:39.480 ⇒ 00:20:51.369 Liam Mears: I mean, you’re crushing your goals. This is gonna be. I mean, it’s gonna be my goal to make sure that you have. You have a better display of how this is performing. So we’re gonna be able more easily.
257 00:20:51.490 ⇒ 00:20:56.909 Liam Mears: or you already said that you’re, you know, pretty financially frugal through the business. You’re really gonna be able to
258 00:20:56.920 ⇒ 00:20:59.499 Liam Mears: hone in and see exactly what you’re saying where?
259 00:21:00.400 ⇒ 00:21:01.920 Liam Mears: I mean.
260 00:21:02.150 ⇒ 00:21:03.469 Liam Mears: this is gonna be
261 00:21:03.630 ⇒ 00:21:11.080 Liam Mears: super smooth, ideally. Now, I mean, like, we are completely caught up. Everything’s coming up, probably for the 1st time since we started our business right? I mean.
262 00:21:11.080 ⇒ 00:21:11.630 Uttam Kumaran: For sure.
263 00:21:11.630 ⇒ 00:21:14.030 Liam Mears: This is gonna really allow us to
264 00:21:15.010 ⇒ 00:21:18.118 Liam Mears: just smoothly sail going forward.
265 00:21:18.880 ⇒ 00:21:29.279 Liam Mears: I don’t. I believe that you and Braden were working on just ironing out the monthly contracts because we are going to be starting August soon, like as far as like August bookkeeping.
266 00:21:29.390 ⇒ 00:21:29.995 Liam Mears: So.
267 00:21:30.600 ⇒ 00:21:39.610 Uttam Kumaran: Yeah, so we have that. And then the other couple of things is like we started in a accounting email address that I’m forwarding like receipts to
268 00:21:40.178 ⇒ 00:21:46.610 Uttam Kumaran: we’re like, basically putting that as like the billing email for stuff is that still like valuable?
269 00:21:46.620 ⇒ 00:21:48.480 Uttam Kumaran: I don’t know if you have access to that
270 00:21:50.370 ⇒ 00:21:57.439 Liam Mears: It will be valuable like I I assume that I’m going to be. I’m going to be the one taking over the accounts payable
271 00:21:57.550 ⇒ 00:22:02.090 Liam Mears: for you and helping out with all that stuff. So it’ll definitely be valuable to have
272 00:22:03.900 ⇒ 00:22:06.240 Liam Mears: all the bills being forwarded
273 00:22:06.340 ⇒ 00:22:10.240 Liam Mears: to the email, so I’ll be getting them. So I’ll be able to know. You know whatnot
274 00:22:12.410 ⇒ 00:22:20.639 Liam Mears: all your invoices and everything, all the payments that need to go out. So I think that’ll definitely be valuable for that. I know that was one of the few things you said in the chat. I believe.
275 00:22:21.330 ⇒ 00:22:21.880 Uttam Kumaran: Yeah.
276 00:22:21.880 ⇒ 00:22:23.170 Liam Mears: To bring those 5.
277 00:22:23.170 ⇒ 00:22:25.520 Braden Bullen: Is that already forwarding? Let me show you.
278 00:22:26.320 ⇒ 00:22:29.413 Uttam Kumaran: Yeah, I’m sending everything to accounting at Brainforge.
279 00:22:39.280 ⇒ 00:22:41.270 Braden Bullen: Yeah, I was trying to see if it was already
280 00:22:41.380 ⇒ 00:22:46.249 Braden Bullen: forwarding to brainforge@flowfi.com. If you want to set that up on your end.
281 00:22:46.960 ⇒ 00:22:47.800 Uttam Kumaran: So
282 00:22:47.950 ⇒ 00:22:49.366 Uttam Kumaran: so should I. Just
283 00:22:50.020 ⇒ 00:22:52.319 Uttam Kumaran: So I should forward everything from
284 00:22:53.160 ⇒ 00:22:56.040 Uttam Kumaran: accounting at Brainforge to okay.
285 00:22:56.190 ⇒ 00:22:59.040 Braden Bullen: Yeah. Just just so, liam has visibility.
286 00:23:00.730 ⇒ 00:23:05.439 Liam Mears: Yeah, Brayden, will those be set up to automatically forward over to my email?
287 00:23:06.030 ⇒ 00:23:07.410 Liam Mears: Just so I can.
288 00:23:07.740 ⇒ 00:23:10.420 Braden Bullen: Yeah, I, yeah, I can rule on right now.
