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Erik MacPherson

TMC Digital Media Service, Inc.

MacPherson wanted to find a way to collaborate and devise a plan for growth and a positive future for him, his partner, and for the employees.

MacPherson was determined to find the solution and researched the possibilities. He discovered a book entitled, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, written by author and speaker, Mike Michalewicz.

Profit First introduced MacPherson to the idea of using an accounting system that is aimed at increasing profits in a different way than he had been exposed to previously. One difference he noticed was that the traditional accounting approach uses the formula of Sales minus Expenses equals your Profit. This new system “flips” that old-style of thinking. Instead, the Profit First approach invents a new method where the formula is Sales minus Profit equals Expenses.

The Profit First System Enables Record Earnings in 2020

Outreach Physical and Occupational Therapy and Speech Rehabilitation, PLLC

According to Greenspan, the company had no financial management system in place to administer the flow of funds. “With there not being an organized and consistent cash flow, we would find ourselves reeling in April at tax time. And then we were creating that extension to October 15th… to where I was trying to drum up the dollars to put towards a profit-sharing plan… and then pay the government,” Greenspan reflected.

He felt that using technology somehow would offer help, but Greenspan was not able to achieve putting a software system in place. He tried to solve the issue by hiring an accountant. But the accountant was not able to effect a change by doing anything different.

In the meantime, in an effort to find yet another solution, Greenspan found the book entitled Profit First which is written by Michael Michalowicz. He was intrigued by the principle it presented for basing an accounting system on percentages.

Bud Horn

Horn's Backflow & Plumbing Service, Inc.

For twenty years, the business and customer referrals steadily grew for Horn’s Backflow & Plumbing Service, Inc. The business branched in the direction of commercial plumbing, and into the residential plumbing market, too. They were able to take on more work for the business and incorporate their know-how into more specialties such as backflow, boiler service, and fire, water and sewer services, and more!

What originally began as simple bookkeeping tasks rapidly grew and it became essential to expand their accounting system. It had become more difficult to track income, expenses, and returns. Horn’s Backflow & Plumbing Service, Inc. began with hiring staff to do the bookkeeping in house. Unfortunately, they found the reports unreliable or inadequate. They could not effectively steer the growth of the company.

Don Hilderbrand

Plumb Smart Plumbing & Drains

Hilderbrand opted to consolidate the bookkeeping tasks and hire an employee to do the job in-house. The business also had a myriad of other duties that arose and were related to the growth of the company. According to Hilderbrand, he decided to consolidate these needs by creating a new position and fulfilling it with a full-time employee.

But over the years, Hilderbrand felt that the avenue of a full-time employee proved to be extremely unreliable for him. He found that line items were not correctly entered. Unfortunately, as a result, the company erroneously missed payments to vendors. In some cases, his company fell behind in payments, too.

Primarily it was the result of a manual error of inputting by his full-time employee(s). Having an in-house bookkeeping system had run its course. Managing the books took on a whole new set of problems he did not have previously. Hilderbrand realized that he needed to find an alternative that was substantial in order to meet the company’s bookkeeping needs for accuracy… and accountability, too.