As bookskeep prepares to celebrate its 5th birthday, looking back I am in awe at the incredible growth we have experienced, both as a company and individually. Sharing our knowledge and expertise in ecommerce bookkeeping and Profit First coaching, my team and I continue to help other entrepreneurs and online sellers become truly successful, and it has been one of the great joys of my life.
While we have worked very hard to get bookskeep to this point, we are well-aware that none of this would be possible without our amazing clients, many of whom have been with us from the very beginning. One such client is Allen Walton, founder and president of Spy Guy Electronics. We reached out to Allen and asked if he’d be willing to talk with us about his experience working with bookskeep and implementing the Profit First cash flow methodology in his business. He was happy to share, and here’s what he had to say.
How has your business changed since working with bookskeep?
Allen: There are lots of things in my business that have changed! I have a clearer understanding of where the money is going, and profit and tax payments are now automatically socked away. There are zero surprises!
I also set up another account to funnel a percentage of money for new investments in the company, like products or website upgrades. It’s really nice not having to worry about making ends meet.
What are a few things about bookskeep’s service that stand out to you?
Allen: Bookskeep actually cares about how my business is doing. Dave has actually emailed me a couple of times to sound the alarm whenever I’m doing something super questionable, which I absolutely appreciate. On top of that, their communication and level of detail is probably the best of any service provider my company uses.
What would you say to someone considering working with bookskeep?
Allen: I’d say go for it and enjoy having your finances managed by the pros. I’ve referred a lot of friends to bookskeep and have heard nothing but good things back from them.
Is there a benefit to working with a company that specializes in ecommerce business?
Allen: Oh yeah, without a doubt. Bookskeep is aware of how cash flow works in ecommerce and inventory-based businesses, and I hear from other ecommerce store owners that most of these online bookkeepers can’t do that very well. Bookskeep also has some great baselines to compare your numbers to that allow them to give you good insight on how things are going.
What is one major difference you’ve noticed in your business since working with bookskeep?
Allen: Finances no longer seem like some big area of anxiety that I’d avoid looking at until I absolutely had to. After bookskeep set things up and guided me through what I’ll call ‘entrepreneurial accounting,’ I can look at everything and (usually) know exactly what’s going on and feel comfortable. That lack of stress is incredible.
Cyndi mentioned that she and Dave worked closely with you on your advertising spend. Was that process beneficial to you? How did it help?
Allen: Yeah! We spent a lot of money on Google Ads and I guess I had never really realized how big our budget was getting relative to what we were taking in. I have a lot of responsibilities over here and Dave chimed up to point out some things I could improve. He gave me some really detailed information that I honestly never would have expected anyone doing on their own time. It really meant a lot to me to see his attention to my finances.
How did Profit First change the way you think about how to manage your cash flow?
Allen: Oh, I couldn’t even imagine going back to the way it was—a single bank account and eyeballing everything to see if we could make ends meet, while totally neglecting that my business should actually be making me money. Profit First flipped that on its head and now the cash flow works for me.
How has Profit First changed your thought process about dispersing profit? What are some of your favorite ways to spend your profit distribution?
Allen: As Mike (Michalowicz) says, businesses exist to make profit, not to suck the life and cash out of entrepreneurs. I just bought (okay, made a large down payment on) a house with the profits we’ve been able to post at Spy Guy. I never thought I’d want to buy a home either, but when it came time to make the decision, the cash was there, thanks to Profit First.
Why do you think the Profit First method is the way to go when setting up a business?
Allen: Profit First keeps your finances under control while you start the business and scale. You’ll be able to budget effectively, watch your cash flow, and percentages can be tweaked as you go along. It helps you know exactly where your money is going.
My sincere thanks to Allen for sharing his experiences working with our team, and for continuing to be one of our valued clients. Like Allen said, bookskeep and Profit First can take some stress off your shoulders! If you’re wondering if bookskeep is the right choice for you and your business, we hope you’ll connect with us and explore the opportunity to get your business in order and begin taking your Profit First!