Veem—The Only All-In-One Solution for Domestic and International Payments
This is the last of our 4-part series on banking services. In this week’s blog, guest blogger Peter Stewart tells you how Veem.com is an all-in-one solution for domestic and international AP and AR payments, and where Profit First ecommerce sellers can see it AND believe it! Guest blog by Peter Stewart, Accounting Senior Sales Manager, […]
Relay Bank—Debunking 4 Harmful Misconceptions About Business Banking
The 3rd blog in our 4-blog series on banking services is provided by Relay Bank. In it, they debunk 4 common misconceptions about business banking, and share how Relay Bank can help ecommerce businesses break free of them. Guest blog by Matas Pranckevicius, Relay Bank Your bank is the financial nerve center of your […]
AirWallex.com—Offering A Single Source for All Ecommerce Banking Services
In this 2nd blog in our 4-blog series on banking services, we take a look at AirWallex.com, an online service that brings all the ecommerce banking services under one umbrella. Guest blog by Curtis Shoung with Airwallex.com Ecommerce marketplaces have become a major growth opportunity for retailers looking to expand internationally. In this article, we’ll […]
Mercury.com—An Online Solution for Ecommerce Banking
Finding banking services that fit the needs of ecommerce sellers is sometimes challenging, especially for those implementing the Profit First system. We hear this often at bookskeep, and our clients are always inquiring about options and services that are available to them. In addition, the banking world is changing, and the customer experience is front […]
The Profit Assessment—How Healthy is Your Ecommerce Business?
In previous blogs about the Profit First methodology, I’ve talked about setting up your bank accounts for Profit, Owner’s Comp, and Taxes. But how do you know how much to put into these accounts? There’s a formula for that, and taking the Instant Profit Assessment below will help you determine those allocations. Let’s Get Real […]
Profit First and Q4: Now’s the Time to Prepare!
A couple of weeks ago I had the pleasure of being a guest on InventoryLab’s OpenLab webinar series. It’s always nice to chat with Jeff Campbell and his team about all things Profit First- and inventory-related. There’s a lot to discuss there, and we make good use of our time together! In this webinar, we […]
Top 4 Profit First Bank Accounts and Why You Need Them
When implementing the Profit First methodology in your business, one of the first things you learn is the importance of setting up different bank accounts for different purposes. In Profit First for ecommerce, that first account should be for inventory activity. Once you have separated your inventory banking activity from your operating expenses, you’re ready […]
Make Profit the Habit in Your Ecommerce Business
One thing I find myself reminding people of over and over is that profit is not an event—a one-time, “Hey, I did it!” kind of thing that happens at tax time, if you’re lucky. To make real profit, consistently, it has to become your habit. Like anything else, if you have a plan and stick […]
Profit First and Inventory Lab – Making Cash Work for You!
Good news! Today we’re going to discuss how to use Inventory Lab to assist in managing your Profit First Cash Flow system. I’m excited to share this with you because it represents a breakthrough in my thinking that occurred while I was on my 4-week vacation recently. Earlier this year, Jeff Campbell of Inventory Lab […]
Do Sales Equal Profit—Or Is There More to It?
If you’re familiar with the Fix This Next concept by Mike Michalowicz, you understand that the foundation of every business is Sales. After all, you must have sales to generate cash. However, if your business is struggling, as strange as it may sound, sales and cash are not always the solution to your problems. Sales […]