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Cash Management

Business Owners Should NOT be Living Paycheck to Paycheck

By Cash Management, Profit First No Comments

Do you own a successful business, but somehow find yourself living paycheck to paycheck?   You likely started your business in part to not be in that position. It’s stressful getting your modest paycheck, spending most of it on bills within a few days and then living off a few hundred bucks, if you’re lucky, for the next three weeks. Success then becomes not getting…

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Bare Minimum, You Need This One Profit First Account

By Cash Management, Profit First, Taxes No Comments

One of the 4 core principles of the Profit First cash flow management system is called smaller plates. Those smaller plates are multiple bank accounts all for your one business. The Profit First accounts are for things like owner’s pay, profit, operating expenses, etc. The idea is it keeps you from overspending on things and gives you a way to save for certain things as…

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How to Implement Profit First [Meeting #4]

By Bookkeeping, Cash Management, Profit First No Comments

You’ve made it to the last implementation meeting. You’ve almost learned how to start Profit First for yourself. There’s one final big step to complete before going off on your own. You need to actually do allocations and put what you have learned into practice. If you were meeting with one of our professionals, the fourth meeting would be them observing you going through your…

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