Profit First Basics for eCommerce Sellers...How to Do It!!

In this video, Jimmy goes through a popular method of bookkeeping in business called Profit First! In the video he discusses the pros and cons, Parkinson’s Law, the allocations and bank accounts you should set up, as well as who you should talk to so you can do this properly.

Again a disclaimer, please talk to your accountant and bookkeeper to make sure this is done properly in your business. Jimmy is not a licensed professional and this video includes his anecdotal thoughts around Profit First for eCommerce Sellers.

Let him know any questions you have in the comments!

Links Mentioned:

eCommerce Accountant:

500+ Success Stories:

Side Hustle to Full Time Income Book:

Jimmy’s Amazon Selling Course:

Free Amazon Facebook Group:

Disclaimer:
While all of these success stories/testimonials are from real people and we get more each and every day, please understand however that the results posted are not typical. I'm not implying you’ll duplicate them or that you’ll get any results at all! Your results will vary greatly and will depend on many factors including your experience, work ethic and other factors as well. The fact is, the average person who buys any business course or training gets little to no results. The results I share here and in other places are for reference only. Business always involves risk and your best chance of success is to take consistent, intentional action. We can equip and inspire you, but no one, including me can guarantee your results!

[AskJimmySmith]

Profit First can be a huge help to your business especially if you're having cash flow issues!

Please let me know your thoughts in the comments and like, share, and subscribe to the channel!

[AndrewLanciani]

Great stuff, Jimmy. I bought the Profit First for Ecommerce book and was still struggling with some fundamentals until you explained it perfectly. Thanks!

[melaniebillingsley]

I’m frustrated, I can’t plan replens with these holds… thank you for these videos!!

[rachelpandya]

Exactly what I was looking for Jimmy. Thank you as always for these very useful videos.

[lkim]

Great explanation. What would you say is the best way to approach paying off CC debt especially at the beginning? prioritizing paying off the CC's or profit first allocations or a mixture of both? If a mixture of both, what should be the priority - paying off debt or allocations?

[Chofo]

Hey Jimmy thanks a lot for the explanation. I'm just starting my Amazon journey. Currently reading Profit First to start with the right foot. This video was really helpful to understand the method with an Aamzon focus :)

Just wondering, what are these HOLDS that you're talking about? Amazon not paying you your earnings? Why would they do that? Is this a common thing. Scary

Thannks again!

[richarddenatale]

I realize this video is over a year old, but I hope you get this message. I have finally gotten all of my information into Quickbooks using the information in the PAC about Accounting. In that series, your Mother talks about A2X and how helpful it is for getting the numbers correct. I have taken that step as well. I am having a bit of trouble with the example in this video and where I need to pull these numbers from the P & L from Quickbooks. Would it be possible for you two to get together and do another video with specific line items from the P & L that represent what you are discussing in this video?

Thank you in advance.

[toshastein]

Thank you so much for this 🙏 I know that you probably outsource your bookkeeping at this point but I haven't even started yet and know I will not be able to right off the bat. I also know that I cannot wrap my head around it for the life of me (I have tried for years). Do you happen to know of any videos or resources that would very simply (like explain it to a 5 year old simple) say what to track each month and which reports to pull until I am able to get a bookkeeper? I can't find anything that shows just very basic bare-minimum bookkeeping in a straightforward way without someone trying to sell something or push an affiliate link. As always thanks for the help!

[travis_george]

How do you know what the COGs of your payout is? I have had a hard time deciphering this in the reports. Like what are the sold items that directly relate to the payout.

[byronbutler]

Can I get Chris Loveless (the bookkeeper) information please?

[misa.hdez]

Hi Jimmy, would it be wrong to use inventory lab profit and loss numbers for the past month to do profit first?