One of the principals of Profit First is to “Use Small Plates” What does this mean? Well, a common trick to eating less (without feeling like you’re eating less), is...
Use Small Plates
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PROFIT FIRST – Step 6: Transfer Your Money
It is time to do your first transfers, exactly how you do this part will vary slightly depending on your business. If there are certain payments you have coming in on a...
PROFIT FIRST – Step 5: Create Your Profit First Bank Accounts
It is time to set up your Profit First bank accounts. This is the slightly technical part. Create some extra bank accounts to act as small ‘buckets’ for different...
PROFIT FIRST – Step 4: Be Brilliant At One Thing
If there’s one area that’s going to trip you up in this roll out plan it is the ‘upsell’ mentality. It goes hand-in-hand with the growth mentality, and the notion that...
PROFIT FIRST – Step 3: Take Baby Steps
Let’s say for the sake of argument that your profit margin is 15%. If you jump right in and immediately start setting aside 15% of your revenue using this method when...
PROFIT FIRST – Step 2: Put Your Profit First
When you’re allocating money before you even get to your expenses and how much you’ll spend on what, allocate your profit margin first. When you’ve done that, allocate...
PROFIT FIRST – Step 1: Rethink What You Really Need
Let's talk about business expenses – they all seem perfectly reasonable and you need them all, right. Well, there are obvious ways of saving money, like downsizing from...
Debits & Credits Cheat Sheet
Asset accounts have debit balances. Debits increase Asset accounts. Credits decrease Asset accounts. Liability accounts have credit balances. Credits increase Liability...
Super Gaurentee to increase to 10%
The proportion of wages that employers must contribute to their workers’ superannuation is legislated to increase half a percent a year before reaching a final value of 12% by 2025.
The link between Profit First and Psychology
There is a huge psychological benefit to the profit first methodology - it is easy to see why if you are not a numbers nerd. I must admit us Accountants and bookkeepers...
I take my Profit before I pay my expenses ….. sounds crazy right! Well you can do it too!
I felt like I was working to pay my staff wages but never taking a wage myself? I felt like I was going around in circles with my finances? I was continually checking...
You might have heard about Single Touch Payroll….. What does it mean for you??
During the 2018/19 year, Employers will commence reporting payroll information to the ATO. This does not apply to you until you are advised by your employer! This does...