Profit First Strategies

January 9, 2020

Gross Profit and Real Revenue Difference

Ronald B. Allen

At Exigo Business Solutions we use Profit First for our clients so they get the best understanding of their business and this includes the difference between Gross Profit and Real Revenue.

January 8, 2020

Determine between Employees and Contractors

Ronald B. Allen

You need to determine whether someone is an employee or a subcontractor in order to calculate your real revenue and understand the true size of your business.

August 14, 2019

6 Reasons to Outsource Plumbing Business

Your plumbing business is growing but profits are not going up like you expected. The answer is to get a handle on your finances by outsourcing your bookkeeping.

August 10, 2019

Profit Tips for an HVAC Business

You started an HVAC business to be your own boss and make more money. Here are some profit tips from Exigo Business Solutions to help make your dream come true.

August 8, 2019

Gravity Software Services

Ronald B. Allen

When you have outgrown your current accounting software, have multiple business entities, or work in the tech sector where tracking expenses and billable hours can be a nightmare, we can help you customize Gravity Software to fit the needs of your business.

July 31, 2019

3 Ways to Build Profitable Electrical Business

Ronald B. Allen

Three ways to build a profitable electrical business start with outsourcing your bookkeeping to the top accounting firm in the Kansas City area.

July 30, 2019

3 Steps to Better Insurance Agency

The insurance business protects against risk. But, is your business profitability secure? Here are three steps toward better insurance agency profits.

July 29, 2019

Make Your HVAC Business More Profitable?

You work long hours installing and maintaining heating, ventilation, and air conditioning systems. Now, how can you make your HVAC business more profitable?

July 26, 2019

Make Profit a Habit in Your HVAC Business?

How can you make profit a habit in your HVAC business? First of all, you need to outsource your bookkeeping to a Profit First bookkeeping professional.

April 11, 2019

Are Your Profits in Focus?

Ronald B. Allen

When you are doing lots of business but not seeing more on the bottom line, ask yourself, are your profits in focus? Then consider converting to Profit First.

April 11, 2019

Profit First Vault Account

Ronald B. Allen

A penny saved is a penny earned and every dollar you move to a Vault account is safer from being spent unwisely. Put part of your profit allocation in Vault.

March 23, 2019

Profit First Method for Optometry

Ronald B. Allen

When starting any business, getting your financial system in order is important. The Profit First method for optometry practices is a solid way to go.

January 5, 2019

Top Accounting Firm in the Kansas City Area

Ronald B. Allen

Exigo Business Solutions is the top accounting firm in the Kansas City area. Use our knowledge to gain actionable insights into your budgeting and cash flow.

January 4, 2019

Maximize Your Profit in 2019

Ronald B. Allen

Could your business have performed better in 2018? Take a look at the Profit First Method if you want to cut costs and maximize your profit in 2019.

December 4, 2018

Ensure Your Insurance Agency Profitability

Ronald B. Allen

An insurance agency can learn to budget and manage cash flow while taking their Profit First. We can help you to implement this process and turn increased profits into reality in your business.

November 27, 2018

Helping tired doctors run a healthcare practice

Ronald B. Allen

Private Practice doctors often find that more and more patients are coming to the door and less and less money is going into the bank. The Profit First method of bookkeeping provides you with a solution to this problem which works.

November 2, 2018

Take Profit First To Help Avoid Business Failure

Ronald B. Allen

No one wants their small business to fail or end up in bankruptcy. Protect yours by using the Profit First bookkeeping system.

October 29, 2018

Bookkeeping For Your Business Decisions

Ronald B. Allen

Don't let Parkinson's Law eat up all your profits. Learn about the Proft First approach to bookkeeping and how the Certified Profit Professionals at Exigo Business can help you put this system into place and help you drive your profits to success.

September 18, 2018

Basic and Advanced Profit First - the Difference.

Ronald B. Allen

Learn what the difference is between basic and advanced profit first methods!

September 17, 2018

Use Bookkeeping to Drive Your Business Decisions

Ronald B. Allen

In any business, it is important that the bookkeeping is up to date and accurate. And, equally important for the success of a business, the bookkeeping needs to show a clear picture of all cash flow, assets, and liabilities.

September 14, 2018

Doctors Run a Successful Healthcare Practice

Ronald B. Allen

If your healthcare practice is drowning in paperwork and not making money, there is a better way!

September 12, 2018

Grow Your Small Business Bottom Line First

Ronald B. Allen

There is a bookkeeping method that always allocates money for profit, from the very first transaction. You can grow your small business bottom line first instead of hoping for one with Profit First.

September 12, 2018

Use QuickBooks to Budget and Take Profit First!

Ronald B. Allen

The Profit First bookkeeping system is an innovative way to manage business finances while QuickBooks provides the bookkeeping tools.

September 7, 2018

When To Implement Profit First in a New Startup

Ronald B. Allen

Brand new business, fairly new business, or established business. It doesn't matter what phase your business is in, Profit First can and WILL help you form financial habits that force your profit to rise and your business succeed!

