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008: Mastering the Profit Account: The Key to Building a Strong Financial Foundation for Your Trades Business
Do you have a profitable business? If not, the most important thing you can do is establish a profit account. Creating one means that profits from your sales ill no longer go unnoticed or be funnelled into other areas of your business.
It also serves as an indicator of success — giving you an understanding of how much money your company is actually making and providing insights on what steps to take to improve financial performance.
In this episode of Profit First for Tradies, we’ll explore why having a profit account is so essential and discuss the advantages of getting one set up today. A profit account is, quite simply, an individual saving or investment that allows you to keep track of money coming in versus going out.
By creating this type of account, you can ensure that all income generated from either business activities or investments is properly being tracked and allocated in such a way as to maximise returns.
In this episode of the Profit First for Tradies, you’ll learn the following:
Ultimately, by becoming aware and creating dedicated accounts specifically for tracking profits - businesses are able to not just generate greater profitability but also build valuable insights into how their expenditures are affecting overall growth trajectories. Let’s take a look at why having a profit account is important and how it can benefit businesses of all shapes and sizes!
If you haven’t listened to our previous episode about How Profit First For Tradies Is Empowering Business Owners To Make A Difference In Their Business And In Their Community And Beyond, go back and check out Episode 007.
QUOTES
“The profit distribution is your reward for being the business owner.” -Katie Crismale-Marshall
“Always speak to your tax accountant. They are the only people who can give you tax advice.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
It also serves as an indicator of success — giving you an understanding of how much money your company is actually making and providing insights on what steps to take to improve financial performance.
In this episode of Profit First for Tradies, we’ll explore why having a profit account is so essential and discuss the advantages of getting one set up today. A profit account is, quite simply, an individual saving or investment that allows you to keep track of money coming in versus going out.
By creating this type of account, you can ensure that all income generated from either business activities or investments is properly being tracked and allocated in such a way as to maximise returns.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What is a profit account and why is it important? (00:57)
- What to do with your profit account (01:51)
- The purpose of the profit distribution (03:38)
- Tax implications of taking a profit distribution (05:40)
- Why and how should you plan out your income (07:46)
Ultimately, by becoming aware and creating dedicated accounts specifically for tracking profits - businesses are able to not just generate greater profitability but also build valuable insights into how their expenditures are affecting overall growth trajectories. Let’s take a look at why having a profit account is important and how it can benefit businesses of all shapes and sizes!
If you haven’t listened to our previous episode about How Profit First For Tradies Is Empowering Business Owners To Make A Difference In Their Business And In Their Community And Beyond, go back and check out Episode 007.
QUOTES
“The profit distribution is your reward for being the business owner.” -Katie Crismale-Marshall
“Always speak to your tax accountant. They are the only people who can give you tax advice.” -Katie Crismale-Marshall
Resources
- Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
View all episodes
By Katie Crismale-MarshallDo you have a profitable business? If not, the most important thing you can do is establish a profit account. Creating one means that profits from your sales ill no longer go unnoticed or be funnelled into other areas of your business.
It also serves as an indicator of success — giving you an understanding of how much money your company is actually making and providing insights on what steps to take to improve financial performance.
In this episode of Profit First for Tradies, we’ll explore why having a profit account is so essential and discuss the advantages of getting one set up today. A profit account is, quite simply, an individual saving or investment that allows you to keep track of money coming in versus going out.
By creating this type of account, you can ensure that all income generated from either business activities or investments is properly being tracked and allocated in such a way as to maximise returns.
In this episode of the Profit First for Tradies, you’ll learn the following:
Ultimately, by becoming aware and creating dedicated accounts specifically for tracking profits - businesses are able to not just generate greater profitability but also build valuable insights into how their expenditures are affecting overall growth trajectories. Let’s take a look at why having a profit account is important and how it can benefit businesses of all shapes and sizes!
If you haven’t listened to our previous episode about How Profit First For Tradies Is Empowering Business Owners To Make A Difference In Their Business And In Their Community And Beyond, go back and check out Episode 007.
QUOTES
“The profit distribution is your reward for being the business owner.” -Katie Crismale-Marshall
“Always speak to your tax accountant. They are the only people who can give you tax advice.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
It also serves as an indicator of success — giving you an understanding of how much money your company is actually making and providing insights on what steps to take to improve financial performance.
In this episode of Profit First for Tradies, we’ll explore why having a profit account is so essential and discuss the advantages of getting one set up today. A profit account is, quite simply, an individual saving or investment that allows you to keep track of money coming in versus going out.
By creating this type of account, you can ensure that all income generated from either business activities or investments is properly being tracked and allocated in such a way as to maximise returns.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What is a profit account and why is it important? (00:57)
- What to do with your profit account (01:51)
- The purpose of the profit distribution (03:38)
- Tax implications of taking a profit distribution (05:40)
- Why and how should you plan out your income (07:46)
Ultimately, by becoming aware and creating dedicated accounts specifically for tracking profits - businesses are able to not just generate greater profitability but also build valuable insights into how their expenditures are affecting overall growth trajectories. Let’s take a look at why having a profit account is important and how it can benefit businesses of all shapes and sizes!
If you haven’t listened to our previous episode about How Profit First For Tradies Is Empowering Business Owners To Make A Difference In Their Business And In Their Community And Beyond, go back and check out Episode 007.
QUOTES
“The profit distribution is your reward for being the business owner.” -Katie Crismale-Marshall
“Always speak to your tax accountant. They are the only people who can give you tax advice.” -Katie Crismale-Marshall
Resources
- Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
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