Profit First works by applying Parkinson’s Law (behavioral psychology). This theory presumes that we learn to spend less on expenses and resources, when we reduce the money available for them. The Generally Accepted Accounting Principles (GAAP) of profits equal revenue minus expenses is turned around by the Profit First method:
A savings account to accumulate profits.
An account allocated for payment of your salary.
An account used for payment of taxes.
An account used for payment of day-to-day operating expenses.
Download the first 5 chapters of Profit First, written by award winning, best-selling author, Mike Michalowicz as our gift to help you on you new and profitable journey to managing your business’ finances. The Profit First method won’t turn you into an accountant, but transforms the way you view your finances and how you control money in and out of your business, ensuring you always get paid first.
Great starting point for the overwhelmed entrepreneur.
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