YNAB For Small Business [Profit First Accounting]

Small business budgeting can be an absolute nightmare, but it doesn't have to be that way. When you combine Profit First with YNAB, you can build a budget the gives you complete freedom, increases profit, and reduces your stress.

Download the Profit First Checklist: http://mappedoutmoney.com/profit-checklist/

Buy the book here (affiliate link): https://amzn.to/2XNtA0Q

About a year and a half ago, my friend Desirae​ from HalfBanked told me about a book called Profit First by Mike Michalowicz. It's a budgeting method, but for your business.

I immediately ordered it, blew through the book in a couple of days, and then set up the system for my business.

IT. HAS. BEEN. AMAZING.

Since implementing profit first, we have:

+ Dramatically increased our business profit
+ Significantly reduced our stress
+ Started to treat ourselves like employees with regular salaries
+ Always paid taxes on time without worrying

The underlying premise of the book is based on changing the equation for how we calculation profit. Instead of Sales - Expenses = Profit, Mike Michalowicz turns this equation around to where Sales - Profit = Expenses.

When you change the equation, you force yourself to save at the outset and then live on what is leftover. Profit First helps you build a lean business without unnecessary expenses.

A few weeks ago, I published a video with an overview of the Profit First system, and today I'm sharing how to set it up inside of YNAB (You Need A Budget).

If you run a small business and want to budget with YNAB, this is the video for you.

Below you'll find everything we cover plus the quick jump sections for easy access:

0:50 Disclaimers + Pre-reqs
2:20 Profit First Setup Before YNAB
3:35 Adding Profit First Accounts in YNAB
6:30 Separating Business and Personal Accounts
7:05 Setting Up YNAB Budget Categories
16:40 Mention of Toolkit for YNAB
21:00 The Daily Profit First Routine
23:08 The Bi-Weekly Profit First Routine
28:55 The Quarterly Profit First Routine
31:10 Simplicity Vs. Complexity And Starting Out
33:35 How To Pay Yourself With Irregular Income
36:25 Download The Profit First Routines Checklist


______________________________

My Website: https://mappedoutmoney.com/

Intro by: Ant Bandit https://youtube.com/antbandit

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PS: If you have an Amazon Alexa, I just launched a brand new daily flash briefing called 30 Second Money. It would mean the world to me if you checked it out in your Alexa app.

https://www.amazon.com/Thirty-Second-Money-Nick-True/dp/B077NQM3FG/ref=cm_cr_arp_d_product_top?ie=UTF8