289 00:23:10.420 ⇒ 00:23:12.180 Liam Mears: Awesome. That’d be great.
290 00:23:13.000 ⇒ 00:23:15.050 Uttam Kumaran: Okay, let me just put that in.
291 00:23:17.195 ⇒ 00:23:19.254 Uttam Kumaran: The other thing was
292 00:23:20.210 ⇒ 00:23:22.390 Uttam Kumaran: So for the
293 00:23:23.170 ⇒ 00:23:24.879 Uttam Kumaran: end of month
294 00:23:25.060 ⇒ 00:23:29.920 Uttam Kumaran: previously way was handling invoices to clients.
295 00:23:29.940 ⇒ 00:23:32.710 Uttam Kumaran: I think the process really was like I just sent.
296 00:23:32.790 ⇒ 00:23:43.279 Uttam Kumaran: She had a spreadsheet template where I would just put in like what? Because again, we’re billing mostly on hours. It’s pretty consistent, though, and then, in case there’s any discount or anything.
297 00:23:43.641 ⇒ 00:23:47.919 Uttam Kumaran: do you have a similar process like what’s the best way I can hand that to you.
298 00:23:49.600 ⇒ 00:23:54.279 Liam Mears: Yeah, that should be fine. I mean, if there’s anything. If I take a look at it, that’s really done better.
299 00:23:54.660 ⇒ 00:23:56.000 Liam Mears: I’ll let you know.
300 00:23:56.180 ⇒ 00:23:58.780 Liam Mears: But there’s I mean, that’s your work.
301 00:23:58.780 ⇒ 00:24:05.360 Uttam Kumaran: If you’re good with good. If you’re good with Google Sheet, then I’ll just do it. If I could just do it that way that way. It’s perfect deal with files. Okay.
302 00:24:06.140 ⇒ 00:24:09.239 Liam Mears: Oh, they’ll be just fine! How often are you sending those out?
303 00:24:09.550 ⇒ 00:24:11.129 Liam Mears: It’s all hands away.
304 00:24:11.790 ⇒ 00:24:13.090 Liam Mears: Sorry! What was that?
305 00:24:13.090 ⇒ 00:24:14.200 Uttam Kumaran: It’s all monthly.
306 00:24:14.200 ⇒ 00:24:17.120 Liam Mears: Monthly. Okay, great, that’s easy. Then that’ll be fine.
307 00:24:18.230 ⇒ 00:24:19.960 Uttam Kumaran: Yeah, and then basically for
308 00:24:21.570 ⇒ 00:24:25.740 Uttam Kumaran: for for everybody. I don’t pay payroll until
309 00:24:26.100 ⇒ 00:24:28.279 Uttam Kumaran: until client payments come in
310 00:24:30.090 ⇒ 00:24:38.779 Uttam Kumaran: because we don’t have a ton of cash. So that just saves us from like that problem. But for the most part we get paid within 7 days, like.
311 00:24:38.870 ⇒ 00:24:39.940 Uttam Kumaran: it’s just like
312 00:24:40.350 ⇒ 00:24:44.519 Uttam Kumaran: it’s just annoying when I when they just don’t like, I just forget cause I’m doing like a million things.
313 00:24:44.520 ⇒ 00:24:48.430 Liam Mears: Yeah, no, absolutely. Yeah. No. I got you. I just wanted to make sure.
314 00:24:48.430 ⇒ 00:24:53.050 Uttam Kumaran: Like today. There’s an outstanding invoice. And and then one of my guys like I haven’t been paid. I’m like.
315 00:24:53.200 ⇒ 00:24:59.150 Uttam Kumaran: Oh, and I messaged them. They’re like, Oh, I forgot to pay. And so that sort of stuff is things that like, I I just
316 00:24:59.750 ⇒ 00:25:03.709 Uttam Kumaran: like, it’s just gonna be impossible for me to keep track of at the moment.
317 00:25:03.990 ⇒ 00:25:13.680 Liam Mears: That’s why we’re here. Right? I mean, we just want to make sure that we’re offering. I mean, you’re yeah. That’s that’s going to be. Our goal is just kind of overall.
318 00:25:14.480 ⇒ 00:25:18.479 Liam Mears: Okay? All the contracts are paying everything. So
319 00:25:18.930 ⇒ 00:25:27.520 Liam Mears: yeah, we’ll make sure that we have that process set up so that I’m getting between the Google Sheet. I’ll have all the knowledge I need there. Then we’ll have all the invoices Ap
320 00:25:27.810 ⇒ 00:25:29.730 Liam Mears: into my email.
