The Profit First System is a Cash Flow management system for small to medium businesses that are owner operated. It uses concepts from personal finance that are popular in envelope accounting systems to help drive the psychology of financial decisions in your small business.
Though the Profit First System is extremely powerful, but is contrary to how most accounting and bookkeeping systems operate. As a Profit First CPA firm, we not only coach you through implementing the system, we make sure that it ties into your formal business general ledger system.
While Profit First is fantastic at helping entrepreneurs grow their business, your formal financial accounting instruments are important for showing records to outside entities like potential buyers, investors, banks, or tax collectors. By using a certified Profit First Professional as your CPA, we’ll help you stay on track for cash flow profitability and traditional profitability.
In our small business packages, both Starter Package and Profit First, we use elements from the Profit First system to help guide you to success. In Starter, we use a “Profit First Lite” system to help you gain control of taxes and other compliance matters. In our Profit First package, we help you implement all the parts of the program that will help your business thrive, in an order of implementation that makes sense for your business. The best part of the system is that when you outgrow your owner-operator status and need more serious accounting and budget systems, the structure and profitability you’ve established early on will carry into your new level.