Profit First works very well as it changes your mindset and teaches you about how your finances work. Profit is the priority and not an “after thought” after covering expenses, meaning you’ll budget your expenses more carefully.
Book a call with a us, we will be able to look at your business and help you implement Profit First.
Absolutely, starting Profit First from the beginning of a business will ensure that the business is always profitable and sustainable, long-term.
Once you implement Profit First you start putting money aside from the very next payment cycle. If you are finding you don’t have enough money to pay your bills, it means that you need to reduce your expenses as you are spending more than your business can afford and this is not sustainable.
Yes, once we set up the Profit First system in your business, we can show your staff how to maintain the system and perform the regular allocations. It’s still important to meet regularly with your Profit First Professional to keep you accountable and they will be able to help you adjust any figures necessary and plan for the future.
Yes many we can help you setup your accounting software. We are working day to day with clients to manage their accounts and help them set up systems for their business that work. System that we find work the easiest are Xero and Quickbooks Online.
Yes the Profit First system is designed to deter you from touching money you shouldn’t, that’s why we recommend that you use two (2) different banks. By using two (2) different banks the money isn’t accessible immediately, deterring you from touching it. It will still take discipline and in time you will learn that you can only afford to spend money if it’s available in the expenses account.
Yes as a Profit First Professional absolutely I can assist with setting up Profit First in your business and making it work for you and your business structure. Every business is different so working with a Profit First Professional can ensure the system is setup to work for your business type.
Profit First Professionals are your business partners. We help you implement and maintain profit first. We will be able to assist you to improve your cashflow and offer strategic advice to grow your business. First of all we will analyze your numbers, prepare a profit assessment for your business and help you implement profit first in your business. On an on-going basis Profit First Professionals will keep you accountable, we will be able to work with you on any changes or issues in your business and as a business partner, we are available to bounce ideas off and guide you to a profitable and sustainable business.
If your accountant or bookkeeper is not familiar with Profit First they may question the number of accounts you have for your business. You might need to educate them on the benefits of Profit First and what you are trying to achieve by using this system. We can also be your accountant or bookkeper or able to recommend someone who is on board with Profit First.