321 00:25:30.580 ⇒ 00:25:37.700 Liam Mears: So I don’t miss anything, and then other than that we should be all set. I mean, that should be pretty smooth sailing.
322 00:25:38.690 ⇒ 00:25:40.429 Braden Bullen: What about? What about American express?
323 00:25:41.280 ⇒ 00:25:43.069 Braden Bullen: Are we good? Are we good? There.
324 00:25:43.070 ⇒ 00:25:45.686 Liam Mears: We’re gonna do the manual for the
325 00:25:46.590 ⇒ 00:25:53.709 Liam Mears: We’re gonna do Manual. We’re gonna have. Was just sent to me manual that access for whatever reasons. Yes.
326 00:25:54.000 ⇒ 00:25:54.560 Liam Mears: so.
327 00:25:54.560 ⇒ 00:25:58.850 Uttam Kumaran: Yeah, I’ll I’ll try it again. But I feel like we’ve tried like a bunch of times. I’m not sure what’s going on.
328 00:25:59.350 ⇒ 00:26:00.030 Liam Mears: Right.
329 00:26:00.030 ⇒ 00:26:00.800 Braden Bullen: This is my life.
330 00:26:01.804 ⇒ 00:26:02.319 Braden Bullen: So.
331 00:26:02.320 ⇒ 00:26:04.769 Uttam Kumaran: I know I’m happy. I mean I’m happy to see.
332 00:26:04.770 ⇒ 00:26:09.090 Braden Bullen: Mx usually is not bad, though, so I’m like, if you want to give it, we’ll give it one more. Try.
333 00:26:09.090 ⇒ 00:26:13.709 Liam Mears: That’s the thing is like we, we usually are able to figure it out. So I don’t know why. This is the point.
334 00:26:13.710 ⇒ 00:26:21.020 Braden Bullen: Yeah. So let’s like, I guess, just delete whatever profiles we have in there and just resend it. And this, this will be the the one try
335 00:26:22.780 ⇒ 00:26:46.259 Braden Bullen: And then I’m gonna get the updated contracts over. I need to get a quote on tax. But I I had Sonali like I gave her access to everything, and she’s like she’s gonna let me know. I think we already have like your ein, and like everything else on file that she’ll need. But I told her to like, just let me know if there’s anything else she needs to like. Assess for the taxes. And then I’ll get you that contract, and I’ll get her an sow on that
336 00:26:46.615 ⇒ 00:26:50.189 Braden Bullen: and then we could just do like a real quick sync with her. Just.
337 00:26:50.190 ⇒ 00:26:50.590 Uttam Kumaran: Cool.
338 00:26:50.590 ⇒ 00:26:56.309 Braden Bullen: There’s any like variables you want to tell her about. And so we’ll go from there.
339 00:26:56.990 ⇒ 00:26:57.660 Uttam Kumaran: Okay.
340 00:26:59.120 ⇒ 00:27:06.930 Uttam Kumaran: okay, great. So yeah, I guess Leo, let me know. I’m gonna try to spend some time this weekend like, do some category and search.
341 00:27:06.930 ⇒ 00:27:07.470 Liam Mears: Awesome.
342 00:27:07.470 ⇒ 00:27:07.800 Uttam Kumaran: Bucks.
343 00:27:07.800 ⇒ 00:27:17.800 Liam Mears: Yeah, get familiar with it. I just recategorized those costs of goods sold. I actually categorize the contract the majority of the time. So your gross profit should be
344 00:27:17.970 ⇒ 00:27:31.520 Liam Mears: 100% accurate. Let me know how it looks. Let me know what you think. Go ahead and look for the whole year, and just let me know how it all looks. I do want to. I know that you want to talk about the line of credit setup and the goals for the following month.
345 00:27:33.400 ⇒ 00:27:39.100 Liam Mears: so I didn’t. What is your goal for the business line of credit? Because I haven’t heard this yet, like I just.
346 00:27:39.100 ⇒ 00:27:55.940 Uttam Kumaran: Yeah, I just so I just set that up last week. It’s just it’s through Amex. Actually, it didn’t. It? Didn’t let me like. Add another account. But you should see that deposit come in to opex. It’s about like 14 4 but it’s just
347 00:27:56.060 ⇒ 00:27:59.129 Uttam Kumaran: like it’s just extra cash for working capital.
