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Profit First

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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Change How You Pay Your Coaches

By Blog, Profit First No Comments

Paying Your Coaches Correctly. You want to pay your coaches fairly. You’re not trying to cheat anyone. But what you don’t like is having to sink so much money into W-2’s. Paying W-2’s is a financial and emotional headache. However, you also don’t want to get audited or in trouble with the IRS for tax evasion because that would be an even bigger headache. So…

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No Financial Stress Because of Profit First Accounts

By Blog, Profit First No Comments

Are Your Finances Stressful? It’s really no surprise if they are. Finances are one of the biggest sources of stress to people everywhere. Especially business owners. And when something goes wrong, disorganized finances can go from a headache to a full-blown nightmare. Best case scenario, you have to dig your way out of a mountain of receipts. Worst case, you go under. End Financial Stress…

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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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