Profit First and YNAB
I don’t even know if I can tell you how much I love Profit First and YNAB together. I run my own business and often help my creative clients get their business finances organized.
A bit of history here: I’ve been using YNAB since 2011 when I was on my own debt-payoff journey.
In 2019, I discovered this book “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine” from Mike Michalowicz.
With the next client deposit I had received, I started transforming my business using Profit First….but (and here’s the key)….I did it in YNAB.
Yes, that’s right….Profit First and YNAB (You Need a Budget) together to help me run my business.
Quick disclaimer: I still use Quickbooks Online to run my business to keep my CPA happy with all the reports, filings, etc. Always consult a CPA that knows your business, ok?
Cash Flow Management is your friend!
I have always viewed the cash management of money quite differently.
As I mentioned above, I absolutely use QuickBooks Online as a way to track receipts, get those nice balance sheet, and Profit & Loss statements. It also helps with my taxes.
Managing your cash flow is what Profit First and YNAB together excel at…ok?
If you want to hire someone, scale, invest, have money for payroll, get a month ahead on your business expenses, keep separate records on the amount available for taxes….this can all be done in YNAB.
I have been able to do this with my business and help my creative entrepreneur clients be able to better understand their money by helping them implement this system in their business.
Check out the video I created on Profit First and YNAB down below to see how exactly I do it and more of my reasoning on why I love this system so much.
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