348 00:27:59.130 ⇒ 00:28:02.388 Liam Mears: Yeah, thank you. I’ll make sure to create that account. And then
349 00:28:03.550 ⇒ 00:28:06.169 Liam Mears: they didn’t. I didn’t let you link in the books at all.
350 00:28:06.290 ⇒ 00:28:10.049 Uttam Kumaran: No, I tried to go at Mx, but I already have the Mx.
351 00:28:10.310 ⇒ 00:28:10.790 Liam Mears: Okay.
352 00:28:10.790 ⇒ 00:28:13.399 Uttam Kumaran: Linked, so I’ll try it again.
353 00:28:13.400 ⇒ 00:28:20.389 Liam Mears: Yeah, I don’t know why I wouldn’t let you, but at the end of the day it’s not a big deal I’ll reconcile. It’s all I’ll be able to make any like interest
354 00:28:20.940 ⇒ 00:28:26.040 Liam Mears: that they don’t want to update it every month, so try and link it. But if you can’t, it’s not the other.
355 00:28:26.910 ⇒ 00:28:30.970 Uttam Kumaran: Okay, yeah. And then for next month, I think the big thing is like, yeah, I just wanna make sure that
356 00:28:31.060 ⇒ 00:28:35.809 Uttam Kumaran: the invoices kind of go out without a hitch, so that’ll also be a thing I send you this week.
357 00:28:35.920 ⇒ 00:28:36.540 Uttam Kumaran: Okay.
358 00:28:36.540 ⇒ 00:28:43.270 Liam Mears: You usually have like, I mean, so I’ll be up. I’ll be sending out the invoice payments as they come.
359 00:28:43.575 ⇒ 00:28:49.929 Liam Mears: We’ll figure out what the terms are going to be, for how like what we want to pay, and everything, you know we’ll touch base on that.
360 00:28:50.120 ⇒ 00:28:52.809 Liam Mears: We can make constant communication for that.
361 00:28:53.079 ⇒ 00:29:01.910 Liam Mears: You said that the contracts are paid, the contractors are paid monthly like, is it like us? Is it like the 1st of the month that they’re just sent out like is that usually.
362 00:29:02.279 ⇒ 00:29:07.080 Uttam Kumaran: Yeah. So we get. So we bill clients like the 1st a month.
363 00:29:07.150 ⇒ 00:29:09.920 Uttam Kumaran: and then we usually get paid by them within, like.
364 00:29:10.510 ⇒ 00:29:14.710 Uttam Kumaran: usually like 2 weeks, and then I submit payments
365 00:29:14.790 ⇒ 00:29:17.949 Uttam Kumaran: to contractors. I mean, I I would
366 00:29:18.000 ⇒ 00:29:19.449 Uttam Kumaran: like, if if it’s
367 00:29:19.490 ⇒ 00:29:24.335 Uttam Kumaran: cash comes in, I’ll send it to contractors, but that’s like usually kind of what I do.
368 00:29:24.620 ⇒ 00:29:35.190 Liam Mears: You want to just like, give me a green light. So like, when do you want to give me a green light? Okay, yeah. If you just want to shoot me an email or a message whenever you feel comfortable, sending that those payments out, and then I can just have them day to day, though
369 00:29:35.240 ⇒ 00:29:39.950 Liam Mears: probably the best way to go about it, unless you, unless you end up wanting to have a specific date.
370 00:29:40.530 ⇒ 00:29:43.729 Uttam Kumaran: Yeah. So one thing is like, we’re doing all that through gusto.
371 00:29:43.780 ⇒ 00:29:45.340 Uttam Kumaran: So we’re sending
372 00:29:45.710 ⇒ 00:29:50.330 Uttam Kumaran: contractor payments through gusto. But then we’re also I’m getting like invoices
373 00:29:50.400 ⇒ 00:29:53.539 Uttam Kumaran: from the contractors like they just throw it into a Google.
374 00:29:53.600 ⇒ 00:30:00.809 Uttam Kumaran: It’s a Google drive, like, I kind of just have that as like a paper trail, but also was, gonna ask if you think there’s a better way
375 00:30:01.050 ⇒ 00:30:04.949 Uttam Kumaran: for them to go fill out like a timesheet somewhere, or like I don’t know
376 00:30:05.760 ⇒ 00:30:07.159 Liam Mears: I mean, I’m sure.
