The Great Debate DIY or Hire a Pro? It’s not a question just for those needing to repair something on the house or replace a car part, but for bookkeeping as well. In business terms, it’s inhouse vs outsource and it will never go away. If you’re not sure bookkeeping is all that necessary, read the previous blog post, Bookkeeping – Is it…
If you follow the profit first system you have set aside money throughout the year into your tax account. Are You Following The Profit First System? Ideally, as of AT LEAST tax day at the latest, you have made a payment towards your income tax payment. So, lets just assume you have filed, you know the dollar amount, and you have paid that….
What exactly is bookkeeping? To put it simply and more official sounding, bookkeeping is classifying and recording every business transaction in your books. Your books can be a literal book with pen and paper. Or like most people your books are in a software program like QuickBooks for example. On the surface it seems pretty straight forward, but once you get into classifications along…
Let’s talk about forecasting cash flow One of the struggles our gym owner friends have is forecasting their cash flow. When the pandemic happened we created a 13-week cash flow tool which can be really valuable. If you would like a copy of this template we are discussing today, just shoot us a message and we will send it over. In the…
I want to respond to a challenge that was mentioned in my Profit First For Microgyms Facebook Community. The topic – setting aside time to manage cash flow and implement profit first rhythm days. First of all, I want to call a bit of BS about not having the time. I don’t think you are struggling with setting aside time, I think you…
We have been surveying all of you and collecting that data and that is the inspiration behind the tips that we share with you. Here’s an interesting one for you today. Too Many Of Your Are Not Paying Yourself… I wanted to discuss a particular response that we got recently because honestly, the goal of every microgym owner SHOULD BE to pay themselves….
Today, Chris joins us for a conversation on how to increase prices at your gym. Change can be scary. It is important that we are strategic and intentional about our price increases so that we can retain your members and continue to grow as a gym. We see a lot of the same mistakes. Between Chris and I’s combined years of working with gym…
Note – This awesome post is written by a guest blogger, Chelsea Lamb with businesspop.net. Have you thought about hiring a professional accountant? If you run a small business, outsourcing your accounting is a no-brainer. Investing in professional accounting services from a company like Incite Tax & Accounting will help you save time and money, avoid tax-time stress, keep your employees happy, and more!…
I am going to be a little transparent here and share an experience I had with my GM and how that motivated today’s conversation. Sometimes, Profit First is not the answer. “When are we going to do those things? The other day, when I came into the gym, he mentioned that he was listening to our active life podcast and how he found it very…
As an owner of the business, you need to earn a return on that investment. In the Profit First system, money is placed in a PROFIT account to make sure you’re seeing an ROI. That you’re getting a return for all the risk you are taking on by simply being an owner, whether you work in the day-to-day operations or not. We also use an…
From the outside, we look like just another tax and accounting firm, but our services are so much more than that… Sure, We Can Definitely File Your Tax Returns! It’s true, we help you file tax returns, both personal and business, but our services expand so much more beyond! But… What About A Strategy For Your Money? One of the services that we provide…
As I’m savoring, ever so quickly and with little discipline, a chocolate egg, I’m reminded of the soundness of the diet and financial principle: Eat veggies first. At the dinner table, by eating your vegetables first, you fill up on the healthy food, leaving you less room to pig out on the bad carbs or desserts. Or chocolate eggs. So, what are the…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Sandy, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
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