Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

1 percent allocation for the PROFIT account (Why 1 percent? You’ll find out in the next chapter), 50 percent for OWNER’S COMP, and 15 percent for the TAX account. Use quarterly adjustments to step up to higher percentages and nudge your business closer to the TAPs recommended in this book.

After setting up this new checking account at your bank, nickname the account PROFIT, and from this moment forward from any deposit you put into your normal checking account, transfer 1 percent of that deposit into your PROFIT account. Then proceed with your business and processes and money management as you have in the past. Just add to the PROFIT