Profitability

Positive Reinforcement for More Profits

It sounds simple, but positive reinforcement can result in big profits for your business. I realized this as my daughter and I were driving into town and were about to...

Anticipating Customer Needs

What is the best way to create a loyal customer base, and therefore a more profitable business? Anticipate customer needs. Anticipating needs is the best way to let your customer...

Eliminate This for a Successful Business

Want a superpower in your business? Be user friendly. Watch me open my new iPhone. Left handed. Which I am not. You don’t get more user friendly than that. User...

The Benefits of a Mastermind Group

I believe no man is an island. So I offer this tip - if you’re an entrepreneur, you need to be in a mastermind. Belonging to a mastermind group is...

Business Fundamentals & Fix This Next

Not much beats spending time with an old friend. I recently visited with one of my close friends from college, Greg Eckler. You may recognize his name as the weirdo...

Naming Your New Business

Starting a new business comes with so many important decisions. Choosing what to name your business so it represents it, and you, is one of the big ones. That name...

The Benefits of Business Podcasts

Phew! I just completed the fourth podcast for the day. Here at my studio we record two podcasts: GMAP, which is a business podcast specifically for accountants and bookkeepers, and...

Seal Training

The foundation of our physical and mental health is exercise. I run not because I love it, but to stay in shape and bring my A game in the rest...

Your Financial Foundation by Kasey Anton

It has been said that the restaurant business is a business of nickels and dimes - meaning that you really have to watch every single nickel and dime and hope...

Real Revenue Adjustments and Profit First Accounts

A question that comes up for some readers is how to set up Profit First Accounts when you have a real revenue adjustment.  Not all companies require this, but if...

Real Revenue Adjustments and Profit First Accounts

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A question that comes up for some readers is how to set up Profit First Accounts when you have a real revenue adjustment. 

Not all companies require this, but if you do:

  • Money goes into your income account
  • Allocate money that is not recognized as real revenue that goes to materials and subs, and create/put it in a materials and subs account
  • The residual money in your income account is now your real revenue
  • Then you can complete the Profit First allocations based upon that

That’s the extra step that’s needed. Now go set up those accounts!