Pause And Respond

By Blog, Profit FirstNo Comments

The first time I heard about this concept of Pause and Respond was when reading a book by Viktor Frankl titled Man’s Search for Meaning.   He says that “between stimulus and response, there is a space of time”. When something happens to you, that is what is referred to as the “stimulus” and before you respond, there is an opportunity to stop and process…

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July 27, 2020
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Understanding The Miscellaneous Category

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Today I wanted to help you understand the miscellaneous category, so that you don’t land yourself in hot water with the bullies at the IRS.   There is a weird category we see a lot from our clients that I wanted to go over with you today.   First, I want you to think about your ledger from the eyes of an IRS auditor… If…

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July 20, 2020
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Do Your Bookkeeping In-house Or Outsource?

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Bookkeeping, do you keep it in-house or do you outsource? How do you know which method is best for you? Now, I know that as an accountant, you may consider my opinion on bookkeeping biased, and to some degree, I will admit that it may be… We at Incite Tax & Accounting, are AMAZING at what we do, and have a far more advanced knowledge…

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July 13, 2020
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Managing Monthly Charges For Your Members

By Blog, UncategorizedNo Comments

Today, I want to address a really great question about managing monthly charges for your members… You may be wondering, should I be asking all my members to be paying their membership dues on the same day every month? For example, everyone is billed monthly on the 10th of the month… This question was sent to me by a client who was struggling to realize,…

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July 6, 2020
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Are You Tracking Member Attendance?

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Today’s topic…Tracking Member Attendance.   I touch on the importance of Tracking Member Attendance a bit more in my book Profit First For Microgyms, but today, I wanted to go over it briefly for you.  Tracking Member Attendance is not necessarily about tracking EVERYONE who attends, but tracking when members DON’T attend or maybe only attended once or twice. These numbers can be a KEY PREDICTIVE…

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June 29, 2020
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EIDL- How You NEED To Prove You Used EIDL Funds Appropriately

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Well, Now comes the "not-so-fun" part...How to prove you used the EIDL funds appropriately   With so many loans being funded and business owners relying on them, we want to make sure you're using them correctly.   We want to help you have a perfect paper trail in place, as you probably will need to PROVE your usage of the loan amount.   This video...
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June 1, 2020
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Accurate And Consistent Bookkeeping

By Blog, Profit First
Do you struggle with accurate and consistent bookkeeping? Today’s tip is really 2 tips in one, but it all has to do with keeping a healthy bookkeeping system.   At the core of it all, it comes down to BEING accurate and consistent. This means that when we have a transaction, we record that transaction the same way EVERY TIME.    For example, let’s say...
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May 25, 2020
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Understanding Your Gym’s ARM

By Blog, Profit First
Today I want to help you understand an interesting metric known as the “Average Revenue Per Member”, or ARM for short. This is a very important metric because you really want to see it trending UPWARD as your business grows. We talk more about it in my book Profit First For Microgyms, but today, I am going to give you a short overview...   As...
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May 18, 2020
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What Percentage Do I Allocate For_____?🤔

By Blog, Profit First
“John, what percentage do I allocate for________?” This is often a question I receive from my clients. So today, I thought we would talk about it, directly.    In a lot of our Profit First tip videos, we talk about allocating income and putting it into different accounts, so it is no surprise that a question we get a lot is “What percentage of the...
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May 11, 2020
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Paycheck Protection Program (PPP) Application-WALKTHROUGH

By Blog, Profit First
Ready to fill out the Paycheck Protection Program Application with 100% Confidence?   With all the chaos going down with the SBA Loan application and the plethora of "experts" trying to weigh in on this topic, PLEASE don't listen to the Non-experts who have no business stepping into the space. I will be bringing information directly to you from RELIABLE SOURCES to help you navigate...
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April 8, 2020
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SBA LOAN Frequently Asked Questions – Cares Act

By Blog, Profit First
Are you ready to get all your SBA Loan questions answered?   The Cares Act has loads of information and, quite frankly, it can sometimes be a lot to understand, even as a professional accountant. The topic we get asked about the most right now is the SBA Loan process, so I decided to jump and make a video to start answering your questions!  ...
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April 6, 2020
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