Set Up Your Small Business Finances - Profit First Method

Video Description

Guess what...you don't need an accounting or business degree to set up your small business finances and ensure your business is not only profitable but you as the owner always get paid too! In this video, I share some of the best advice I learned from one of my favourite books "Profit First", but I also share how I've implemented lots of the book's small business financial strategies in my own business to see a huge improvement not just in focusing my business on increasing its business revenue, but also creating a system that keeps everything organized so I never have to worry about spending too much on business expenses (and not having enough leftover after) or forgetting to set aside money for income taxes and sales tax. If you have any other questions about my setup, please share them in the comments! CHAPTERS 00:00 Introduction 02:15 How My Business Earns Money 06:09 Why You Should Pay Yourself First in Your Business 08:58 Have a Cap for Your Business Expenses 11:48 Set Aside Money for Income Taxes 12:39 Setting Up Your Owner's Pay or Salary 13:54 What Is Profit & What to Do With It? 15:17 How to Set It All Up with Different Bank Accounts RESOURCES Grab a copy of the book I mention, Profit First https://amzn.to/3CwA8Db Wealthsimple's Income Tax Calculator https://www.wealthsimple.com/en-ca/tool/tax-calculator/ Quickbooks Accounting Software - Get 50% with My Referral https://refer.quickbooks.ca/s/jessica34 EQ Bank - Sign Up with My Referral Link & Get $40 When You Fund Your Account with $100 within 30 Days https://jessicamoorhouse.com/eqbank-aff 🔗 AFFILIATE LINKS Borrowell https://jessicamoorhouse.com/borrowell-aff Wealthsimple Trade https://jessicamoorhouse.com/wealthsimpletrade-aff Questrade https://jessicamoorhouse.com/questrade-aff 1Password https://jessicamoorhouse.com/1password-aff Willful https://jessicamoorhouse.com/willful-aff Ownr https://jessicamoorhouse.com/ownr-aff Rakuten https://jessicamoorhouse.com/rakuten-aff 📚GET COPY OF MY BOOK "EVERYTHING BUT MONEY" https://jessicamoorhouse.com/book 📈 WEALTH BUILDING BLUEPRINT FOR CANADIANS COURSE Learn more about my investing course https://jessicamoorhouse.com/course 💻 BUDGET SPREADSHEETS Download one of my budget spreadsheets to get your financial life together https://jessicamoorhouse.com/shop 📹 MY CAMERA/STUDIO EQUIPMENT Camera https://tinyurl.com/4u2x8ajx Lens https://www.sigmaphoto.com/35mm-f1-4-dg-hsm-a Mic https://amzn.to/3MWCmlN Colour background lights https://amzn.to/3MdYEiU Key light https://amzn.to/3ySPqVW Side lights https://amzn.to/4fKEsTf Backlight https://amzn.to/3XGkW1I MORE ABOUT ME 🙋‍♀️ ABOUT ME https://jessicamoorhouse.com/about 📚 BOOK https://jessicamoorhouse.com/book 🎙 PODCAST https://jessicamoorhouse.com/podcast ✉️ NEWSLETTER https://jessicamoorhouse.com/subscribe 📸 INSTAGRAM https://www.instagram.com/jessicaimoorhouse DISCLAIMER & DISCLOSURE The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/