September 6, 2018

Make Smart Decisions by Taking Your Profit First

Ronald B. Allen

When the hidden financial details of your business are dragging down profits, use the Profit First bookkeeping system and get a handle on expenses.

August 30, 2018

Why Every Insurance Agency Needs Profit First!

Ronald B. Allen

You work hard to run your Insurance Agency! Managing your entire business is getting difficult and you don't have time to do everything. Your business is doing well but your Profit is not rising like you feel it should be. This is why your agency needs Profit First!

August 29, 2018

When Your Optometry Practice See a Profit?

When you go solo, how soon should your optometry practice start realizing a profit?

August 20, 2018

Outsource Insurance Agency's Bookkeeping?

Ronald B. Allen

Even if your books are in good shape, you may want to outsource your bookkeeping and use the Profit First method. This gets you in the habit to manage your finances so they won’t manage you!

August 15, 2018

Profit, Owner's Compensation, & Tax Allocation

Ronald B. Allen

Learn the reasoning behind why Profit First Cash Management System requires a Profit account, Owner's Compensation account, and Tax allocation account as three separate accounts and not combined into one!

August 13, 2018

What To Know About Your Profit First Tax Account

Learn about your Profit First Tax account. Why you should still reserve such a high percentage in the tax account even if taxes are deducted out of your pay.

August 9, 2018

Pay off multiple loans using the Profit First

Ronald B. Allen

Learn how to chip away at your debt when using the Profit First method. See why its still important to take your profit first even when you have debt to pay off.

August 8, 2018

The Best Bank for your Profit First Accounts

Ronald B. Allen

Discover which banks are the most flexible in terms of creating multiple accounts without charging fees when using the Profit First method.

August 7, 2018

Profit First: Managing Deposits from Total Income

Ronald B. Allen

Learn how to manage your deposits from total income when working with real revenue in the Profit First method.

August 1, 2018

A Business determining its Real Revenue

Ronald B. Allen

Read and understand an example of Real Revenue being used in a business to get a better idea of what it is and why it is so important in the Profit First method.

July 30, 2018

Profit First: What Does "Real Revenue" Mean?

Ronald B. Allen

Learn what Real Revenue is and why your company will benefit when you analyze and base your spending off that number.

July 20, 2018

Profit First: 10/25 Allocations

Ronald B. Allen

People often ask if they are allowed to change the dates of allocation when using the Profit First method. Learn the reason behind the 10/25 rule in Profit First here!

July 18, 2018

Is Profit First Really Worth the Effort?

Ronald B. Allen

As soon as people hear about the different accounts needed to follow the Profit First Method, they begin to assume it's not worth the time it will take to do the bookkeeping. Let us explain why it is important and TOTALLY worth it.

July 3, 2018

Should Your Accounts be Checking or Savings?

Ronald B. Allen

Learn what accounts are needed when using the Profit First method. Also find out which of those accounts should be a savings and which should be a checking. Set up your accounts now and start maximizing your profits!

Profit First for Plumbers

Ronald B. Allen

You went into the plumbing business expecting to make a profit from your hard work. If profit is what is missing, Profit First for plumbers is you best choice for making things right. Profit First is a way of managing your business finances that assures a profit from the very start. The system helps you find and eradicate the hidden costs that typically rob you of profits. And, it improves budgeting and how you handle your cash flow.

Should Profit First Be Done Retroactively?

Ronald B. Allen

Since Profit First is a forward-looking process, you will totally rework how you do your banking in order to improve budgeting and cash flow management.

Why Profit First Moves Money Twice

Ronald B. Allen

Because Profit First understands human nature is why profit first moves money twice and addresses the negative effects on your business of Parkinson’s Law.

Real Revenue and How It Is Used

Ronald B. Allen

Real revenue is a bookkeeping category used in businesses that have subcontractor and materials expenses. It gives the owner a clearer picture of the size and shape of his business.

Why You Need Outsourced Bookkeeping with Profit First

Outsourced bookkeeping services and introduction to the Profit First system are one of our product offerings at Exigo Business Solutions.

How Does Profit First Help Your Business?

Ronald B. Allen

The Profit First method will help your business in two ways. It will allocate profit to bank accounts twice a month and put you in control of your finances.

Profit First Sales Tax Account

Ronald B. Allen

When you collect sales tax on sales made, you are acting as an agent of the government. You need to set aside that money in your Profit First sales tax account.

Business Crisis: Survival to Profit

Ronald B. Allen

When a crisis hits your business it is time to pull things together and not panic. It is time to institute a business management system called Profit First.

Is a Tax Account Still Necessary with an S-Corp?

Ronald B. Allen

Here is some useful information about small business corporations (S-corps) and how taxes are allocated in the Profit First method.

What Is a Profit First Professional?

Ronald B. Allen

A Profit First Professional is a highly trained and certified accountant, bookkeeper, or business coach who is dedicated to maximizing your business profits.

Reserving High Percentages for the Tax Account

Ronald B. Allen

Profit First has all sorts of ways to make you feel good about your job, your business, and the way forward, like getting reimbursed for your taxes.

