In today’s episode Trudy speaks with Tracy Sellers who is a bookkeeper & Business Activity Statement (BAS) agent. She is also a certified Profit First Professional.
What’s Profit First? It’s the method that’s going to help you set up your business finances so that you can start taking profits from your very first sale. It’s based on the book “Profit First” by Michael Michalowicz and I can tell you that it works because I use this system in my business.
Trudy and Tracy talk about –
- The reason for a profit and owners account
- The shift in mindset that people need to make about the benefits of taking profits straight away … even though that goes against what a lot of people think you should do when you’re starting a business
- The purpose of a tax account, what it is and why it’s important
- What role GST plays with your income
- Expenses – and how you need to look at your business as a whole and to regularly review your expenses
- The difference between your Profit and Loss statement and your Balance Sheet … and why that difference matters
- Why having your data in graphs can help with understanding the numbers
- How to build your profits and goals and what to do with it all once you’ve built up your profit to a nice little sum
Tracy a qualified bookkeeper with over 15 years’ experience. Tracy is a registered BAS Agent with the Tax Practitioners Board. This enables her to attend to all of your business GST & Payroll Compliance needs. Tracy is also a Certified Profit First Professional which enables her to help businesses achieve financial freedom.