There are two different types of accounting that you have in your business. You have what's called gap accounting, which is basically just generally accepted accounting principles. And then you have what's called tax accounting. So your tax accounting, that's where at the end of the year, you're going to calculate everything in your business. Like you're going to go through your bank statements or if you have a business credit card and you're going to report that to the government to show here's how much money my business earned my gross top line revenue here are all

my expenses and then whatever is left after that is what you're going to be taxed on so with your

tax accounting you want to look as not profitable as possible you want to be taxed on as little

money as possible yo what up guys welcome taxed on as little money as possible.

Yo, what up guys? Welcome back to FitBIS podcast. Jordan here to talk about the funnest thing that you could possibly imagine, and that is numbers. Look, I used to really hate the idea. Sorry,

I used to hate the idea of like having to look at numbers. I would

avoid it like the plague. I would often not even check my bank account, like my business account,

and I wouldn't even know or care how much actual money I was making, let alone what I was

spending. And if I could go back in time, I would have just faced that resistance so much sooner

and learned the basics because most of us have to like learn the hard way before we actually

realize how important this is.

All right.

So don't even just take it for me.

I heard Mark Cuban talking about this recently where, you know, he's like,

just stressing the importance of just understanding basic accounting and finance and marketing,

because marketing is a lot of just numbers and data as well. You can pull together quickly

the ability to make a decision, the ability to see a problem before it's actually a problem,

and to just use this as a competitive

advantage to be able to grow a company, especially when you think about your peers and your

competitors, not many fitness business coaches like numbers. A lot of us have terrible money

mindsets. We come from very middle class families and perspectives or low income. And so we like avoid looking at numbers, which is just insanity because we're, you know,

without the ability to track your performance and your business, it would be kind of like

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