Management Reporting and Forecasting – the Ultimate Guide
Management Reporting and Forecasting – the Ultimate Guide
In a world where the balance between profitability and personal well-being is increasingly sought after, Australian businesses are turning towards innovative financial strategies to redefine success. Among these, the “Profit First” methodology stands out as a method that is simple and effective. This approach offers a fresh perspective on managing finances that aligns with the aspirations of diverse businesses across Australia. From bustling city startups to serene rural enterprises, Profit First is becoming the go-to strategy for those aiming to place profitability at the forefront of their operations.
“Profitability will not come from managing hygiene factors alone: Future profitability depends on health as well—and firms’ methods of measuring, reporting, and managing need to reflect both.” – David H. Maister, Former Harvard Business School Professor, American Writer and Expert on Business Management Practices and the Management of Professional Service Firms
The fundamental principle of Profit First, pioneered by Mike Michalowicz, is a paradigm shift in traditional accounting. Instead of the usual Sales minus Expenses equals Profit formula, it proposes Sales minus Profit equals Expenses. This change encourages businesses to prioritise profit, ensuring that a portion of every income is reserved for profit before expenses are considered.
Australian businesses, regardless of their size or sector, can benefit from this method. The Profit First model is particularly crucial in an economic landscape where cash flow challenges are common. It instils a discipline in financial management that can lead to sustainable growth and stability.
While the Profit First book is written by an American author, and references the structure of business in America. The framework is what is important. And that framework can be applied to anywhere in the world. Including Australia. As evidenced by the thousands and thousands of book sales and implementers across the country.
Craig, is a new age CFO, and takes a very different approach to making sense of your numbers. And is one of only 9 Mastery level Profit First Professionals in Australia leveraging business owners' human behavior and unique money code to unlock the limiting beliefs many face around money.
Get insights on improving your business in 30 minutes.
Get insights on improving your business in 30 minutes.
Get insights on improving your business in 30 minutes.
Explore insights from The Profit First Prophet community. From advisor roundtables to practical blog articles, we share real conversations and strategies on Profit First, cashflow forecasting, allocations, and sustainable profit.
Here are some of the things we get asked most. If you can’t find what you’re looking for, shoot us a message at help@theprofitfirstprophet.com—we’re happy to help.
we’re independent. But we’re built by certified Profit First Master Craig Minter, who saw the need for a specific Profit First cash flow forecasting software—because none existed.
The software was built with active Profit First users in mind, but newbies are welcome. You’ll get a quick start guide, a resource centre, and the option for a kick-off call with a Profit First Professional.
Nope—we’re independent. But we’re built by certified Profit First Master Craig Minter, who saw the need for a specific Profit First cash flow forecasting software—because none existed.
we’re here to forecast and give financial peace of mind, not do record keeping. You’ll still use your accounting software, but The Profit First Prophet gives you a clear view of what’s ahead.
It’s pretty easy. We guide you step-by-step, and most users are up and running in 30–60 minutes. Plus, you get a complimentary kick-off call with a Profit First Professional to help with any questions.
Absolutely. Every business starts with a free trial—no credit card, no catch. Just jump in and see how it works for you.
You’re covered. There’s a quick start guide, step-by-step tutorials, a full resource centre, and a complimentary kick-off call with a Profit First Professional to get you going.
