Set Up Your Small Business Finances - Profit First Method

Guess what...you don't need an accounting or business degree to set up your small business finances and ensure your business is not only profitable but you as the owner always get paid too!

In this video, I share some of the best advice I learned from one of my favourite books "Profit First", but I also share how I've implemented lots of the book's small business financial strategies in my own business to see a huge improvement not just in focusing my business on increasing its business revenue, but also creating a system that keeps everything organized so I never have to worry about spending too much on business expenses (and not having enough leftover after) or forgetting to set aside money for income taxes and sales tax.

If you have any other questions about my setup, please share them in the comments!

CHAPTERS

00:00 Introduction
02:15 How My Business Earns Money
06:09 Why You Should Pay Yourself First in Your Business
08:58 Have a Cap for Your Business Expenses
11:48 Set Aside Money for Income Taxes
12:39 Setting Up Your Owner's Pay or Salary
13:54 What Is Profit & What to Do With It?
15:17 How to Set It All Up with Different Bank Accounts

RESOURCES

➡️ Grab a copy of the book I mention, Profit First https://amzn.to/3CwA8Db
➡️ Wealthsimple's Income Tax Calculator https://www.wealthsimple.com/en-ca/to...
➡️Quickbooks Accounting Software - Get 50% with My Referral https://refer.quickbooks.ca/s/jessica34
➡️ EQ Bank - Sign Up with My Referral Link & Get $40 When You Fund Your Account with $100 within 30 Days https://jessicamoorhouse.com/eqbank-aff

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ABOUT ME

I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com

#accounting #bookkeeping #smallbusiness
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DISCLAIMER & DISCLOSURE

The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/