Bookkeeping Red Flags | John Briggs – Incite Tax What are some bookkeeping red flags to watch out for? The first red flag is you want to run a profit and loss statement by month. When you’re looking at the statement, it’ll show January, February, March, April, however many months you’re looking at in separate columns. You wanna notice trends, mainly inconsistent trends. If…
I hear small business owners ask all the time, “How do I get to the point where I can work more on my business, and not in the business?” It will be a struggle, but I’ll show you how to stop working in your business. Small Consistent Changes I think the first thing to note is what we’re talking about here is not…
When cash flow is tight, do you find yourself putting a band-aid on the symptom instead of trying to find the root cause, trying to dig a little bit deeper? The Problem Tight cash flow could be from a variety of reasons. It could be simply from inflation, or your expenses have increased. Maybe as a small business owner, you haven’t raised your…
Can Profit First apply to personal financial management? Uh, yeah, totally. Look, Profit First as a system, like the guidelines that it offers, is really about spending money first on paper, setting aside money, and putting boundaries around your money, before you’re actually tempted to use it on other things. If you need a refresher on the basics of Profit First, download this free overview…
Setting up a system for your business is a lot of work. The Profit First cash flow management system is no different. It’s a lot of work up front but pays off in the long run. However, every once in a while the system needs some maintenance. Things change, your business grows, or your personal circumstances change, so naturally your cash flow system will need…
Creating a budget is one of those tasks that seem to be on everyone’s to-do list, but rarely gets checked off. That’s sad for the budget. Seriously, though, budgets are amazing when done right. Traditional budgeting has you looking at the past 12 months and calculating a monthly average for each expense and income stream. They suggest glancing through your expenses to see if you…
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