Create separate profit accounts from "summary" of Profit First by Mike Michalowicz
To ensure that you are making a profit in your business, it is imperative to set up separate profit accounts. By creating separate accounts specifically designated for profit, you are establishing a clear and distinct boundary between your revenue and expenses. This separation enables you to prioritize profit first, rather than treating it as an afterthought. When you allocate a percentage of your revenue to a profit account, you are committing to the financial health and sustainability of your business. This intentional act of setting aside profit ensures that you are not only covering your expenses but also building a reserve for the future. It is a proactive approach that shifts your mindset from merely breaking even to actually making a profit. Having s...
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