We typically work with business owners who have between 3 and 100 employees. Businesses in this range often don’t have a full-time, full-scale CFO (Chief Financial Officer). They may have a controller or other financial staff, but one common challenge is figuring out how to track money without someone dedicated solely to that role.
As always, I want to give you something simple and practical that can help. We call it the ABCs of tracking your money. If you don’t have a full-scale CFO in your business, this is for you.
By the way, my second book, The Chaos Free Contractor, has officially launched and is now available on Amazon—check it out! And here’s a little-known secret—you don’t have to be a contractor to benefit from it. Everything we cover applies to any business owner with 3 to 100 employees.
Now, let’s dive into the ABCs of tracking your money. The Level 2 Dashboard we use all the time is built on these ABCs, helping you track your finances and better understand your financial health. Let’s break it down into simple, actionable steps.
A – Accounts
The “A” stands for Accounts. If you have multiple bank accounts—and we hope you do—it’s essential to track those balances regularly. We recommend having at least 5, 6, or even 7 accounts and reviewing them weekly throughout the year.
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This practice allows you to observe the actual flow of cash rather than relying solely on static cash flow statements, which can be hard to track. Monitoring your accounts gives you a clear picture of where your money is going and how to use it effectively across different accounts.
B – Bookkeeping
The “B” stands for Bookkeeping, another crucial aspect of financial tracking. Each week, review your aging and receivables report to understand what’s owed to your business. At the same time, check your outstanding payables, especially those due in the next 30 days.
Looking at both what’s owed to you and what you owe others provides a real-time snapshot of your cash position. For business owners, cash is reality—it’s where you live now.
C – Clients (or Customers)
The “C” stands for Clients (or Customers). Without them, there’s no need for accounts or bookkeeping, right? Each week, track key client metrics related to your marketing process—both prospects and paying clients.
When you combine these three elements—account balances, receivables/payables, and client tracking—you gain a comprehensive view of your financial health. This allows you to see past transactions, your current situation, and future obligations all at once.
By implementing the ABCs of tracking, you’re creating boundaries for your financial river. The goal isn’t to stop the flow of money but to redirect it in ways that benefit your business. This will give you a clearer, more actionable view of your finances, allowing you to make informed decisions and maintain better control over your future.
If this brings up questions, visit mybusinessonpurpose.com/ask. You’ll find a calendar where you can book time with one of our professional coaches.
If you’re the primary business owner with a team of three to 100 employees and generating:
- $1M+ in revenue (if you’re a contractor)
- $500K+ in revenue (if you’re a service provider)
…then we invite you to schedule a free 20–30 minute call. You can ask us anything—no strings attached. If you’re interested in how we can work with you as a client, just ask!
👉 mybusinessonpurpose.com/ask
Scott Beebe is the founder of Business On Purpose (mybusinessonpurpose.com) and speaker for the AEC industry and author of the book Let Your Business Burn: Stop Putting Out Fires, Discover Purpose, and Build a Business That Matters. Business On Purpose works with business owners to articulate purpose, people, process, and profit to liberate owners from chaos and make time for what matters most.
