Quick Wins - $40k Client Savings!

In this series, we will share snippets from our work with clients. Some of these stories might be small at the moment – but have a big impact on our clients’ progress and individual journey in entrepreneurship. Not every day is going to be a walk in the park! 

QuickWins: One of our Profit First clients over-saved in their tax account by $40k! So what’s that mean? They got to transfer that into an Opportunity Fund!

With the Profit First method, we set up 5 Foundational Bank Accounts for your business —

1. Revenue or Deposits

2. Profit

3. Owner’s Pay

4. Tax

5. Operating Expenses

All of these bank accounts have a clear purpose - it’s in their name! We fund these accounts with regularity. Every week or every 2 weeks, money from the Deposit account funds the other 4 accounts based on percentages.

For the tax account, this savings builds up month over month to make quarterly tax estimate payments and annual filing.

We strive to accurately predict tax liability and a margin for healthy growth in your small business. Sometimes a business has a great year, and they are easily able to save more than what they need!

Congrats to our client on the opportunities that will follow a successful year!