Why The GAAP Principle Will Destroy Your Business - Profit First Episode 1 скачать в хорошем качестве

Why The GAAP Principle Will Destroy Your Business - Profit First Episode 1

Welcome To Episode1 of our Profit First Series Watch Intro:    • Видео   Watch How It Transformed my business business from a cash-eating monster to a money making machine :    • How I Transformed My Business from a Cash-...   Episode 2 - How To Limit Your Operation Expenses (Parkinson's law) :    • How To Limit Your Operation Expenses - Par...   -- The GAAP actually directs us to spend first, then pay ourselves, and call the leftovers profit. How are you going to grow a successful business and accumulate wealth using that method? Generate more revenue, you say? Well, sure. Except that you're going to spend it. So you're right back where you started—working with the leftovers, if you have any. I propose a new type of accounting: Profit First Accounting (PFA). The difference between GAAP and PFA is simple: Deduct profit first, from the top down. On a PFA income statement, the first line item is revenue, followed by a profit deduction, then your salary, followed by cost of goods and all other expenses. Now, before you say, "But the end number is still the same," hear me out. When you change to using the PFA model, and your new profit-and-loss statement shows that you are losing money, you will focus on how to get back to black. But this time, the bottom line isn't your salary or your company's profit—it's the expenses. -- Get The Book Profit First by Mike Michalowicz here: https://amzn.to/2IJHok1 - MeetConstance is a book club for entrepreneurs who are looking to scale and grow their business to their next million. Sign up to the book club here: https://goo.gl/LzgJy5 My mission is to end entrepreneur poverty. Follow me along my journey to teach others how to manager their business from a finance and spiritual level. Subscribe to my Chanel today! --- Join the business owners book club here: https://goo.gl/LzgJy5 FOLLOW Constance Moonzwe On Social Media TWITTER: http://bit.ly/2IFLWGn INSTAGRAM: http://bit.ly/2tGIyWO FACEBOOK: http://bit.ly/2KrboVW Shop for entrepreneur books: http://bit.ly/2Krc51u Get 2 Free audible books courtesy of Constance: https://amzn.to/2tYpGlM