Profit Mastery is Something Every Business Owner Should Understand
by Kathy Day, APR
Kathy Day Public Relations

(This article was written by an attendee of the Profit Mastery class hosted by t
he Alaska Small Business Development Center.)

If you are a business owner, manager, banker or anyone who has a say in the finances of a business, small or large – you need to take this class. 80 percent of the people running businesses today do not understand the general principles of Profit Mastery. If they did, just think how many more successful businesses there would be – and the impact that would have on our economy. Read the rest of the article here.

HK Bookkeeping

"The folks at Honkamp Krueger (HK) are the real deal. As a Top 100 CPA firm, they are the eighth fastest-growing CPA firm in the nation. They are growing so rapidly because their client service is impeccable, insightful, and ingenious.

We at Profit Mastery have worked with HK for over 20 years, and the combination of Profit Mastery tools and HK resources produces great results every time. Give them a chance to show you what they can do; you'll be delighted!" — Steve LeFever, Chairman, Profit Mastery

Honkamp Krueger's bookkeeping services include:

  • Preparation of monthly financial statements

  • Bank reconciliations

  • Automated payroll and payroll tax processing

  • Sales tax preparation

  • Income tax consulting and preparation

Please call Honkamp Krueger at 888.556.0123 and ask for Kevin Schmitt.

"After attending a Profit Mastery for Pharmacy seminar and learning how important timely, accurate financial information is to making sound business decisions, I discovered Profit Mastery’s Bookkeeping Services through Honkamp Krueger. Within three months, I saw a huge difference.

My new bookkeeper pointed out things I had never considered. She helped me set up systems so I can evaluate each part of my pharmacy independently. And no matter what questions I have – and I have a lot of them – they’re answered quickly and in terms I can understand.

For the first time I feel as though I’m in control. I have the information I need, when I need it, in the format I need to proactively manage the performance of my business – and I’ve seen improvement from day one."

Janet, Kusler’s Compounding Pharmacy, Snohomish, WA

Employee Spotlight

Longevity - this is a word that describes Pamela Leadbetter, Profit Mastery's Office, Shipping, and A/R Manager. Pam has worked for Profit Mastery for nearly 20 years. She has been with her husband for 24 years, her mother is 80, and even her beloved dog Beauregard is 13 years old. (We all love it when Beau spends the day in the office.)

Pamela makes sure that our company runs efficiently and effectively.  She is the oil that keeps the machine running smoothly.

She is the sort of reliable, smart, organized, proactive person that every employer hopes to find...and usually doesn’t. Pam is the one who dots the I’s and crosses the T’s, and she DOES sweat the small stuff. We don't know where we'd be without her.

Profit Mastery University

Profit Mastery University (PMU) is a user-friendly and funny seminar that teaches you how to manage a company from its financial reports − delivering powerful, effective and sophisticated financial performance tools in a plain-English, laugh-out-loud streaming video format right to your computer, tablet or smartphone.

Often delivered in a classroom setting over two days, the entire Profit Mastery course is easily and conveniently viewed 24/7/365 in bite-sized segments online. Preview the streaming video series here.


Year-End Checklist

Get a head start on tax planning and take proactive steps before the end of the year and avoid the tax season rush.

Here's a checklist:

1. Call your bookkeeper, accountant, and/or CPA today and schedule a meeting by January 31.

2. Set a date that you expect your year-end numbers to be finalized. Communicate this date with them and get their commitment to achieve it.

3. Review with your investment advisor and/or retirement plan administrator plan funding for the current year retirement contribution.

4. Ask your CPA what issues need to be resolved to make this deadline. Most likely they will include:

  • Depreciation schedules (start getting capital purchases and sales to your CPA now so s/he can start updating your depreciation schedule)

  • Payroll Reconciliation

  • Compare current year-to-date expenses to prior year for any unusual/unexpected variations and investigate

  • Have your CPA come up with an initial tax liability estimate for the year by forecasting remaining revenues and profits

  • Work with your CPA to come up with a strategy to minimize your tax liability for the coming year

  • Review needs for working capital for the coming year, including anticipated capital expenditures

  • Review current financing and bank relationships, including line of credit and term loan balances and potential financing needs.

  • Is the existing accounting system adequate to meet management's information needs? If not, what's the plan to upgrade?

Assign a date and a person responsible for resolving each of these issues. Put these dates into your schedule and have weekly progress meetings. Establishing a written year-end closing procedures checklist for accounting staff and management personnel will help you to achieve your goals of a timely, accurate and cost efficient financial close for 2015 and all future years.

Profit Gap™ Free One Month Trial

See your Scorecard, Road Map, Break-Even
Analysis, and Financial Gap all come to life!

Profit Mastery’s Profit Gap financial reporting system is a tool that automatically and securely extracts your financial information from your US-based QuickBooks™ Desktop files to produce a custom report with your business numbers. Click on the above image to watch a short video about Profit Gap.

Profit Gap will provide you with a full report for the first month for free. If does not find what you are looking for, simply cancel with no liability to pay for anything. You have nothing to lose, and a lot to gain!

We're also expanding Profit Gap to QuickBooks™ Online users. We're looking for beta testers and we hope you're interested!  Contact us at if you'd like to become a Beta tester for Profit Gap's QuickBooks™ Online service.

Quote Corner

The Profit Mastery team is so proud of the feedback we get daily from business owners, franchisees, pharmacists, CPAs, and students. Here is a sample of some of the amazing testimonials we have recently received: 

“Profit Mastery: get it and learn it. It is the difference in being bankrupt or being successful.” — Brad, ServiceMaster, Shawnee, OK

"Excellent presenter and presentation, great speaker, great content! I feel like I found the Holy Grail!" — Erica, Sioux Falls, SD

"The most valuable part of Profit Mastery was everything that happened after showing up." — Pharmacy program attendee

"The tools from this seminar will be part of our standard procedures from this day forward. We want to continue to be successful!" — Cheryl, Florcraft Carpet One Floor & Home, Fairbanks, AK

"I've looked at numbers and ratios for 20 years. Profit Mastery brought great insight on how they can be used in everyday situations to better our chances of success. This was the best seminar I have attended ever." — Jay, Welch State Bank, Welch, OK

Like Profit Mastery on Facebook and
follow us on Twitter to receive updates and financial tips!

Profit Mastery   200 First Avenue West   Suite 301   Seattle, WA   98119
Toll-Free  800-488-3520      E-mail     Web

© 2015 Business Resource Services