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@ScottCleansIt

2 жыл бұрын

Yep

@darrellgreen4954

Жыл бұрын

​@@ScottCleansIt what's a cpn

This helps folks who aent professional and dont have self control

Thanks for sharing your experience and educating me.

@ScottCleansIt

Жыл бұрын

Welcome

One main account with a business savings for tax payments. I'm a solo guy so this works.

@ScottCleansIt

2 жыл бұрын

Different opinions, different approach

“The paycheck is the buffet and the accounts are the people eating. Some people eat more than others.” -Scott Awesome brother! God be with you and the family always!

@ScottCleansIt

2 жыл бұрын

Yep

this just helped out so much bro... thank you....

@ScottCleansIt

Жыл бұрын

It does

I recommend you take some classes on tax preparation. Cpa will lose you money more often tha not. 20plus years doing them myself.

Hi Scott. I’ve been using Profit First in my business for two years now and I love it! It takes a few months to dial in the percentages but so worth it. Funny thing is I look forward to tax time because what’s left in that account after taxes are paid is bonus too! I can’t imagine running my business banking any other way. Great video! I guarantee you just helped a lot of business owners out with this one!

extremeley useful even for my other business

@ScottCleansIt

Жыл бұрын

Thanks

Be nice if you could just make separate sections for all this in one account no? Also It would be easiest to do them all from same bank that way you can move money around from one website.

I read profit first a couple months ago I was planning on using it this spring. Happy to know other businesses in my industry follow it as well. Great video!

@ScottCleansIt

Жыл бұрын

Yessir

Just hit the 1st year in business a couple months back. Everything was being handled from 1 account. That was until I realized how much more business I had to handle and that everything was becoming ridiculously overwhelming. I just made the transition and will be applying the same concepts to my business. Thanks for posting. BIG HELP

profit first method worked really well for me...i implemented it from the jump...

This is gold, brother! All the stuff you need to know but didn’t what to ask. I’m wanting to start a side business and this puts me way ahead.

I love your channel! I am a recently retired Sgt from a local police department. I’m looking to move on and try something else in life. I started researching ideas and had an interest in power washing. I found your channel, and have been binge watching ever since. You do an awesome job with your videos. Thank you for all your effort and thank you for your service as a fellow law enforcement officer. Brothers for life!

@ScottCleansIt

2 жыл бұрын

Thanks go get it man

@FiresideCoffee

2 жыл бұрын

Thanks! As I’m watching more of your videos, I’m thinking it may be too physical for me considering I’m in my 50’s and have arthritis?

@ScottCleansIt

2 жыл бұрын

@@FiresideCoffee it has its days

@ktpowerwashing

2 жыл бұрын

@@FiresideCoffee You can still create wealth in this industry by not being as much "hands on". If you are able to hire a part timer to do the manual labor while you continue to get business coming in the door. There are a number of guys like that in the industry. As long as you find a reliable worker.

Thanks for info man just started LLC yesterday and looking forward to building it God willing thanks for info

Profit First is a great book to read!

¡¡ Beautiful !!

Mmm I like you boy mmm

This is an awesome video! I am actually going to the bank right now. I learned about doing different accounts last night on a different video then found this today. This helps me with my pressure washing business. Thank you for the content!

Thank you Scott nice video. This week I star listening audiobook “profit first”

Thank you so much I understand now 👍🏼

Thanks for sharing, I like the 5 Bank accounts break down

Scott this video was very clear, very informative and straight to the point. Thanks. I just found your channel a couple days ago. Gonna comb through it. I'm going into business with a brother in Christ and close friend here in San Antonio. Your videos are helping teach us the odds and ends that we may have not thought about.

Good setup and very adjustable.

I might have to try this for my business. Thanks for the great information.

been using it for 6 years now it will save your ass keep up the good work

I appreciate the info, very informative. I never knew this accounting existed. I will definitely implement this.

Great tips! Thank you!

@ScottCleansIt

2 жыл бұрын

Anytime

I say what's up on every video I watch, wish I could get the same love lol

@ScottCleansIt

Жыл бұрын

Suppppp

@BTKSPENCE

Жыл бұрын

@@ScottCleansIt Amazon and fedex trucks rolling in couple times a day bringing me all my equipment to Take OVER Henderson and Las Vegas, Should be cleaning a week from today. STOKED, BLESSED, Took this last UNION lay off as a opportunity to.... NOT go back !!! Time to call my own shots and make my own way..

