Blog

Where Tax and CAS Meet

All the industry experts agree: implementing client advisory services (CAS) is critical to the ongoing growth and profitability of your firm. CAS not only adds revenue and profitability to your firm, but it is also a “sticky factor” that makes it difficult for your clients to compare you to your competition. Plus, with automation and … Continue reading…

Lessons Learned while Playing Games

Have you ever played the game “Tap Away”? I recently started playing it on my iPad and it just struck me how much it reminded me of running a business. Just stay with me for a moment. The point of the game is to clear away blocks. Simple enough, right? Well, each block can only … Continue reading…

Cut Expenses. Keep Investments.

There’s a common misconception that Profit First emphasizes expense reduction to the point that businesses are forced to run on “leftovers.” Yes, an expense analysis is one of the first things a Profit First Professional will do when implementing the program with a new client. And, yes, we do put a large amount of emphasis … Continue reading…

Client Attraction: What’s Working Now

We got spoiled. In 2020 and 2021, business owners were clamoring for help. Accountants, bookkeepers, and financial coaches were the beneficiaries, and for a moment in time, we basked in the glory of knowing business owners saw us as the trusted advisors we are. Then the world opened back up, and things slowly returned to … Continue reading…

Profit First Isn’t Necessary

“Profit First isn’t necessary.” This is one of the objections we hear most often from accountants and bookkeepers. And, as much as it pains us to say it, they are correct. Profit First isn’t necessary… if you’re already wired to think like a financial professional. Which most business owners are not. In fact, I’d go … Continue reading…

Let’s Talk about Debt, Baby
(Part 2)

In part one of this two-part series on the “D” word, we defined the two uses of business debt. As a recap, you can either Leverage debt to strategically improve your business’s profitability (this is the “good” debt), or Use a debt bridge to cover expenses that exceed your business’s income (this is the “bad” … Continue reading…

Let’s Talk about Debt, Baby
(Part 1)

Debt. It’s the four-letter word everyone wants to avoid, and yet we can’t stop talking about it. Whether it’s personal debt levels or the government debt ceiling, everywhere we look there is a discussion happening about debt. There’s a common misconception that through the lens of Profit First, debt is always bad. But debt can … Continue reading…

Relay is now an official banking platform of Profit First

You may have already heard by now, but we’re thrilled to announce that Relay is an official banking platform for Profit First Professionals. Many of our members already know and love Relay. But in case you don’t know them, Relay is a business banking and money management platform that is thoughtfully designed to help you … Continue reading…

Profit First? Ew.

A couple of weeks ago, the following email landed in our support inbox: “WOW…PROFITS FIRST? Really? Not ‘PEOPLE FIRST’? Really doesn’t say much about the corporate culture there.” And that got me to thinking: It’s time to write a blog about this particular elephant in the room. Profit and corporate greed We’ve all heard the … Continue reading…

Why Your Firm Needs a Technology Account

The accounting industry spends billions of dollars each year on technology. Ten short years ago, the majority of that spend was in once-every-few-years equipment and software purchases. A firm could spend a few thousand dollars on a computer and software for each employee, then breathe easily for a few years until upgrades were needed. Today, … Continue reading…

Leveraging Financial Literacy Awareness Month

Did you know April is Financial Literacy Awareness Month in the US? As declared by President Biden in 2021, the month of April is dedicated to helping educate the public on long-term financial success. By mid-April, most Americans have handled their taxes and feel the need to be in better financial shape next time Tax … Continue reading…

What’s In a Name?

You already provide advisory services to your clients. Cash flow management and forecasting are second nature to you. And, on top of that, you’ve read Profit First. So, why should you become a Certified Profit First Professional? Lessons from the pharmaceutical industry Tylenol. Benadryl. Claritin. These are well-known brand name drugs. So well-known, in fact, … Continue reading…