More bank accounts will result in a lot more bookkeeping work. Is Profit First really worth the effort?
By Profit First Accounting in 28 May 2024 | 05:20 pm
The 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.
With Profit First you simply need to reconcile the deposits and periodic transfers from the Income account. All expenses and payment come from the OpEx account. And all the other accounts are typically a single transfer in on the 10th and another on the 25th, and a single transfer
out at those times. It is easy to manage and reconcile.
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 the multiple accounts. Do it now!
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