How Profit First Saved Me From Identity Theft
Recently I discovered a hidden benefit to a common push-back I hear regarding Profit First. What is the push-back?
"Do I HAVE to open all of those bank accounts? Can't I just do it on a spreadsheet?"
Now before I share the hidden benefit, let me answer this question...
Remember, money is about our behavior. Your company's finances are already on spreadsheets. If you're like most business owners, you're probably ignoring those. How will another spreadsheet be any different?
Using the accounts allows you to see where your business stands from your smartphone. And, let's be honest, you're likely check your bank account daily anyway (or maybe even multiple times a day).
So what is that hidden benefit I alluded to?
Well, last Friday I logged into my PayPal account to discover negative balance. It was -$8,955.52 to be exact.
You guessed it; I had been hacked.
Now, my PayPal account is only connected to my income account at my bank. So, when a purchase was attempted, it tried to pull funds from that bank account.
Luckily, thanks to Profit First, all of my money isn't in one single account. In fact, very little was in that account since I had just done an allocation. So instead of cleaning me out, it just took what was in that one account.
Now, I'm not on the hook for anything. PayPal refunded all lost money and will deal with the perp on their own terms. But it took over a week and multiple phone calls to make it happen, and that is actually really fast. Normally this process can take weeks or months, often times requiring attorneys.
Can you imagine being short almost $10k for the month? Or if all of my money was in one account and they were able to clean out everything? Could your business make it?
For me, business will continued as usual while PayPal sorted out the mess.
If you're ready to set up your accounts, I can help. Click here to book a free call.