Month: December 2018

Are you a Profit First beginner?

The great thing about using the Profit First method, is once you start it’s easy to continue. Even if you got interrupted in the process, or somehow got off course, you can always pick up right where you left off. Because Profit First isn’t consumed with complicated accounting jargon and instead focuses on the business owner’s money habits and attitudes, the concepts remain easy and always available to implement. While everybody has setbacks, the Profit First methods do require follow through if one is to fully benefit, however. Following up with our blog Become profitable in the simplest way (starting simply with profit first) we discussed how to easily begin managing money that addresses cash flow issues by opening two separate bank accounts—one bank account for saving money to pay taxes and the other to build profit. Now that you’ve gotten a feel for separating your profits and money for taxes, forge ahead by opening three more bank accounts for deeper money management! The next 3 bank accounts for Profit First enthusiasts will be: Owner’s Pay — savings account Owner’s Pay is for the owner’s salary or regular recurring distributions. To keep this balanced system growing in a healthy way, continue to keep Continue Reading »