The Profit First Accounting Method Explained for Business Owners

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Let's face it we all want more profit from our business. Profit First accounting is a new way to analyze the health of your business. Accounting as a small business owner is a pain. Your accountant tells you one thing. EBITDA tells you another. All you want to do is work out how much you can pay yourself and how much profit you made last month.
Profit First by Mike Michalowicz presents a new solution. A much better solution for entrepreneurs to better manage their finances.
I learnt so many valuable lessons from this book and I will be applying them all in 2024 and beyond.
0:00 Intro
0:54 How few small businesses make money
2:00 Focusing purely on profit
4:10 Businesses are cash-hungry monsters - if you let them
5:40 The problems with traditional business accounting
7:20 The bank accounts you need to set up
10:45 How to approach taxes
11:40 Not delegating too fast
13:00 FInal thoughts on Profit First
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👋🏼 Patrick
I’m an entrepreneur and marketer who built a million-pound publishing business from nothing.

[@patrickgw]

🧲 I solve your marketing problems (15+ years marketing experience)
If you'd like my help with achieving your marketing targets, creating a new strategy or setting up you tools then you can book a call with me here: shorturl.at/Jhqp6

[@alisonyew]

Thanks for summary! I was going to re-read the book but this was better!

[@patrickgw]

thanks! that’s such lovely comment to receive ☺️ glad it was helpful

[@tomaskey6844]

Finally opened my Relay accounts! A little overwhelmed about finishing the transfer from Wells Fargo but I’ll get there. I’m ADHD and hope Profit First can help me stay organized and funded.

[@patrickgw]

I also suspect ADHD and this has helped me enormously!

[@christenbartley7908]

If you as an owner are an s corp (meaning I pay myself as an employee through our payroll system) do I not have a owners comp account and rather a total payroll account?