How long does it take to see results from the system?

Most contractors see meaningful improvement in cash visibility within the first month — you'll suddenly know exactly how much is profit, how much is operating, and how much is owed in taxes. The discipline payoff (regular quarterly distributions, reduced surprise tax bills, stable owner pay) shows up in months 3–6 as the percentages get calibrated to your actual business.

Does this work with QuickBooks?

Yes. The 5 bank accounts are real accounts that show up in QuickBooks like any other accounts. The allocation percentages and rhythm are managed outside QuickBooks (in the workbook) and the transfers between accounts are recorded as cash transfers, not income or expense events. Your CPA's books are unchanged.

What if I'm a sole proprietor — do I still need 5 accounts?

Yes, with one adjustment. Sole proprietors don't have a W-2 salary, so the Owner's Pay account is funding regular draws rather than payroll. The 5-account structure still applies and the discipline works the same way. The Tax allocation matters even more because sole proprietors get hit with self-employment tax in addition to income tax.

Can I use this system if I'm behind on taxes?

Yes, and you probably should. Starting fresh with a properly funded Tax account interrupts the cycle of being constantly behind. Talk to your CPA about a payment plan for back taxes and run the new system at full Tax allocation from day one — the back taxes get paid out of profit distributions, not out of operating cash.

What's the difference between Profit First and traditional contractor accounting?

Traditional accounting reports profit at month-end after expenses have been paid. The 5-account system reserves profit before expenses are paid, by physically moving money to a separate account. Both systems produce the same P&L; the cash-management system changes whether profit actually accumulates in the bank instead of being absorbed by operating expenses.

Profit-First Implementation Workbook for Contractors

$47.00

Profit-First Implementation Workbook for Contractors

$47.00

You read the book. You loved it. You still haven't actually opened the 5 accounts, set the percentages, or had the conversation with your CPA. This workbook is the missing implementation layer — the worksheets, the bank setup checklist, the weekly rhythm, the quarterly distribution log, and the letter you send your CPA to bring them on board.

What's inside

Allocation Worksheet — enter your revenue, get starting percentages by company-size bracket (solo / 2–5 trucks / 6–15+)
5-Account Setup Checklist — exact account names, fee flags, naming conventions, bank flexibility tips
Weekly Cash Rhythm (10/25) — biweekly transfer log, amount calculator, balance trend
Monthly Expense Audit — categorize expenses, flag candidates for cutting (most find $300–$1,500/month of waste)
Quarterly Profit Distribution — log distributions (50/50 distribution / reserve split)
Owner's Pay vs Distribution — keep these separate; workbook enforces it
Markup vs Margin reference — bonus tab so you stop conflating the two
"Talk to Your CPA" letter template (Word) — the conversation most contractors avoid
5-Account Setup Reference Card (PDF) — printable card for the office wall

Who this is for

Trade contractors who've read Profit First or Profit First for Contractors but haven't fully implemented
Owners running 1–15 trucks who want disciplined cash allocation but can't justify $3K+ to hire a Profit First-certified CPA
Anyone who's tired of "the business is profitable on paper but my bank account doesn't reflect it"

Read the book first

This workbook is far more useful with the concepts of Profit First in your head. If you haven't read at least one of the books, pause and read first — the books are under $30 and this workbook saves weeks of figuring out implementation on your own.

Format and delivery

Excel (.xlsx) — works in Excel, Google Sheets, LibreOffice Calc
Word (.docx) for the CPA letter template
PDF for the setup reference card and disclaimers
Instant download. One-time payment, no subscription.
Satisfaction guaranteed.

Important — please read

This workbook is an independently produced implementation companion. LaunchLocal is NOT affiliated with, endorsed by, or sponsored by Mike Michalowicz, Shawn Van Dyke, Obsidian Launch, Profit First Professionals (PFP), or any related organization. Profit First® is a registered trademark of its rights-holder, used descriptively only.

This workbook is a reference tool, NOT financial advice, NOT tax advice, NOT accounting advice, NOT investment advice. Always consult a licensed Certified Public Accountant (CPA) or Enrolled Agent (EA) before changes to your business banking, owner's pay, or distributions. Tax obligations vary by entity structure and state.

Full disclaimers in the workbook "Disclaimers" tab and the included PDF.

  Disclaimer · Financial framework
  This workbook implements a cash-allocation framework. It is not tax, accounting, or financial advice. Allocation percentages, owner-pay calculations, and tax-set-aside amounts vary by entity structure, state, and business stage. Consult a CPA or controller before relying on the workbook output for tax filings, owner distributions, or compensation. Trademark notice: Profit First and related terms are trademarks of their respective rights-holders, referenced here in a descriptive context only. Full LaunchLocal disclaimer.

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