Extremely helpful, brother! Thank you! I never would've imagined to do something like this.....

Scott! I appreciate your videos they are down to earth and filled with gems. Keep up the great work. I am pondering getting into the pressure wash industry and am enjoying watching your growth from previous to this video.👍🏾🤓

@ScottCleansIt

2 жыл бұрын

Thank you

Thank you Scott! You rock!

@ScottCleansIt

2 жыл бұрын

Thanks

I have thought for years that the old business model of revenue minus expenses equals profit was flawed. After seeing this video, I bought the book and the Profit First process makes total sense to me. I started my business in June, set up my bank accounts, and have followed the plan from day one. The system works. I have watched your journey and I have cheered for you as the underdog. Your video on this subject may be the single most important video I’ve watched. Scott, thank you.

@ScottCleansIt

2 жыл бұрын

Boom

My fiancé and I will definitely be implementing this to our company..Thank you for the video 🙏🏼

@ScottCleansIt

2 жыл бұрын

Yes ma’am if y’all need anything else just message on instagram

Awesome info cheers Scott

Keep up the good work man I enjoy watching your videos this is Curtis Reichert Southern pressure washer I enjoy watching your videos Man I have learned a lot and I'm going to keep on watching you

Scott!!! Hands down, awesome info!!! Loved the breakdown, gonna read that book….and rewatch the vid! 😂

In Washington state we have a business and operating tax as well as federal tax they are at the table as well

I just want to say thank you, my good brother. I started reading that book the other day

@ScottCleansIt

2 жыл бұрын

Nice

Love it, that's great info!

@ScottCleansIt

2 жыл бұрын

Yessir

Here we go I needed this videos

@ScottCleansIt

2 жыл бұрын

Cool

15% just for feds nothing for state? or is that both bro?

Do you open all 5 accounts in one bank? Are they savings account, checking accounts?

Well done Scott

Yo this was awesome and easy to understand, I am not a numbers guy but this makes sense for sure. Thanks again!

@ScottCleansIt

2 жыл бұрын

Yep

So 15% for the government is assuming you didn't make any profit because 15% of any income even with zero profit goes to pay social security

@spokeman

2 жыл бұрын

And as far as the separate accounts I don't think it refers to physical Banks but if you have QuickBooks you set it up in there in separate account just for accounting purposes. I could be wrong but that's the way I've always done it

When following this system, did you have an accountant?

@ScottCleansIt

Жыл бұрын

I do but yiu can do it

Wish I would of asked during the live yesterday.. how long did any of yall who own a business actually start out without doing a LLC?

@ScottCleansIt

2 жыл бұрын

Onenyear

@johnwiechel

2 жыл бұрын

@@ScottCleansIt ever any issues with people asking for insurance?

@ScottCleansIt

2 жыл бұрын

@@johnwiechel not yet

This is very helpful please continue to do the videos, I'll be starting a business soon and this is helping me tremendously thank you

@ScottCleansIt

Жыл бұрын

Awesome

Awesome Video. Thanks for the shoutout! Just saved me the trouble of making a video on it! Glad it's working out for you brother!

@ScottCleansIt

2 жыл бұрын

Make one anyways loo

Great info

Yooo good stuff. Look up Prince Donnell's KZread as well. Has a 5 bank accounts video from his finance business from about 7 months ago that goes over in pretty good detail. Smarter guy then me haha

Stupid question which account is for personal bills? Owners pay?

@ScottCleansIt

2 жыл бұрын

Yep

Great video! Not many people are willing to lay out the details!

@ScottCleansIt

2 жыл бұрын

Crayons lol. It’s how us knuckle draggers understand

I currently have three accounts.. Personal Business Saving

Do you recommend using these percentages for a beginner?

Thank you Mr. Scott Cleans It! I needed to see this to understand the principles! David Cobb

@ScottCleansIt

2 жыл бұрын

Yea man

I see this was two months ago,could you go over this again, and put in more information on bank accounts set up do you keep up with accounts on what computer program Quick books or what and how do you move money around and how often do you move money around? I'm just not clear on banking accounts.

@ScottCleansIt

2 жыл бұрын

Look up Profit First. It’s simple

So do you have 5 different checking accounts with the same bank? Wouldn’t that be monthly fees taken from each account and also having to have 5 different debit cards?

