Power Talk Friday: Kimberly Merlitti: Does Your Interior Design Business Need a CFO?
Welcome to Power Talk Friday! Today we have Kimberly Merlitti, the owner of KMM Consulting, with us. In her experience, Kim has found that accounting and finances seem to scare most interior designers. So she helps them by going into their businesses and taking on the role of CFO. From there she teaches them how to really understand what they need to do in order to become successful as entrepreneurs as well as interior designers. Kim’s specialty is helping designers with what she calls Project Revenue Accounting, which is how to manage the revenue of a project that is already in process. Listen in today to find out how Kim helps interior designers to really get to grips with their finances and advance their businesses.
KMM Consulting takes on clients from around the United States. Kimberly has 20 years of experience working in accounting for companies such as Swinerton Builders, WRNS Studio and Martin Group. She has her Masters in Accounting from Golden Gate University located in San Francisco, CA. KMM Consulting’s clientele includes a diverse group of service based companies, with the main focus on small interior design, construction, and architectural firms. The goal of her firm is to make the businesses she works for as profitable as they can be by educating them on accounting, cash flow management, tax deductions, project reporting, and business management. Listen in today to find out more.
- Kim explains the difference between accounting and projection.
- What Kim has learned the hard way, about the difference between general contracting and interior design.
- Creating a contract and coming up with the budget for a client.
- Unknown factors that need to be taken into account when working out a budget.
- Why you need to start tracking your time.
- How Kim uses a payroll calculator to help designers come up with budgets.
- Working out the billing for your client.
- Restructuring things when necessary, after tracking your hours.
- Taking the time, as a principal, to teach your staff about efficiency.
- The importance of understanding regulations.
- Working out the cost of employees.
- How to know if it’s time to hire somebody.
- The process of doing the projections.
- Kimberly works with designers in all states.
Other episodes mentioned on the show:
Website – KMM Consulting
Facebook – KMM Consulting
LinkedIn – Kimberly Merlitti