NorthOne Becomes First and Only Profit First Certified Banking App
NEW YORK, April 6, 2022 /PRNewswire-PRWeb/ -- NorthOne, one of America's leading banking apps for small businesses, today announced an exclusive partnership with Profit First, a revolutionary cash management system created by New York Times bestselling author and small business expert Mike Michalowicz.
NorthOne is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank; Member FDIC.
Profit First teaches business owners to take a portion of every sale as profit, rather than following the tradition of only profiting after expenses are deducted from sales. It's a "finance operating system" that's been featured by MSNBC, ABC, NBC, Fox News, CBS, Forbes, Fortune, Fast Company, Inc, and Entrepreneur, and has already been adopted by more than 600,000 small businesses. Today, for the first time since its inception, Profit First has officially partnered with a banking app, bringing their system to NorthOne's fast-growing customer base, making it accessible to small businesses across America.
To kick off the partnership, NorthOne is launching enhancements to its Envelopes feature with Profit First in mind, organizing a free webinar with Michalowicz and NorthOne Co-Founder and CEO Eytan Bensoussan, and offering a special promotion for small business owners who want to practice Profit First with NorthOne.
- Profit First Envelopes: A majority of business owners using Profit First with traditional banks create "sub-accounts" to divide their money into four buckets: profit, taxes, owner's compensation, and operating expenses. In that case, an owner typically needs to work with their accountant and traditional bank to create separate accounts for each of these buckets, which can be time consuming, messy, and complicated - if the bank allows it at all. Through this partnership, NorthOne is making it easy for customers to apply the Profit First system with a one-click setup process for the Profit First Envelopes. Now any business owner can quickly and painlessly budget for profit, taxes, owner's compensation, and operating expenses - with preset suggested allocations all in one NorthOne Account - and follow the Profit First method without stepping into a bank branch.
- Webinar for Small Business Owners: On April 26th at 4:30 p.m. ET, Profit First creator Mike Michalowicz and NorthOne CEO and Co-Founder Eytan Bensoussan will welcome small business owners for a live webinar: "Overcome Inflation with Profit First." The two will discuss running a small business with Profit First during a time of rising costs and sinking revenues, with strategies and case studies to help attendees navigate the highest rates of inflation in 40 years, and answer questions from the community. Any business owner can RSVP and attend for free.
- $50 signup bonus1: Small business owners who want to use the Profit First method with a NorthOne account will get a $50 reward when they join NorthOne and fund their account1. Built exclusively for small businesses, NorthOne has a host of features designed to take the stress out of business finance and help hard-working owners focus on what they do best, including the new Profit First Envelopes.
"Until now, business owners who wanted to implement the Profit First system had to go through a convoluted process with their bank to set up sub-accounts," said Mike Michalowicz, author and creator of Profit First. "NorthOne enables businesses to automatically distribute money in their desired percentages, putting the Profit First system on autopilot. It's a win-win for all of our hundreds of thousands of owners — to become more efficient and profitable! I truly believe this will have a profound impact on entrepreneurs and help them achieve permanent profitability."
"From day one, we've been building NorthOne with Profit First in mind," said Eytan Bensoussan, co-founder and CEO of NorthOne. "This partnership has been years in the making and couldn't come at a better time for American business owners. Almost every small business has had a challenging couple years, and at the same time, the rate of new small business formation is at an all-time high. All of these owners deserve champions, people who help them succeed, and we are thrilled to work with Profit First to eradicate entrepreneurial poverty and make business ownership accessible to anyone."
About NorthOne
NorthOne provides American small businesses with a powerfully simple way to do their banking through NorthOne's app and website. Launched in 2019, NorthOne serves more than 320,000 small businesses across the U.S. and is backed by Battery Ventures, Redpoint Ventures, and Tom Williams. The company's headquarters are in New York City with additional offices in San Francisco, Portland and Toronto. To learn more, visit northone.com. NorthOne is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank; Member FDIC.
1 Limit one per customer. Valid for new customers with an approved application for a NorthOne Account who have not been approved in the past 48 months. A qualifying initial deposit of at least $50 must be made within 5 business days of opening the Account to qualify for the $50 reward. Offer cannot be combined with other offers. The reward will be automatically applied to your Account within 5 business days of the first transaction after funding.
About Profit First
Profit First is a counterintuitive cash management system that has helped hundreds of thousands of small businesses break out of the doom spiral and achieve instant profitability. It highlights why the traditional accounting formula of Sales – Expenses = Profit is not just contrary to human behavior, but a myth that locks you into a never-ending cycle of selling more yet profiting less. Treating profit like an afterthought, secondary to growth, usually has the effect of running your business into the ground. Profit First takes a behavioral approach to accounting and flips the formula: Sales – Profit = Expenses. Just as one of the most effective weight loss strategies is to limit portions by using smaller plates, Michalowicz shows how to take profit first and spend only what remains on expenses. With this one change, you will instantly transform your business from a cash-eating monster to a profitable cash cow.
Media Contact
Austin McDonnell, NorthOne, 1 833 848 0146, [email protected]
SOURCE NorthOne
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