As Mike shares in the Profit First book, you'll need your financial history to get you started. What does that mean? Your business Financial Reports (Balance Sheet, Income Statements, etc.) and Recent Income Tax Returns.

Please download the Profit First Live - Workbook_Checklist.pdf to have a nice list of your financial information to gather. You are looking for "How" you manage your money now? It's fine if you are downloading your bank activity into a spreadsheet. You do not have to be using an accounting software such as QuickBooks. You'll want your reports because you are calculating where you've money has gone in the past.

Tip: If you are using a software such as QuickBooks, ask your bookkeeper to pull the Balance Sheet and Income Statement (Profit & Loss) by Year with the Year to Year comparative report format. This format allows the software to calculate for you the change between the years. Most businesses are on a Calendar Year End basis.

Why am I gathering my tax return and old financial reports? You'll need them to determine your "Current Allocation Percents" or CAPs. It is your starting point so we may plan small quarterly changes to get you to the recommended Profit First Method Targeted Allocation Percents (TAPs).

You'll be using your financial history to calculate your CAPs and determine your TAPs as part of our implementation steps for Your Business. Download the Profit First Live - Workbook_R1 Instant Assessment TAPs. pdf. (This is one of the worksheets which Mike mentions in the book).

P.S. In case you haven't had the chance to get a copy of the book Profit First yet - please download my gift of the core chapters in this section of your training. This information will get you started. Enjoy! Denise

P.S.S. Don't worry if you find the Profit First Instant Assessment worksheet confusing! We'll address questions during our live session!