@ScottCleansIt

Жыл бұрын

Don't have to have the debit cards but yes they charge fees

@MannyAguilarJr

Жыл бұрын

Savings account- Tax , profit, owners pay, maybe income Checkings account - operating expenses and maybe income Haven't gotten a definitive answer which type income should be. Since the savings accounts are hardly moved (2 times a month) it allows for those accounts to earn interest.

So say you get paid 1k for a job. You put 15% in your tax account and pay your self 45% ($450). Do you also set aside a percentage of what you pay yourself for self employment tax? Or does the 15 percent you originally put away cover that? Thanks in advance.

@ScottCleansIt

Жыл бұрын

It covers

Good video Scott, I laugh at times when a customer pays me and says you make a lot of money. I just say yeah after all my expenses taxes fuel oil materials and supplies. It doesn't leave as much as you would think.

@ScottCleansIt

2 жыл бұрын

Nope

Good info

Hey Scott, great video, you explained the system very simply. I'm jus wondering if you had any trouble with the bank setting up the 5 different accounts. I have read Profit first and it seems like a great system. I will be going to the bank at the end of this month. I'm just starting out, this will be my first year.

@ScottCleansIt

2 жыл бұрын

No just have to explain it to them

@ronjclm8590

2 жыл бұрын

@@ScottCleansIt And you'd have to explain it to them because it's a ...bad idea and a child like system for a kid with no self control, to set aside part of his allowance to save for a new bicycle. One should have a business checking account and a personal checking account and QuickBooks. When starting out. You should pay yourself the smallest salary that you can live on. You write yourself a paycheck and withhold the payroll taxes. Subtract the taxes from your balance as you write the check and pay the Federal tax online . QuickBooks HAS a PAYROLL program. It will figure all the taxes for you. My advice is missing several parts...I don't use an accountant, but I research the things that pertaiin to my business.

Should all these accounts be opened as business accounts ?

@ScottCleansIt

9 ай бұрын

I did

@SouthernSprayz

9 ай бұрын

Thank you man I appreciate your advice greatly !

What up

@ScottCleansIt

Жыл бұрын

Yo

Appreciate the info about the book Scott.. I looked online to purchase it, and there are several. Can you tell me which author? Thanks again..

@ScottCleansIt

2 жыл бұрын

Mike mickalowitz

I have quite a few questions as I am trying to get my bank accounts and money more organized. If you have the time to answer them that would be awesome and I appreciate it. 1.) Do you pay your truck payment with your expense money or with the money you pay yourself? I also use my truck for work and personal use and not sure how I want to pay for it. 2.) Do you have bank accounts all at one branch/ online bank or are some separated? I use bluevine and have 1 checking account and 4 sub accounts. Considering getting a couple more checking accounts. Thanks for all the tremendous help you have given me. Means more than you know. Hope things are getting better with you.

@ScottCleansIt

Жыл бұрын

Yes the truck payment, insirance, tag, maintenance and all is out of expense I have them all at one bano

@austinprescott4039

Жыл бұрын

@@ScottCleansIt Awesome that’s what I want to do as well. Thanks for the help.

Do you not use any accounting software like quickbooks, etc?

@ScottCleansIt

Жыл бұрын

Yea but just for invoices

So I just started my business and right off the bat opened the bank account with 5 accounts in it. Just did my first job and they paid by cc. Off course square had to take there percent from it. So when you divide it up between the accounts do you go off the original amount or the actual amount that got deposited after the fees

@ScottCleansIt

2 жыл бұрын

What you actually get.

@Mattoxwashes

2 жыл бұрын

@@ScottCleansIt what you actually get but is that before the bank or what goes in the bank

@ScottCleansIt

2 жыл бұрын

@@Mattoxwashes I'm confused. Whatever you actually get paid is what goes to the accounts. You can't pay bills with what you don't have

Thanks Scott! What's the best way to get new customers if I'm just starting out with window and gutter cleaning? Ft Lauderdale, FL!

