Why work with a Profit First Accountant?
Having recently become a Certified Profit First Professional, and with business owners looking specifically for a Chartered Accountant that is also a Certified Profit First Professional, I thought it timely to explain why it’s important to work with an accountant that understands your Profit First journey.
Whether you have implemented Profit First yourself or worked with a Profit First Professional on your assessment, your Accountant may not be on board with the flurry of activity of five bank accounts and regular transfers. Some traditional Accountants may have never even heard of Profit First! If they don’t understand what you are working to achieve, they won’t be able to support you on your cashflow and profit improvement journey.
When discussing goals with our clients, we will often recommend opening a new bank account. For things like planning to hire a new (or your first) employee, move into new premises or purchasing large assets. Having funds regularly saved in a separate bank account gives you clarity and understanding about affordability and timing.
Ensuring that your GST and Tax savings accounts have the correct contributions for all your tax obligations is essential for tax planning and peace of mind. A Profit First Accountant understands the tax calculations and forecasts and the current and target allocation percentages. We know when they need tweaking as well!
When it’s time for quarterly profit distributions, we work with our clients reviewing the amount to payout as well as reviewing what needs to change for the next quarter, and we ensure clients don’t plough the profits back into the business for bill payments!
If a client has ‘lumpy’ or seasonal income, we understand how Profit First works in this situation and work with our clients so they arent left high and dry in the slow season!
If you would like to find out how working with a Profit First Accountant can improve your profits and cashflow, book a discovery call today... let’s chat!
