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
One of the staples of the profit first model is our “profit first accounts.” For those who need a reminder, What are profit first accounts? I talk about it a lot in detail, but in summary, it’s the recommendation that you should have 7 separate accounts for the different financial functions that your business needs. You need your income account, your team pay account, your business expense account, etc.
How Will More Accounts Help My Financial Stress?
Having more accounts making your finances less confusing and stressful is one of those things that sounds pretty counterintuitive right? Wouldn’t having to watch more accounts make the books more complicated? But that’s the beauty of it. By breaking your one bank account up into multiple accounts and keeping your transactions to their pre-approved accounts, you can make your finances substantially easier to track.
Make Understanding Finances Stress Free
Keeping the books for tax season is one thing. But being able to keep accurate records of your spending and income as you go is a gamechanger. We recommend checking your accounts once every 15 days. By doing that, you’ll be able to verify your budget, track expenses, pay employees, and plan for the future far more effectively.
Let’s Profit Together.
Profit First and incite Tax have been making some changes lately. We’re still going strong, but transitions and changes are difficult. But through all that adversity, understanding my finances has never been a source of stress. Come join us as we make the choice to be profitable together.
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We will be offering a lot of advice on our page here, but we also would be happy to help you out on a more personal level. Feel free to hit us up if you need help preparing your taxes.
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