5 Reasons Why a Profit-First Bookkeeper
Should be on your Team
WRITTEN BY VENUS MICHAEL ON .
There are many reasons you should have a Profit-First bookkeeper taking care of your business finances. You want to ensure that your company is profitable and that money is flowing where it needs to be. A Profit-First bookkeeper maintains detailed records and uses the unique Profit-First system to make your business finances work for you.
A Profit First professional can help you be more realistic and cautious about what you set aside for expenses. They check your accounts regularly and can help you find opportunities to develop and expand your business.
1.
Monitoring and Regular Involvement with Accounts
A Profit-First expert can help you decide what the right percentages are to transfer to specific accounts for profit, expenses, and taxes. Your Profit-First bookkeeper can keep a close eye on your invoices, payments, and more. They can easily provide you progress reports. Your business must be prepared for filing taxes and potential audits. Having a Profit-First bookkeeper handling your financial records will give you peace of mind, knowing everything is taken care of.
2.
Make Your Business Immediately Profitable
You shouldn’t have to scrape for years to ever see a profit in your business. When your bookkeeper uses Profit-First, owner profit comes directly out of the revenue. The remainder is used for operating costs and expenses. Instead of using all of the revenue on expenses and leaving yourself with nothing, you get paid first. A portion of every sale will be moved to your profit account.
3.
Opportunities for New Growth
Consistent profit growth is very important for expansion and reinvesting in your business. A Profit-First bookkeeper can give you the freedom to seize opportunities that may come your way. You will have more funds to pay for the things you need like advertising or new equipment. Having the funds you need immediately gives you an advantage and also allows for cash on hand for emergencies.
4.
More Careful with Expenses
A Profit-First accountant can help you cut expenses and watch your spending more carefully. You will learn to get only what you need and find lower prices when you can. With your profit being paid first you will need to use what’s left wisely. Pay operating expenses like utilities, supplies, and payroll first. The rest is what you have to work with for anything extra. Going over budget or relying on credit can cost you more in the long run.
5.
Organization
Staying organized is very important. You need to be able to look and see how your business is doing from time to time. Your Profit-First bookkeeper will ensure that you have accounted for each important area of your business finances, making it simple to check the numbers. These professionals will keep your business ready to handle any situation.
Traditional finance models are reversed with Profit First bookkeeping. These professionals use a revolutionary system that takes profit right off the top of a sale. It changes the way people view their business and personal finances. With an expert Profit First bookkeeper on your team, you can rest assured that your business will stay profitable and sustainable. Call One21 Account-Ability Professional Accounting and Bookkeeping Services today. Stop sacrificing your personal profit and hire a professional to get you back on track.
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