Business services
Profit First
Traditional accounting tells you whether you made a profit only after you have paid all your expenses, whereas Profit First turns this around by allocating profit first and running your business on what remains.
If you work hard but rarely see the financial reward you hoped for, Profit First offers a different way to manage your money. It is a simple but effective approach that builds profitability into the way your business runs, rather than leaving it to chance at the year end.
How Profit First works
The idea is straightforward. As money comes in, it is allocated across separate accounts for profit, tax, owner's pay and operating expenses before anything is spent. Running the business on what is left in the operating account encourages discipline and makes your true position clear at a glance.
How we help you implement it
At AccountX we help you put the system in place and keep it running. Our service includes:
- An initial assessment of your current financial position
- Designing an allocation system tailored to your business
- Setting up bank accounts and the cloud accounting behind them
- Regular review and adjustment of your allocation percentages
- Ongoing support to embed the approach into the way you work
What to expect from working with us
As fully qualified accountants with offices in Swindon, Oxford and Gloucester, we combine Profit First with sound accounting and tax advice, so the method works alongside the rest of your finances rather than in isolation.
For more information, please contact us.
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