 Cashflow Strategies using Profit FirstÂ
Profit First Success Story
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“We have been using Profit First in our business for nearly 2 years and by splitting out all of the money to different accounts, we know exactly what the money is for. I love that every time the BAS is due, I always have enough money in the tax account. If I don’t have enough money in the expenses account to pay bills, I jump on the phone and make a few calls to clients to bring in the money quicker, and then I have enough to pay the bills, and it tops up the other accounts too.
I love that I can see our profit account grow, and we can use that money to reduce debt or swap out vehicles that need replacing. We thought it would be a struggle to run our small business, but using this system it isn’t a struggle at all. We have time off regularly, and with our team beside us, we know that our business runs smoothly when we are out camping or on the boat.
Profit First is such a great way to manage your money that I introduced it to my sister-in-law’s business and they are using it, too.”
Mel Lucas - Northwest Air Solutions
Jodi Porteous: Profit First Professional Award of the Year
Jodi Porteous is an award winning Profit First Professional - who is super passionate about using the Profit First system for managing money - which is putting aside money in buckets to help determine what the money is for, so that you can comfortably cover all of the business expenses, taxes plus pay yourself.
WHAT IS PROFIT FIRST?Â
FREE RESOURCES FOR YOU NOW!
Bank Accounts setup
Each Bank Account has it's own purpose & rules.
Find out what they all mean, when you set aside money for Profit, Tax, Operating Expenses and Owners Pay to make sure you have enough money to go around.
Core learnings from the Profit First Book
Download the first 2 chapters to get started on your Profit First journey.
Read why Mike Michalowicz founded the system and how it can help your business.
Compare your spending
See how your business spending is stacking up against others of your size. Â
Watch the video to see how to calculate your Instant Assessment results - and see where you should be.
The Profit First Formula
Be honest, how many times do you look at your Profit and Loss Statement to see what your profit is?
And that's all you look at - the "bottom line". Â
Income is at the top, then the Expenses, and what's last is the Profit.
Sales - Expenses = Profit
Looking at your profit as something that's left over or something you will achieve "one day" is doing you and your business a dis-service. Â
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The Profit First formula is:
Sales - Profit = Expenses
When we focus on our Profits, they actually happen. And when we only use what's left to run our business, we can get just as much done with less.
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By limiting the amount of money we can spend on expenses, we find ways to become more innovative, to work towards getting the biggest bang for our buck!Â
Mike Michalowicz: Author of Profit First says
How can Northwest Accountancy help you with Profit First?Â
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For business owners who want to instantly increase profitability, smash down debt and enjoy financial freedom on a level that you never have before, you’ve come to the right place.Â
There are several options to work with us to get the Profit First system working in your business, from DIY online course, to calculations to assist you to get to your goals, all the way to full review of your business to get it optimised for Clarity, Profits and more money in Your Pocket.
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3 WAYS TO WORK WITH US:
1. Set up Profit First yourself
If you love to learn so that you can do it yourself, the Profit First 101 program is your go-to program.Â
It's a 12-step DIY Profit First online course
Learn how to understand, implement, and use the Profit First model effectively, to ensure your business is financially stable & profitable long term.
INSTANT ACCESS TRAINING & RESOURCES
START RIGHT NOW!
This online course is quick and easy with actionable steps - all brought to you by Profit First Australia & New Zealand, and we get an affiliate commission when you follow our link.
Sign up for Profit First 101
2. Percentage Review
If you have already got Profit First underway in your business, but just need the numbers checked as it's not quite working for you, then we are here to help!
This one off service gives you a quick report as to where your numbers are now and what they could be tweaked to for more clarity.
We assume you already have the bank accounts set up and the foundational knowledge of how Profit First works, and just need those calculations and a professional to bounce ideas off.
Book a call to see if this is the right service for you.
Book your complementary call here
3. Set Me Up
If you are ready to learn more about Profit First, then our Set Me Up service will run through the following:
1. What Profit First is and how it can work for your business and give you the confidence and clarity you need without thinking about finances all week long.
2. Run through how your Bank Account setup can work, with recommendations for names and the percentages to transfer each week.
3. Discussions, Check-ins and Email Support so that you are always on track and can start to increase income and decrease spending to make more profits (and set aside the right amount of tax).
4. Celebrate your First Quarter's profits and see if there's any small tweaks after your first 3 months.
Book a call to see if this is the right service for you.
Book your complementary call hereNEW in 2025 - PROFIT FIRST & XERO TRAINING:
Unexpected Bookkeeper
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If you have found yourself to be the bookkeeper of your business unintentionally, then here's a course to help you get yourself set up and organised, so that bookkeeping is not such a chore.
Not only do you get to learn how to use Xero for bookkeeping, but also see how it integrates with the Profit First systems and procedures. Â
There's modules for both the Profit First theory (how it works), implementation (how to set it up in your business) as well as weekly calls so that you can jump in and ask questions as you are learning, so that you don't get stuck.
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Go to Unexpected Bookkeeper
As a Profit First Professional, I am authorised by the trade mark owners to use and display the following registered trademarks: Profit First Professionals® and Profit First®. These trademarks may only be used and displayed by authorised licensees.