@ScottCleansIt

Жыл бұрын

I have a video

@johnnylloyd4487

Жыл бұрын

@@ScottCleansIt Ok. I'll hunt it down

Hi Scott , that was eye opening great video Thank you 🙏. I have a question I want to know when I open those 5 accounts in my bank are they going to be all savings accounts or checking accounts. Because I’m wondering I have to have a debit card to pay for expenses right ? And there is a charge on each account because you have to have a minimum ? Let me know how you do it. Thank you bro

@ScottCleansIt

2 жыл бұрын

Mine are checking but I only have checks and debit for expense account

On iTunes there’s two different versions of that profit first one is by colt forte and the other is by mike michaloeicz. Which one is the one you’re talking about?

@ScottCleansIt

2 жыл бұрын

Mike michalowitz

@daviderber4172

2 жыл бұрын

@@ScottCleansIt thanks buddy. Happy Washing!!

Are these just regular checking accounts? Or do you need to open a business account?

@ScottCleansIt

Жыл бұрын

Don't think it matters

@MannyAguilarJr

Жыл бұрын

Savings account- Tax , profit, owners pay, maybe income Checkings account - operating expenses and maybe income Haven't gotten a definitive answer which type income should be. Since the savings accounts are hardly moved (2 times a month) it allows for those accounts to earn interest.

This is very helpful for others and it’s really cool how you help others and keep God First 🙏 blessed beyond measure and wish you only the best in 2022 and beyond my friend. #2022 🤝🤝

What's up my brother from Christ

@ScottCleansIt

2 жыл бұрын

Yooooo

Hey Scott, what water filter do you use in between the reel and the big water tank on the Alumimax

@ScottCleansIt

2 жыл бұрын

One I got from tractor place

@MrKiller6686

2 жыл бұрын

@@ScottCleansIt like tractor supply? Did you need a 5/8 barb to stick in the hose?

@ScottCleansIt

2 жыл бұрын

@@MrKiller6686 no, like the local tractor place. I don’t remember. Find a filter, put it o

Would you recommend having all accounts through only one bank?

@ScottCleansIt

8 ай бұрын

It doesn't matter. To me it's easier so I can move it instantly

@kyleyoung8719

8 ай бұрын

Ok thanks. I’ll keep it simple then and just use one

If you had $3000 and wanted to start a pressure washing business, you already had a truck

@ScottCleansIt

2 жыл бұрын

??

I’d be interested in knowing the payroll piece? How are you paying your employee?

@ScottCleansIt

2 жыл бұрын

Out of expense. He gets percentage

Thank you for the great video sir. Question though. If I have a LLC and I pay myself through payroll, would I still need to set aside money for taxes? I get taxed enough though payroll. Thank you sir.

@ScottCleansIt

2 жыл бұрын

Talk to your cpa

@ScottCleansIt

2 жыл бұрын

Usually the LLC is a pass thru entity which means you pay the taxes of the company.

@ScottCleansIt

2 жыл бұрын

www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html

What are you using to dispurse income percentages into diffetent accounts or are you juat doing it manually?

@ScottCleansIt

2 жыл бұрын

Manually on banking app

@JeffrikOG9

2 жыл бұрын

@@ScottCleansIt dang was hoping for a easier way lol

@ScottCleansIt

2 жыл бұрын

@@JeffrikOG9 it takes 5 minutes. Take whatever you make today…..multiply it by the percentage and place where it belongs

Scott, thanks for being real. I love that you're secure enough to say, "I'm not the sharpest tool in the shed. " most of us aren't. I wish God's blessings on you and your business. Thanks for the information. I'll check out the book.

Btw do you know how one can get a business loan? So i can buy some equipment to expand

@ScottCleansIt

2 жыл бұрын

Gotta have great personal credit first to build business credot

Scott, for the times that you hit a big expense like truck repair and there's not enough in any of the accts BUT you have it in your personal acct. Where would you deposit a "loan" from self to the business and how soon do you pay it back? As soon as the expense acct is able to repay the loan without causing a shortage? And 1 last question, are all of your accts with 1 bank or does it even matter as long as immediate transfers (zelle) can be made to the other accts if they are with a different bank. I took in $190,000 income to the company, have $75,000 in expenses (payroll, new equipment, supplies, fuel, fricking truck repairs x 3). $87,000 of that income came in November thanks to a sealing job of a school. I tried to push the income to this year but they needed it to reflect on the 2020/2021 school year. Thank you for sharing your method, you made it a lot simpler to follow than how my CPA was telling me to do it.

