Have you asked your accountant about using Profit First, only to feel they’re giving you the runaround? If your accountant doesn’t use Profit First, you might be wondering what to do next.

Do I want to keep working with my current financial team?

Maybe you love working with your team and, aside from their lack of knowledge on Profit First, you feel lucky to have them on board. The good news is, that many Profit First Professionals can work alongside your existing financial team, bringing in the expertise needed to make the transition smoother. It’s important, however, that everyone is on board and ready to implement the system.

Change can be intimidating, especially when dealing with the unknown, but it’s also where growth—and profit—happens. Identify the key issue that’s holding you back from implementing Profit First into your business. Ask your accountant or bookkeeper what they know about Profit First, and more importantly, what’s their main barrier to adopting it?

In its simplest form, Profit First is a money management system that flips the traditional accounting equation on its head. Instead of:

Revenue – Expenses = Profit

It becomes:

Revenue – Profit = Expenses

This approach prioritises profit, putting expenses under greater scrutiny—exactly where they belong.

The system works by setting up multiple bank accounts, each with a specific purpose, and then allocating percentages of your revenue into each. This ensures that your business is only spending what’s available for a particular purpose. It also means money is set aside for tax, wages, and other key expenses, so you’re always prepared when those bills come in. No more sleepless nights wondering how you’ll pay your BAS. For more on how the Profit First accounts and allocations work, click here.

Your accountant or bookkeeper must be aligned with the change if you want to successfully implement the Profit First. Let’s address some common myths associated with Profit First:

Myth 1: Managing multiple accounts will take too much time or make things complicated.

Myth Buster:

Once your accounts are set up, reconciliation is simple. You’ll still see the revenue coming into your main account, which is then allocated into different accounts—a straightforward process. You can continue using your current financial software, such as Xero, with Profit First. In fact, we’re experts in Profit First and Xero integration. There’s even software available that can automate these allocations, making the process even more streamlined.

Myth 2: Profit First is restrictive.

Myth Buster:

Profit First is incredibly flexible and can be tailored to your business goals. It evolves as your needs change. Whether you’re tackling debt, growing your team, or investing in new equipment, Profit First allows you to create a financial plan that prioritises these needs while still ensuring you have money to run your business.

Myth 3: Profit First doesn’t allow for growth.

Myth Buster:

Actually, Profit First supports sustainable growth. When followed properly, it ensures your business remains financially healthy. By putting plans in place, you can set aside money for hiring new team members, investing in new machinery, or any other resources needed to fuel your growth. Profit First allows you to grow confidently, knowing your finances are stable.

Myth 4: Profit First is only useful for businesses that struggle with cash flow.

Myth Buster:

Profit First is about optimising your available funds, not just managing cash flow. It provides you with a clear, accurate picture of your financial position, allowing you to make sound business decisions—whether your cash flow is struggling or strong.

If you’re curious but not quite ready to fully commit, why not start small? Add 1 or 2 extra accounts to your current setup and see the benefits firsthand before diving in completely.

Keen to get started?

Ready to see how Profit First can transform your business? Book a free call with us today. Whether you’re looking for full CFO services or just need help with bookkeeping, we can tailor a package that suits your needs. Let us help you implement Profit First and ensure your business runs at its fullest potential.