Profit First is a cash management system created by New York Times bestselling author and small business expert Mike Michalowicz.
Profit First teaches business owners to take a portion of every sale as profit first, rather than following the traditional method of accounting for profits only after expenses are deducted. To get started with the Profit First method, business owners can quickly and painlessly budget for profit, taxes, owner’s compensation, and operating expenses with preset suggested allocations all in one NorthOne Account. NorthOne’s Profit First Envelope* template simplifies this process and helps business owners take control of their finances right away.
To get started in the app:
Log in to your NorthOne Account on the mobile app.
Click Envelopes at the bottom right.
Click Create an Envelope.
Click Profit First Envelopes.
Click Set up Profit First Envelopes.
For more info on how to set up and edit your Envelopes, click here.
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NorthOne is a financial technology company, and not a bank. Banking services are provided by The Bancorp Bank; N.A., Member FDIC.
*NorthOne Envelopes let you designate a portion of your balance for certain purposes, and you can view them on the mobile app or website to help you stay organized. For more information. See our Deposit Account Agreement.