Relay – A Good Choice for Profit First Bank Accounts
Anyone who has ever needed to set up a bank account knows what a hassle it can be. Between having to make a trip to the bank, waiting out the long lines, and filling out paperwork, one small account can take a huge chunk of time and energy. If you’re trying to set up accounts […]
Profit First Bank Accounts Help Prepare Your Business for Tax Season
Having just closed the third quarter, most ecommerce sellers are preparing to pay their Q3 sales tax and anticipating what their Q4 tax liability might be. Yes, it’s that time again. Were you prepared with the funds you needed when that tax bill arrived in your mailbox? Will you have the funds there and ready […]
You’re Ready to Quit Your Day Job–But is Your Business Ready?
At Amazon and ecommerce events, the topic of leaving the “day job” often arises. Many entrepreneurs aspire to make this leap, while others who have already done so wonder if it was the right decision. It’s a common goal that sparks conversations and reflections among attendees.
I Need Help! But Can I Afford to Hire Someone?
Many business owners, including those in ecommerce, often ask themselves, “Can I afford to hire someone?” It’s a challenging question, especially in the cash flow and inventory-driven ecommerce industry, where seasonal fluctuations can create a balancing act. This can lead to operating in debt and irregular paydays. However, the Profit First methodology provides solid information […]
Is My Money Profit or Cash–How Can I Tell the Difference?
“My Profit & Loss report indicates profit, but where’s my money? This common question from new clients stems from a misconception held by many. While profits might seem like cash in the bank, it’s not entirely accurate. Let’s delve into this issue and explore why this misconception exists. Your Profit and Loss Statement (P&L) reveals […]
When Profit First Doesn’t Work—And What to do Instead
By now, if you’ve read anything I’ve written, you know that I am passionate about Profit First. I use it in my business and I even wrote my own book about it, Profit First for Ecommerce Sellers. However, as an Amazon Accountant there are times when Profit First is not the answer. If you are […]
Paying Down Debt with Profit First
The transition to Profit First can seem like a big adjustment when you’re paying down debt. Often, clients are so motivated as they start cutting costs that they apply all those savings to reducing debt. They are so excited about the progress that they bypass the profit account and apply all extra monies towards […]
Why Profit, Owner’s Comp and Tax Accounts are Critical to Success
Why is the Profit First method becoming more and more popular among ecommerce sellers? Because it works! I hear it over and over from clients and other online sellers; once they’ve implemented Profit First as their way of managing their operations, their businesses have grown, their profits have increased and their stress has decreased…considerably!
Profit First Friendly Banks
At bookskeep, we frequently get asked what is the best bank to utilize for Profit First?