It’s that time of year again. Tax time strikes fear in the hearts of entrepreneurs everywhere. We got into business to help people not deal with the money. Am I right?
Something to consider- Profit First
I’ve already gone on record as a numberphobic. I’m a lawyer dammit, not a bean counter (said in my best Dr. McCoy voice). Honestly, numbers interest me the most after they are calculated (by someone else) and I get a result. Now, that’s exciting!
Yet, to be a responsible business owner you have to understand how you make money and the best ways to increase profit while decreasing expenses. Notice I said profit, the money you get to keep, not revenues, the money you make.
I learned that important distinction from Mike Michalowicz, the author of Profit First and a slew of other entrepreneur books.
Amazing book because it’s one of the first accounting books that didn’t cause me to fall into a deep sleep.
I now work with a Profit First bookkeeper and follow the principles of paying me first before expenses and reducing expenses dramatically. In fact, I’m reviewing all my tools for redundancies and low usage to purge the fat.
In the video I talk with my own bookkeeper, Billie Anne Griggs, about Profit First and bookkeeping. Watch the video.
Do you have a team?
I said team. Do you have an accountant and wealth advisor also in place along with the bookkeeper?
The three work together, kinda like a 3 legged stool, to have you sitting pretty come retirement time. Your bookkeeper helps you track the money. Your accountant helps you keep more money. Your wealth advisor helps you to grow the money.
Not sure where to find a Profit First professional? Here ya go! Fill in the form and someone will get back to you.
Have an online business and want a firm that specializes in that? Try
Evolved Finance. I haven’t worked with them yet but I like how they are disrupting accounting/