@ScottCleansIt

2 жыл бұрын

I’ll have to look at that. Seems like it would go into the expense account since it was operating money as OWNER INVESTMENT. Then just repay when you can. Yes I have all at one bank

@ktpowerwashing

2 жыл бұрын

@@ScottCleansIt Got it. Thank you for the reply

Hey Scott quick question I've been using generic written receipts to give to customers want to step it up this year wanted to know what everybody was using trying to be a little more professional?????? Was going to order that contract from forever self-employed but I would have to fill out two copies one for me and one for them could really use the help thanks in advance God bless

@ScottCleansIt

2 жыл бұрын

I send mine thru QuickBooks

Knowing what you know now, if you already had a truck and had $3000 to start a pressure washing business, what equipment/ supplies/ advertising etc.. would you get? Please help!

@ScottCleansIt

2 жыл бұрын

Let Me think on it

@ScottCleansIt

2 жыл бұрын

I’d buy a decent pressure washer and surface cleaner. Buy a downstream injector and go to work. As you increase your money you can upgrade.

I’m not really plan on paying taxes at least the first year 😂😂😂😂

Daaaaamn! This is stright up fucking massive for me bro. Huge appreciating for this rn. Thanks man

On point, Scott! GREAT video! 👉🇺🇸👈wash on, Brother!✌️

Question! I see you have %15 for taxes…do you have to pay taxes on your $450 as well as your income? How does that work?

@ScottCleansIt

2 жыл бұрын

It is taxed as personal income. Like a paycheck

@Jeremeytickle27

2 жыл бұрын

I wouldn’t think so. It’s going to be taxed at $1,000 per say at the end of the year. That’s the taxable income. He put $150 into a “tax account” to pay for taxes, if need be. That $450 is his “paycheck” to himself and has already been taxed, it’s just all done at the end of the year instead of every pay check like a normal job. At least that’s the way I understand it. So say you made $100,000 for the year and you have tax deductions for gas, equipment, materials, etc for $20,000. Then your taxable income would be $80,000. But if you’re already putting money away into your “expense” account and your “tax account” most of that stuff should be covered.

Does it have to be a business account or just a bank account

@ScottCleansIt

Жыл бұрын

As long as you can divide it up

What’s up Scott brother I just wanted to make sure it has to be different banks correct or just 5 different accounts in the same bank?

@ScottCleansIt

2 жыл бұрын

Same bank, 5 accounts

@marcossaud1331

2 жыл бұрын

Appreciate it the feedback back bro killing it god bless 💯🔥💪

Hello Scott, with tax season on us I would like to ask how do you file your taxes? Do you do it yourself, or hire a CPA? Thank you sir.

@ScottCleansIt

2 жыл бұрын

Cpa

@joegideon6730

2 жыл бұрын

Thank you

I have a question, if your business is an LLC and the business pays taxes, do you as an individual pay taxes off of your owner's pay?

@ScottCleansIt

Жыл бұрын

www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html

I think you may be over complicating the process. You only need two accounts, an operating account and a savings account. Use your accounting software to budget your funds into income, expenses etc and the money that needs to be put aside for taxes, etc put in the savings and then move to operating when needed. That’s how budgeting is supposed to work. Bank accounts have fees and minimum balances so you run the risk of taking the balance too low and incurring unnecessary bank fees.

@ScottCleansIt

2 жыл бұрын

It works fine for us and several multimillion dollar companies.

I get a TON of value from your videos however this one is by far one of my favorite. I've watched the video a few times and read the book twice. Good stuff!

@ScottCleansIt

Жыл бұрын

Nice

Are you tax percent still at 15% or did you have to up it for Fed and State?

@ScottCleansIt

Жыл бұрын

I do 15

@MannyAguilarJr

Жыл бұрын

Compared to gross revenue your personal taxes is like around 8% and then your business profit tax is much smaller at 15.3% of your profits not gross revenue. So whatever percentage of gross revenue you set aside for profits it's 15.3% of that percentage. I'm not an accountant nor tax professional and I'm only providing an example and your situation may be different.

Was curious do u have llc and if so is it worth getting

@ScottCleansIt

Жыл бұрын

I do. It makes you more available for loans, taxes and other benefits

@440pressurewashing

Жыл бұрын

@Scott Cleans It is there a way to get a hold of you have few questions on the LLC

So you pay your helper out of the expense account??

@ScottCleansIt

2 жыл бұрын

Yes he’s an expense