Profit is learned, not earned.
Stop running your business in survival mode on traditional accounting. We help you implement profit strategies and a cash management system to eliminate financial stress, master your business finances, and start building serious money.
You work too hard running your own business to have nothing to show for it. Without a real cash flow strategy, you're trapped in a burnout cycle with no clear path forward. Stop letting your company act as a cash eating monster and eliminate these struggles once and for all.
Our team of certified profit first professionals, led by John Briggs, author of Profit First for Microgyms, is here to transform how you handle business banking. We help you transition from the flawed traditional accounting formula to a model where your business becomes a money making machine.
Begin by setting up the five core accounts that have empowered thousands of small business owners to maintain profitability, even through challenging economic times.
Meet with a financial advisor from our team to analyze how much revenue is coming in and build a custom accounting method tailored specifically to your unique financial goals.
Stop guessing when paying expenses. Meet with your expert on scheduled allocation days to accurately transfer funds into your profit account, tax accounts, and operating expenses account.
As an Incite client, you get unlimited access to our team to help you navigate multiple accounts, set up automate transfers, and manage your business banking without stress.
Schedule a free planning call with our team so we can assess your own financial struggles and connect you with a certified profit guide to help you move forward with confidence.
Meet your dedicated profit first expert to customize a four account distribution system or a comprehensive five core accounts setup built around your business.
Watch your different bank accounts grow. The profit first method gives you the flexibility to fund your growth while ensuring a consistent quarterly profit distribution.
The gap between a thriving business and a failing one comes down to how you manage cash deposits. Our team helps you break old habits, split your income into different accounts, and build lasting wealth.
Profit isn’t only the remainder left over after paying expenses, it is a predetermined percentage you set aside first. Using separate accounts forces your operating expenses to fit reality and stops you from overspending on non-essentials.
Whether you run a startup or multi million dollar companies, you deserve total transparency. Distributing money from your income account into a dedicated owner’s compensation account and a dedicated payroll account gives you the ultimate clarity to scale.
How does the Profit First system guarantee profit?
The profit first system works on the pay yourself first principle, meaning you allocate a profit percentage from all incoming cash deposits into a profit account before any expenses are paid. This flips the traditional accounting formula (Sales – Expenses = Profit) to a wealth-building mindset (Sales – Profit = Expenses).
How many bank accounts do I need to open?
To properly implement profit rules, the system requires five separate bank accounts acting as your core accounts: an income account, a profit account, an owner’s compensation account, a tax accounts option, and an operating expenses account.
How often do we transfer funds between these multiple bank accounts?
Most business owners follow an accounts based schedule twice a month, typically on the 10th and 25th, to transfer funds from the main income account into the appropriate account allocations. This scheduled cash management system prevents you from overspending what you don’t have.
How are the target allocation percentages determined?
Your current allocation percentages are based on your revenue levels and business type. For example, smaller businesses earning under $250,000 may start with a target of 5% profit, 50% owner’s pay, 15% to pay taxes, and 30% for operating expenses. These percentages can be reviewed and adjusted quarterly by your financial advisor or business coaches as performance changes.
Are there any downsides or challenges with the Profit First method?
Because you are managing multiple bank accounts, the administrative work can increase initially, and you must check for things like minimum balance requirements depending on your official banking platform. Additionally, it requires strict discipline to keep the profit account off-limits for regular expenses, and it may require extra adjustments for businesses with highly variable income. However, the resulting cash flow clarity is well worth it.
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