I can't manage one bank account! Is Profit First really worth the effort?
Jun 09, 2022The additional bookkeeping time required to manage and reconcile multiple accounts for Profit First is negligible, and possibly even more efficient than one using just one account.
The reason I say this is because 3 accounts will routinely have less than 5 transactions per month. And the remaining 2 accounts will either hold all deposits or all expenses.
With Profit First, you simply need to reconcile the deposits and periodic transfers from the Income account. All expenses and payments come from the OpEx account. And all the other accounts are typically a single transfer
on the 10th and another on the 25th, and a single transfer out at those times.
It is easy to manage and reconcile. I promise.
More importantly the Profit First benefits of instantly knowing what money is allocated to what purpose will have profound effects on the financial health of your business.
No excuses. Set up multiple accounts. Do it now!
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