January 23, 2023

002: The Bank Accounts You Need to Implement Profit First in Your Business

11 minutes

When it comes to managing your business's finances, there are many moving parts you need to keep up with. One thing that often gets overlooked is setting up the proper bank accounts for your company. Did you know that having multiple financial accounts can help to streamline how you manage and process payments?

In this episode of Profit First for Tradies, we talk about the 7 types of bank accounts you should have for your business. We discuss what these accounts are, what they entail, and why they are important to have.

Having all the right accounts in place is the first step in setting up a financial infrastructure for your business. With the right reports, you can easily keep track of expenses and income and make payments quickly and securely.

Furthermore, having all the right accounts will help you keep your business organised, track sales and manage taxes. Businesses must have the proper accounts to ensure a successful future.

In this episode of the Profit First for Tradies, you’ll learn the following:

Why you need to separate your cash flow and bank accounts
Which accounts you need to run a successful tradie business
How to get started setting up your bank accounts today

Having multiple bank accounts can be overwhelming, but it is critical to managing your finances. By understanding the different types of accounts, you can ensure that you set up your business for success and stay on top of payments. Listen to this episode to learn more!
If you haven’t listened to our previous episode about the 4 Core Principles of Profit First, go back and check out Episode 001.
QUOTES

“If your business can't even afford to pay you, then it's going to be in some financial trouble.” -Katie Crismale-Marshall

“When you are running Profit First in your business, what it encourages you to do is to become resourceful.” -Katie Crismale-Marshall

“Sometimes the solution isn't the best solution that we want, but there is always a solution.” -Katie Crismale-Marshall

RESOURCES