Have you ever avoided logging into your accounting software because you were scared of what you might find? Maybe you’ve delayed opening your bank account. Perhaps you’ve put off looking at your Profit & Loss report because you already know the numbers won’t be what you hoped. If you’ve ever felt this way, you’re not alone. Many business owners experience shame around money. Not because they’ve done anything wrong, but because they believe their business finances are a reflection of who they...

If you’ve ever looked at your bank balance and wondered, “How can my business be making good money but I still feel broke?” you’re not alone. It’s one of the most common frustrations business owners face. Revenue is growing, clients are coming in, and yet there never seems to be enough cash left over for you, for tax, or for profit. The reason is simple. Most businesses follow the traditional accounting formula: Sales – Expenses = Profit The problem is that profit becomes an afterthought....

The bank accounts that change everything When people first hear about Profit First, they often assume the hard part is the maths. It isn't. The system is simple, almost disarmingly so. The hard part is actually doing it, and that starts with setting up the right bank accounts. Profit First runs on five purpose-named accounts. Once they're in place and money is moving between them on a regular rhythm, the system largely runs itself. Here's exactly how to set them up in an Australian context....