I do have, I have, I have another, but I just want to say thank you for this information.
It really set a, it's something really that's intentional for me to do this year.
And so thank you so much, Leigh.
Oh, I love it, Kim.
And we do, I am committed, I won't go over 10 o'clock.
I have an hour, sometimes only a half an hour, but so thank you for being here.
Thank you for your questions.
And Julie, we made this part two, ask your question again, and then I want to answer
it in this section.
Sure.
So on delegating and using tools, I want to make sure my money is all in one spot because
I have lots of accounts that I want to see it all dumped in one space for ease of then
recalculating it and tracking my profits.
So I was just curious, is there an app that y'all are loving that does that?
And I'm happy to pay for it.
I just want to get the right one.
Okay.
And if any of you have it, raise your hand and we'll go over it.
So here's the best system that I have found.
And I think I might've shared it with you, Julie, but I'm not sure I'll share it here.
If not, and I'll share it with everyone else because it's been really phenomenal.
First of all, for business, I really believe we all should have QuickBooks.
Okay.
So in terms of an app, QuickBooks is fabulous and you can snap your receipts and handle
that.
You can track your mileage in that.
You know, QuickBooks, when it comes to business and giving to your taxes, it's what I've used
for years.
So in terms of an app, but I want to go beyond an app.
Also banks right now really give you a detailed reports usually to show you where your money's
being spent and what percentage and all of that.
So that's becoming more.
So take a look at your bank phone app and see, like I use US bank and there's all kinds
of charts and graphs and everything for that.
But let me tell you a big picture that I think really changed my business.
I wish I would've had it over the 30 years I've been in business.
I wish I would've started sooner, but there's only now.
And so I've probably been doing this.
I don't even know how long a year, maybe more or less, give or take.
But it's called the Profit First System.
And so the name of the book is Profit First.
I highly recommend every business uses this system.
It's the best that I've found.
It's phenomenal.
And I'm going to give you an overview of what I do with it and why I love it and why I think
it's really brilliant.
And so the idea with the Profit First, and you mentioned you've got a lot of accounts,
so you may be already on this path.
You actually have five accounts in your business, five.
Three for me are checking and two are savings.
And the idea is that your main business account is, and you label these, you give them a name.
So your main business account is called income, and that's where everybody's paying you.
That's where money comes in.
This is your business account.
Then you are allocating or dispersing from that income into the other four accounts.
And you could do it however works for you.
It could be daily, it could be weekly, it could be twice a month, whatever works for
your business.
But you're allocating based on a percentage.
So the other four accounts are your owner's comp, that's where you're paying yourself,
that's where your salary comes out of, owner's comp, operating expense, that's where every
aspect of your business is getting paid from operating expense, tax, that's where you're
putting away tax money out of every income that comes in, and profit.
Now here's what's really cool.
Most businesses, especially entrepreneurs, self-employed, they never have a profit, ever.
Because they do what's called bank balance accounting, meaning if there's money in there,
they go ahead and sign up for the program.
If there's money in there, they go ahead and buy that new equipment.
If there's money in there, they get that new whatever, assistant, whatever.
And so they always have a magic idea in their head that when I make enough money, then I'll
start having a profit.
And the truth is, I've been on that journey a long, I've built multi-seven figure companies
with bank balance accounting, meaning there was never a profit.
And so it doesn't matter how little or how much you make, that system's kind of broken.
So
you will have a set percentage.
And so on my bank, I actually name each of those accounts,
and I can do it right on my phone.
And I put the percentage right next to it to remind me.
So for example, owner's comp right now,
I have set at 35%.
So $1,000 comes in, $350 goes into owner's comp.
So you always know what you can pay yourself.
You know what you're really earning, OK?
The goal is to get that to 50%.
I'm not there yet.
I'm sticking at the 35% right now.
The operating expense is also at 35%.
The goal is to get that down to 30%.
Not there yet, but that's where that is.
The tax is set at 13% right now.
The goal is get it to 15%.
And then the profit is set at 7%.
And the goal is to increase that as well.
So what happens is as the money comes in, you just quickly,
OK, 35%, so 350 goes here, 30%, 300 goes here, 150,
the 15% goes here, 7%, the 70 goes here.
And what's really cool is that you're out of profit
from your first month in the business,
from the first income that comes in.
You're out of profit.
That is really miraculous for the psyche.
It's incredible for the psyche.
And you see your profit growing.
That's encouraging.
It makes you want to do more.
And then there's a system for that profit
that every three months, you have
to take at least 50% out of that profit
and spend it on something really meaningful.
And that might be investing, but it's the family vacation.
It's those outfits.
It's the travel.
It's whatever that was really important to you, right?
So that actually you're moving forward.
You can keep the other 50% in for a while
to have emergency money in there and all of that.
But that's the basic premise.
When I started using the Profit First system,
decision making became really easy.
And I swear, it felt like suddenly I always had money.
It was the craziest feeling.
When you have only one account, it feels like it's always empty.
But when it's split up this way, you're
not spending from all the accounts.
And it's really quite miraculous.
So Julie, I would say in terms of apps,
your bank app, QuickBooks, and using the Profit First system.
Does anybody else have anything they want to add to that?
Have any of you tried any of those things?
Let me know.
Julie, I just recently did QuickBooks.
I've had QuickBooks.
I've played with QuickBooks and not
been serious for quite a while.
And then finally this year, that was one of my things.
One of my things was to get all of my stuff
organized and get serious about it.
And so I did QuickBooks.
And I was like, where have I been?
I have been playing around with this stuff.
And everything I need was right there.
I put everything in there.
And then you can set up rules and stuff like that.
And you can have it just do everything.
And then it went and it told me everything
I needed to be paying per quarter with the money that I
also, what?
This is like, yeah.
And then I've actually have heard of Profit First.
Matter of fact, this is the funny part.
I actually think I have the book.
Lord have mercy.
Let me read it.
OK.
Yeah, yeah, yeah.
And with the QuickBooks, in the initial stages,
you're tagging every expense.
And then it recognizes that expense.
The automobile or this or that.
So pretty soon, you have tagged less and less.
And so for tax purposes, everything
is always done for knowing where your money is going.
You know exactly where it's going.
And so the combination of the Profit First,
that you're working your bank system that way,
and then having QuickBooks, you always know where everything
and what you always know, what you're earning.
And so this is another really powerful tool for you.
So I'm so glad to hear that, Natalie.
And I can't wait.
You're such an implementer.
I can't wait to see how you like the Profit First.
So OK.
Any questions on that?
Or I'm going to stop the recording on that phase.