In May 2021 we began offering CFO advisory services, focusing on profit first, as we found there was a huge need for guidance to make better money decisions for business owners rather than only doing data entry and just producing financial statements.
The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses= Profit. It is simple, logical and clear. Unfortunately, it’s a lie.
The profit first model is Income – Profit = Expenses.
This allows businesses to save up for the unexpected, cut out unnecessary costs as well as cut taxes through tax strategy and save for taxes so the business pays the owners taxes, and make sure the owners get paid regularly and have quarterly distributions.
At Eclipse Accounting you are not just another number. As a certified Profit First Professional, the mission of Eclipse Accounting is to passionately build and service dreams by letting clients do what they are good at while we handle this side of their business.
Learn how to be a profit first business.