Profitable Even While Trying to Pay off Debt

Ronald B. Allen

You need to be making a profit in order to pay off your debts, so start Profit First and use their method of debt repayment, paying the smallest debt first of all.

Why Owner’s Accounts Can’t Be One Account

Ronald B. Allen

Owner’s pay, profit, and taxes need to always be in separate accounts to allow for a clearer view of monthly cash flow.

Outsourced Bookkeeping and Profit First

Ronald B. Allen

Why Need an Owner’s Pay and Profit Account

Ronald B. Allen

Many small business owners take distributions on a monthly or even quarterly basis. So, why have a profit or owner’s pay account?

When Using Profit First Where Do I Pull Money From?

Ronald B. Allen

A frequent question from new Profit First users is just where to pull the money from when there is not enough in your operating account.

Profit First Accountants

Ronald B. Allen

Your business needs bookkeeping and the services of an accountant. But, why do you need a Profit First accountant?

How to Use Profit First in Your Personal Finances

Ronald B. Allen

The same Profit First principles that help you budget and manage cash flow in your small business work equally well at home.

Choosing Days to Allocate Funds

Ronald B. Allen

Profit First bank allocations are best done on the tenth and twenty-fifth for efficiency and to gain insight into your finances.

Convert Profit First Allocation Percentages

Ronald B. Allen

For setting up allocation for expenses in foreign currencies, change to dollars and then to percentages. Because Profit First is a percentage-based system.

Why Running Up Expenses Doesn’t Work

Ronald B. Allen

You know that business expenses are deductible from your income. So, aren’t they a good way to reduce how much you pay in Federal, State, and Local taxes?

Vendors Doing Profit First Allocations

Ronald B. Allen

If you want to maintain good business relationships you need to pay your vendors on time. Profit First does this by paying vendors on the 10th and 25th

The Basic and Advanced Method of Profit First

Ronald B. Allen

This system needs to be set up to work best for your business. And the process of setting up Profit First accounts needs to be something that you can handle.

Reasoning of 15% Tax in Profit First Method

Ronald B. Allen

The reasoning behind the 15% tax allocation in the Profit First method is to have enough money available for both business and personal taxes.

Behind the 10th and 25th Allocations

Ronald B. Allen

Once a Profit First user sets up separate bank accounts for profit, owner’s pay, operating expenses, taxes, and more as needed. Then the business owner allocates money to these accounts

What Businesses Need to Use Real Revenue

Ronald B. Allen

Get your financial house in order with Profit First and the Real Revenue concept for businesses with subcontractors and material costs.

Difference Between Total Income and Real Revenue

Ronald B. Allen

It is important for a business owner to accurately know the size of his business. Real Revenue is a calculation which does just that.

When to Implement Profit First in a New Business

Ronald B. Allen

The transition from your current “bank balance” method of bookkeeping to the Profit First approach is not difficult. And with a Profit First Professional at your side, implement Profit First now.

What debts should be paid off first

Ronald B. Allen

The reward for your “behavior” in paying off debts this way is that you owe less and you feel a lot better about yourself and your business.

Profit First Strategies

Profit First is a system that helps you produce profits in your business the first month and always. Using this approach to running a small business you can make profit a habit and not a remote possibility. The Profit First approach starts by rewriting the usual bookkeeping formula so that profit is taken and put in the bank with every bookkeeping cycle. The system follows through by instilling discipline in your budgeting and cash flow management. Read our articles to learn the basics of Profit First and Profit First Strategies that you can use this approach to make you business more successful and your business life more efficient and easier.
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Profit First Business Strategy

A collection of articles related to implementing Profit First Business Strategy for your business.

Profit First for Insurance Agencies

A collection of articles focusing on implementing profit first in insurance agencies.

Profit First for Optometrists

A collection of articles focusing on implementing profit first specifically for optometrist.

Profit First for Healthcare Practices

A collection of articles focusing on implementing profit first in healthcare practices.

Profit First FAQ

A Collection of Profit First Frequently Asked Questions

Profit First HVAC Business

Profit First HVAC Business, You may have lots of work in your HVAC business but do you have the profits that you would like?...
Profit First Strategies helps business owners experience profit.

Profit First Strategies

When you use the Profit First approach to running a small business you can take a profit each month. You will instill discipline in your bookkeeping and budgeting so that you manage cash flow effectively. Businesses that use Profit First learn to ferret out the hidden costs that drain profits and your energy. At its base, Profit First fights and defeats the effects of Parkinson's Law in which work expand to the time allotted for it and expenses always come up to or exceed their budgeted amount. Profit First makes use of Intelligent Business Solutions like QuickBooks and QuickBooks Desktop and QuickBooks Online among others to help you effectively run your business, keep an eye on all of the potential problem areas, and stamp out inefficiencies as they arise. Read our articles about using Profit First so that your can first understand how the system works and then learn how Profit First Strategies can help your small business run profitably from the first month that you use this system.