I often get asked by clients, and people on Social Media if you can use Xero with Profit First – if both of those go together ok, or if implementing Profit First, means that they have to ditch Xero.
Profit First is a cash management system (which helps you make lot more profit and take home a lot more money).
Xero is bookkeeping software used to track the in’s and out’s of your business money.
Profit First is not used for bookkeeping, it’s used for cash management.
Xero is not used for cash management, it’s used for historical bookkeeping and reporting.
So you see – using one does not hinder the other at all. They are used for different purposes in the financial management of a financially healthy business.
All that means is that YES you can use Xero with Profit First (in fact that is absolutely the combo I recommend) – one does not hinder the other – in fact – they are both necessary (in my opinion) for a financially healthy company.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!
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