377 00:30:07.610 ⇒ 00:30:10.099 Uttam Kumaran: I think gusto has one, but I don’t like
378 00:30:10.220 ⇒ 00:30:17.759 Uttam Kumaran: it’s literally just. I have a template that I send everybody, unless it doesn’t matter too much. Then I’m just going to keep. Have them do the same thing.
379 00:30:18.560 ⇒ 00:30:29.870 Liam Mears: I can’t imagine. It’ll matter much. I know that a lot of clients do very similar thing will bust out, so I mean, I can’t imagine that there’d be an issue with that breed unless you think that there’s a better way. I think this is probably fine.
380 00:30:30.430 ⇒ 00:30:31.679 Braden Bullen: Yeah, I think it should be good.
381 00:30:33.940 ⇒ 00:30:38.439 Uttam Kumaran: Okay, cool. So yeah, this week, I’ll just send you kind of the confirmation form
382 00:30:38.777 ⇒ 00:30:57.119 Uttam Kumaran: like invoices to go out to clients and like the amounts, and then you should. It’s it’s the same folks that we’ve been sending stuff to so ideally should just be like duplicating and changing amounts on some of the existing invoices, and then we can take a stab at the contractor payments again this month.
383 00:30:57.250 ⇒ 00:31:00.040 Uttam Kumaran: and then, yeah, we’ll just kind of stay in contact.
384 00:31:01.030 ⇒ 00:31:05.499 Liam Mears: Yeah, great, awesome. Well, I I’m happy that we’re finally all caught up in everything. Sounds like.
385 00:31:05.500 ⇒ 00:31:06.439 Uttam Kumaran: Yeah, me, too.
386 00:31:06.440 ⇒ 00:31:08.309 Liam Mears: We feel we’re in a good spot, and
387 00:31:08.370 ⇒ 00:31:13.829 Liam Mears: you know, look everything over. Let me know if you have any questions and give like, give me any like
388 00:31:13.980 ⇒ 00:31:25.630 Liam Mears: any like advice. If you feel like certain things should be categorized better, please. You know it’s I don’t take it as criticism here. I just want to make sure that I’m as familiar with your books as I can be. So give me the loop on that.
389 00:31:26.010 ⇒ 00:31:26.860 Uttam Kumaran: Okay. Perfect.
390 00:31:28.890 ⇒ 00:31:30.010 Uttam Kumaran: Okay. Cool.
391 00:31:30.010 ⇒ 00:31:31.080 Braden Bullen: I’m a.
392 00:31:31.600 ⇒ 00:31:32.250 Uttam Kumaran: Yeah.
393 00:31:32.250 ⇒ 00:31:38.289 Braden Bullen: I’m selecting pictures of bicycles, but when I get done with this verification the ford, everything.
394 00:31:38.290 ⇒ 00:31:39.130 Liam Mears: Grateful.
395 00:31:39.130 ⇒ 00:31:40.470 Braden Bullen: Forwarded to you, Liam.
396 00:31:41.050 ⇒ 00:31:42.390 Liam Mears: Awesome, great.
397 00:31:43.120 ⇒ 00:31:48.620 Uttam Kumaran: Okay. And then I think when I set up the forwarding, Brandon may ask for like a confirmation.
398 00:31:48.860 ⇒ 00:31:50.730 Uttam Kumaran: So I’ll just let you know. Once.
399 00:31:50.780 ⇒ 00:31:54.769 Uttam Kumaran: like I set up the Gmail forwarding accounting. Yeah, okay.
400 00:31:54.950 ⇒ 00:31:57.170 Braden Bullen: Yeah, and I’ll I’ll go. I’ll go make sure it’s done.
401 00:31:57.630 ⇒ 00:31:58.270 Uttam Kumaran: Okay.
402 00:31:58.520 ⇒ 00:31:59.220 Uttam Kumaran: cool.
403 00:31:59.560 ⇒ 00:32:00.570 Uttam Kumaran: Okay, cool.
404 00:32:00.860 ⇒ 00:32:02.890 Uttam Kumaran: Thanks. Guys. Appreciate it.
405 00:32:02.890 ⇒ 00:32:07.579 Liam Mears: Team talk to you all soon, and have a great start to your weeks. Cool.
406 00:32:07.580 ⇒ 00:32:08.386 Uttam Kumaran: Thanks guys.
407 00:32:09.030 ⇒ 00:32:09.730 Liam Mears: Right.