Profit First Professionals Australia · Frequently Asked Questions

FREQUENTLY ASKED QUESTIONS

Common questions asked about Profit First. Have another question? Email us.

How Profit First will help your business

We are not financially viable and have debt, can Profit First help us?

Yes Profit First is aimed at making a business viable and profitable. Your debt will still be paid but not at the expense of profitability. Speak with a Profit First Professional to get individual advice for your business.

Will it work with my business?

Yes Profit First is designed to work with any business, in any industry.

Can you help me restructure my business to improve profitability?

Yes we can help you improve profitability. Profit First Professionals are also business advisors, we look at the big picture and can make recommendations to improve your overall business.

I'm not competitive on price, can profit first help me with this?

Yes, by conducting a profit assessment of your business, you will be able to clearly see where you are spending your money. A Profit First Professional is also a business advisor, they will be able to work with you to grow your business and make you more competitive.

How do I work towards the target percentages?

By working with a Profit First Professional they can guide you on the best way to change your current processes in order to meet the target percentages. Some clients choose to ease into Profit First by starting with just 2 or 3 accounts, based on their biggest pain points for example taxes or owners pay.

My cashflow is terrible and stressful, I want to stop being behind on my bills and have better money management. Can Profit First achieve this?

Absolutely, Profit First is aimed at improving cash flow, reducing expenses and improving profitability. By doing your allocations twice a month, in time you will see the trends of your cash flow which will help you plan ahead.

I need help to meet my taxes

After Profit First, not having enough money to pay tax will be a thing of the past. Profit First is perfect for ensuring that you have enough funds available to meet your tax obligations.

Can you help me forecast my profit first percentages and projections based on current figures?

Yes a Profit First Professional helps you work out the percentages for your business based on your current and previous performance. We will then work with you to improve your business moving forward.

Can you help me grow my business?

Yes by implementing Profit First, it will assist you in growing your business. By closely monitoring how you are spending your money and knowing what money you can spend, you will be forced to make wiser spending choices and get creative in how to get the same result for less money. By working with a Profit First Professional, they can help you with strategies to grow your business.

Using a Profit First Professional

Do I need to use you as my accountant also or can you just help me with Profit First?

That’s up to you. We can help you with as little or much as you need.

How much do you charge?

Each Profit First Professional is an independent advisor and sets their own fees.

As a guide:

In depth Assessments from $1500+gst

Profit First Rollout from $350-$5000/month

  • with services that range from full CFO down to just accountability check-ins

Prices vary and a custom review and proposal will need to be completed with your PFP to suit your business and your exact needs at the time.

Why should I pay you when I can do it myself?

Yes you can do it yourself, but just like having a personal trainer, a Profit First Professional keeps you accountable, they are there to ask questions, to help you overcome problems and guide your business growth and profitability.

Do you offer ongoing accountability/ coaching?

Yes

How does the 15% tax rate target on the instant assessment work for Australian businesses?

15% is a recommended starting point but the exact percentages need to be assessed for each business based on their individual circumstances. For example are you GST registered and do you have a seperate account for GST? A Profit First Professional can help you work out the percentages for your business.

What if my accountant doesn't like the system?

If your accountant is not familiar with Profit First they may question the number of accounts you have for your business. You might need to educate them on the benefits of Profit First and what you are trying to achieve by using this system. Your Profit First Professional may also be an accountant or able to recommend someone who is on board with Profit First.

What type of PFP should I work with? (accountant, bookkeeper or coach)

This depends on what areas you specifically require help for in your business.

All PFPs will be able to set up and implement Profit First for your business. They will be able to assist you with cashflow and offer strategic advice to grow your business. They will also be available for on-going support.

If you require help with TAXES and not just your BAS, then you will need to work with an accountant, as they are authorised to provide tax support and prepare your tax return. They can also assist with complex financial issues in your business.

If you require help with BOOKKEEPING or your BAS, then you will need to work with a bookkeeper. This includes reconciling your accounts, reporting, payroll, superannuation, maintaining invoices and expenses and preparing your BAS

If you are looking for help only with PROFIT FIRST, then you can work with a coach. Coaches aren’t bookkeeper or accountants, they specialise in Profit First implementation and providing tools to improve business for clients.

How can I work with a PFP and what do they actually do?

PFPs are your business partners. They will help you implement and maintain profit first. They will be able to assist you to improve your cashflow and offer strategic advice to grow your business.

First of all they will analyse your numbers, prepare a profit assessment for your business and help you implement profit first in your business.

On an on-going basis PFPs will keep you accountable, they will be able to work with you on any changes or issues in your business and as a business partner, they are available to bounce ideas off and guide you to a profitable and sustainable business.

Setting Up Profit First

Can you help me set up Profit First in my business?

Yes a Profit First Professional absolutely can assist with setting up Profit First in your business and making it work for you and your business structure. Every business is different so working with a Profit First Professional can ensure the system is setup to work for your business type.

Can you help me set up a system so I don't touch money I shouldn't?

Yes the Profit First system is designed to deter you from touching money you shouldn’t, that’s why we recommend that you use 2 different banks. By using 2 different banks the money isn’t accessible immediately, deterring you from touching it. It will still take discipline and in time you will learn that you can only afford to spend money if it’s available in the expenses account.

Can you help me set up my accounting software system with multiple accounts?

Yes many of our bookkeeping and accounting Profit First Professionals help you setup your accounting software. Many Profit First Professionals are also bookkeepers and accountants, working day to day with clients to manage their accounts and help them set up systems for their business that work.

Can you teach my staff to use the Profit First System for my business?

Yes, once we set up the Profit First system in your business, your Profit First Professional can show your staff how to maintain the system and perform the regular allocations. It’s still important to meet regularly with your Profit First Professional to keep you accountable and they will be able to help you adjust any figures necessary and plan for the future.

How do I start putting money aside, I'm desperate to know as I have bills to pay?

Once you implement Profit First you start putting money aside from the very next payment cycle. If you are finding you don’t have enough money to pay your bills, it means that you need to reduce your expenses as you are spending more than your business can afford and this is not sustainable.

I haven't started my business yet, can I start Profit First from the very beginning?

Absolutely, starting Profit First from the beginning of a business will ensure that the business is always profitable and sustainable, long-term.

I've read the book, what's next? Im not sure how to apply it to my business.

Book a call with a Profit First Professional, they will be able to look at your business and help you implement Profit First.

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