The Fuel Accounting blog page
Should the business pay the owner’s tax?
Duh, what do you think? Of course it should…Paying taxes from the business aligns with Profit First’s objective of sustainable, consistent cash flow. The business can operate smoothly while ensuring owners are covered.
The Power of Cognitive Flexibility: A Lesson from Tim Cook and Steve Jobs
In a world where staying adaptable is key to success, Tim Cook, CEO of Apple, has shared a leadership lesson that profoundly shaped him. He credited one specific skill learned from Steve Jobs as particularly transformative: the ability to change one’s mind when presented with new evidence. As Cook recalls, “He could change like this. I, initially, was sort of taken aback by that. And then I became so enamored with it.”
Do You “AI” Yet?
In the world of small business, time is money, and any tool that can save you both is worth its weight in gold. Enter AI automation—a technology that’s no longer reserved for big corporations with deep pockets. Today, AI tools are accessible and affordable for small businesses, and they can significantly streamline your operations.
Xero vs QuickBooks Online (QBO): Which is Better for Your Business?
When it comes to choosing accounting software for your business, Xero and QuickBooks Online (QBO) are two of the most popular options. Both offer robust features, cloud-based accessibility, and are designed to simplify your financial management.
How often should I make Profit First allocations?
Great question! Profit First allocations using our Profit First Cash Management System (PFCMS) are typically made twice a month, on the 10th and 25th. This schedule helps ensure that you have a regular rhythm of cash flow management without overwhelming your bookkeeping process.
What are you afraid of?
Facing the Uncomfortable Truth: Why Leaders Must Address People Problems Head-On
A friend of mine, Dave Jennings, recently created a post on LinkedIn that got me thinking. He said, ”Every leader I’ve worked with would rather avoid dealing with people’s problems. But the effective ones do it anyway.”
How do you know if you’re lying to yourself?
Are you being completely honest with yourself about how well your business is performing? It’s easy to get caught up in the day-to-day grind and lose sight of the bigger picture. But if you’re not tracking the right metrics, you could be missing crucial insights that determine your business’s success.
What if I run out of money in my OPEX Account?
Are you running out of money before you run out of money in your Operating Expense (OPEX) account? If this is not a one-off thing, you need to make some sort of adjustment so your Profit First Cash Management System (PFCMS) is functioning properly.
AI Marketing Tools: A Game-Changer for Small Businesses
In the fast-paced world of digital marketing, staying ahead of the competition can be a challenge, especially for small businesses with limited resources. That’s where AI-powered marketing tools come in. These tools are revolutionizing how small businesses approach marketing, making it easier, faster, and more cost-effective to reach the right audience and achieve better results.
Is Your Business a Gambling Machine?
I remember one time we were traveling through Las Vegas. When we checked in, the hotel we were staying at gave us each a roll of coins for the slot machines. I’ve never been much interested in gambling so I just fed my coins into the slot machine, and soon they were gone.
