Use QuickBooks to Budget and Take Profit First!

Posted on
January 17, 2019
in
Profit First Methodology
Posted by
Ronald B. Allen

Use QuickBooks to Budget, Manage Cash, and Take Profit First!

At Exigo Business Solutions our goal is to help small businesses become more profitable. We help businesses use QuickBooks to budget, manage cash, and take profit first. The Profit First bookkeeping system is an innovative way to manage business finances. And QuickBooks provides the bookkeeping tools needed to track, manage and optimize small business finances.

Our clients come to us because their books are usually a mess. They have money coming in, but their bottom line never seems to improve. We show them how they can budget and manage their cash flow instead of letting sagging finances drive their business decisions. The first thing we do is rearrange their basic bookkeeping formula utilizing the Profit First methodology.

Take Your Profit First

We take the income minus expenses equals profit approach and turn that into income minus profit equals expenses. The first approach is a standard bookkeeping formula which allows businesses to keep expenses from cutting into the profit. The second is the Profit First system that ensures you take your profit first.

When you run a small business, you deal with seemingly endless expenses. And, because you are constantly focused on the day to day delivery of your products and services, you do not effectively monitor those expenses.

The Profit First system makes you routinely set aside a profit each time you pay the bills. This lets you build up a cash reserve. And it forces you to pay better attention to your expenses. The end result is that you will budget and manage cash much more effectively.

QuickBooks Is Designed for Small and Medium Sized Business

And this brings us to the multi-use bookkeeping tool we use to make Profit First work, QuickBooks. QuickBooks is a computerized software package with bookkeeping and accounting tools. It is specifically designed to help medium and small businesses.  QuickBooks includes applications for budgeting, paying bills, accepting payments from clients, doing payroll and more. At Exigo Business Solutions, our team is made up of Certified QuickBooks ProAdvisor. We will assess your business condition and needs, help you develop a strategy to improve your business efficiency and profits, work with you to implement necessary changes, and help you maintain the changes. Time and again our clients develop a clearer view of their financial picture, improve their cash flow and bank increased profits.

QuickBooks Custom Reports

If you are used to unorganized bookkeeping (or ignoring it completely), you are used to not getting much useful information from the reports you receive. With QuickBooks custom reports you will see the information that you need to see, presented such a way that you can see both the details and the big picture.The point of these reports is that they are actionable. Don’t blame yourself for not having made necessary changes to your cash management when your bookkeeping did not show you the information you needed to see. With QuickBooks custom reports you will be able to see the problems and make the changes you need to expand your business and grow your profits.

If your books are a mess and you are not able to effectively budget and manage cash flow, it is time to consider outsourcing your bookkeeping. Use the Profit First approach better manage your business and finances, and use the bookkeeping tool made for small and medium businesses, QuickBooks. Give us a call today and we can help get you on the path to profit first. (816) 394-6818

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