You’re running an MSP with solid monthly revenue—but somehow, your bank account doesn’t reflect it. You’re not paying yourself consistently, taxes sneak up every quarter, and there’s never quite enough left over to grow. Sound familiar? You’re not doing anything wrong. You’re just operating within a system that wasn’t designed for service-based businesses like yours. […]

You’re running an MSP with solid monthly revenue—but somehow, your bank account doesn’t reflect it. You’re not paying yourself consistently, taxes sneak up every quarter, and there’s never quite enough left over to grow. Sound familiar?

You’re not doing anything wrong. You’re just operating within a system that wasn’t designed for service-based businesses like yours. That’s where Profit First for Managed Service Providers comes in. By setting up a handful of purpose-driven bank accounts, Profit First helps you take control of your money, prioritize your own compensation, and run a leaner, more profitable business.

It’s not just about managing expenses. It’s about making sure your business works for you.

Start with the Five Foundational Accounts

At its core, Profit First works by dividing your business income into separate bank accounts, each with a clear purpose. For MSPs, the five foundational accounts are:

1. Income
This is your holding account. All revenue lands here first. From this account, you make allocations to the other four—ideally twice a month, on the 10th and 25th. Think of it as your sorting tray, not your spending pot.

2. Profit
This account is your reward for being a business owner. It’s not a bonus or leftover cash—it’s an intentional allocation. You’ll take quarterly profit distributions from this account, and the rest stays as a buffer for emergencies or opportunities.

3. Owner’s Pay
You work in the business, and you deserve to be paid like it. This account ensures you can consistently compensate yourself, separate from profit or dividends.

4. Tax
No more tax-time panic. You set aside a percentage of income in this account so you’re ready when the IRS comes calling. This account also covers payroll taxes and quarterly estimates.

5. Operating Expenses (OpEx)
This is what’s left over after you’ve paid yourself, set aside profit, and covered your taxes. You’ll run your business from this account—and if it feels a little tight at first, that’s a good thing. It forces you to evaluate every expense and spend more intentionally.

Tailor It to Your Business

One of the strengths of Profit First is its flexibility. Once the foundational accounts are in place, you can add accounts that support your specific business model. In Profit First for Managed Service Providers, we talk about how MSPs often face unique cash demands—like investing in new hardware or expanding service offerings. That’s where extra accounts come in handy.

Debt Paydown
Still carrying legacy debt from startup costs or aggressive growth? Set up a dedicated account to chip away at it with consistent, manageable payments. Watching that balance shrink is incredibly motivating.

Expansion
Planning to hire, move into a larger space, or invest in high-ticket tools? Create a separate account so you can build up the funds without robbing your operating budget.

Custom Accounts
Every MSP is different. Consider accounts for:

• R&D: For developing new services or testing tools
• Marketing & Client Acquisition: So you can fund campaigns without disrupting monthly cash flow
• Team Bonuses or Professional Development: Keep your talent happy and growing

Small Shifts, Big Results

Setting up Profit First accounts may feel like a small shift, but it has the power to completely transform the way you view—and manage—money in your business. You’ll gain clarity, control, and confidence. And best of all? You’ll finally feel the freedom that comes from running a profitable, predictable business.

Need help getting started? At Go Figure Accounting, we specialize in helping MSPs implement Profit First in a way that works for their real-world operations. Whether you’re new to the system or ready to optimize your current setup, we’re here to guide you.

Because the truth is, you didn’t start your MSP to struggle. You started it to thrive. Let’s build a financial foundation that makes that possible.

Let’s be real—traditional accounting wasn’t built for the way MSPs run their businesses. If you’ve ever looked at your P&L and thought, “Looks like I made money… so why is my bank account empty?” you’re not alone. This disconnect is something we hear all the time from MSP owners. Your business is growing, your clients […]

Let’s be real—traditional accounting wasn’t built for the way MSPs run their businesses.

If you’ve ever looked at your P&L and thought, “Looks like I made money… so why is my bank account empty?” you’re not alone. This disconnect is something we hear all the time from MSP owners. Your business is growing, your clients are happy, but you’re still sweating payroll every other Friday. So what gives?

The problem isn’t you. The problem is the system.

Why the Old Way Doesn’t Work

Most accounting systems were designed for large corporations with CFOs, finance departments, and comfortable cash reserves. But as an MSP, you’re often running lean and fast. You’re juggling monthly recurring revenue (MRR), tools, techs, tickets—and you’re expected to understand your margins from a report you got three months ago? No wonder it feels disconnected.

Traditional accounting focuses on profit as what’s left over after everything else gets paid. But that model doesn’t prioritize you—the business owner. And it certainly doesn’t give you a real-time view of what you can safely spend. Even worse? It ignores cash flow, which is the lifeblood of every MSP.

How Profit First Changes the Game

At Go Figure Accounting, we offer a different approach—one that actually works for MSPs. Profit First flips the old-school equation and puts you first:

Sales – Profit = Expenses

This means you set aside profit before you spend a dime. Using dedicated bank accounts for Profit, Owner’s Pay, Taxes, and Operating Expenses, you give every dollar a job. That way, when money comes in, it’s already working toward your goals.

The beauty of this system is that MSPs are naturally set up to thrive with it. Your recurring revenue gives you predictability, which makes your allocations easy to manage and scale. And when you’re intentional with your money, you start seeing results fast.

Here are just a few of the wins we’ve seen from MSPs using Profit First:

• A clear plan to pay themselves what they’re worth
• No more tax season surprises
• Budgets that actually reflect how they operate
• Real profit, set aside every quarter (yes, in a real account!)

You Built This Business to Thrive

If you’re tired of feeling like your financials don’t reflect your hard work—or worse, like you’re still stuck in survival mode—it’s time to try something new.

Go Figure is a Profit First Mastery-Certified firm, and we specialize in helping MSPs find more money in their business. We know your business model, your pain points, and the tech behind it all. More importantly, we know how to make Profit First work for you.

Let’s turn that MRR into real, measurable success. Book a call with us today, and let’s map out a plan to make your money work as hard as you do.