You’ve got bookkeeping. You’ve got reports.

But the numbers still don’t tell you anything useful.

This episode is for business owners who’ve hit that moment of “Wait… I’m running a real business now, and I don’t actually know what’s going on.”

We’ll talk through the key metrics that matter, the difference between bookkeeping and financial clarity, and why your accountant should be helping you make better decisions by explaining what your numbers actually mean instead of just sending over reports you don’t understand.

If you’ve ever looked at your P&L and thought, this isn’t helpful, that’s a sign you’ve outgrown basic bookkeeping.

See how we help small business owners get clarity at every stage:
https://patrickaccounting.com/blog/patrick-accounting-client-journey

Hiring remote employees? Storing inventory out-of-state?
Even one move across state lines can create a pile of tax and compliance issues you didn’t see coming.

This episode walks through what business owners need to know before making multi-state decisions. You’ll hear how a single remote hire can trigger income tax, payroll tax, registration requirements, and sales tax nexus you didn’t even know existed.

We also talk about which states are tougher than others, why “we’ll figure it out later” is a costly approach, and how to avoid getting surprised by letters from state tax agencies asking for money.

Thinking about hiring in another state? Make sure you know what it triggers: https://www.whirks.com/blog/how-to-set-up-payroll-taxes-for-remote-employees

You want to save for retirement and cut your tax bill.
But picking the wrong plan or missing key deadlines can do the opposite

This episode walks through the real retirement plan options for small business owners, using what’s working right now. You’ll hear why 401(k)s are more accessible than you think, why a SIMPLE IRA might be the best place to start, and what business owners often get wrong about matching rules, employee eligibility, and contribution timing.

Not sure which retirement plan actually fits your business? 

Compare your options now: patrickaccounting.com/business-retirement-plan-optioins

Are you still waiting to “see how the year ends” before making tax decisions?

Thinking you’ll just deal with it all in January?That’s exactly how service-based business owners get hit with tax bills they didn’t see coming.In this episode, Matt and Mike explain what actually matters before December 31. They share how to handle equipment purchases the right way, when to plan bonuses, and why putting off things like W-9s or mileage logs can cost you later.

Be the one who plans ahead, NOT the one who pays for waiting.

Head to our Learning Center for smarter year-end tools and next steps: 

https://patrickaccounting.com/learning-center

If you own a business, paying yourself isn’t always straightforward.

Matt and Mike walk through what actually goes into getting paid as an owner, from how your entity type affects your options, to how Profit First helps make sure the money’s really there when you need it.

They also touch on the emotional side of it: the weird tension of seeing money in the bank but not knowing what’s “yours,” and the pressure that comes with growth.

Read more about the Profit First system: An Introduction to Profit First - and why it works!

#ownerpay #businessstructure #smallbusinessfinance #onestepbetterpodcast

A bigger tax bill is NOT always bad news. Sometimes it just means your business grew.

Tax surprises like this are common, and they usually don’t come from one mistake. They show up when systems can’t keep pace, when cash gets mistaken for profit, or when the tax plan never adjusts as the numbers change.

In this episode, Matt and Mike talk through the real reasons tax surprises happen, how to keep tabs on what you’ll owe throughout the year, and why once-a-year filing isn’t a strategy.

If your current approach to taxes is “hope it’s not too bad,” it’s time for something better.

#taxplanning #cashflow #smallbusiness #onestepbetterpodcast

Do your financials feel off, confusing, or just messy?
Not sure where your money is going or if your books are even accurate?
This is a common problem for business owners!!! Especially if you've outgrown your current system, had turnover in your bookkeeping, or just haven't had the time to keep things cleaned up.
In this episode, Matt and Mike walk through the signs your books might need a cleanup, why that happens, and how to build a system that actually gives you clarity and confidence in your numbers.They’ll also share what “clean” really means and how to know when it's time to bring in help.Think your books might need a reset?

Start here with our checklist:

 https://patrickaccounting.com/blog/signs-its-time-for-a-bookkeeping-cleanup/

#bookkeeping #businessfinancials #smallbusiness #accountinghelp #cleanupchecklist #onestepbetterpodcast

Have you started a business and aren't sure if you need an LLC, an S-Corp, or something else entirely?
Or maybe you’ve heard conflicting advice and you’re worried about making the “wrong” choice?Mike and Matt walk through what actually matters when you’re choosing (or changing) your business structure—LLC, S-Corp, C-Corp, partnership—and when you can wait. You’ll learn how liability protection, payroll taxes, state rules, partners, and real estate ownership drive the decision (not TikTok hot takes). They also share common mistakes (like parking real estate in an S-Corp) and a simple way to review your setup as you grow.If you’re a first-time business owner, this conversation will help you stop overthinking, focus on actually generating revenue, and make smart, confident decisions about structure when the time is right.Want to dig deeper into LLC vs. S-Corp?

Read our entity structure guide here: https://patrickaccounting.com/blog/is-scorp-or-llc-best-for-my-business

Starting fresh? Download our First 90 Days Action Plan: https://patrickaccounting.com/tips-to-win-opening-day

#LLC #SCorp #newbusiness #firsttimeowner #businessstructure #smallbusiness #onestepbetterpodcast

Are you stuck trying to figure out if an LLC or S-Corp is better for your business?
Or maybe you're realizing the structure you picked years ago no longer fits where you're headed?

This is one of the most common mistakes we see. Picking the wrong business entity can lead to higher taxes, compliance headaches, and limited options as you grow. In this episode, Matt and Mike break down how to choose the right structure based on your goals, your income, and even the state you operate in.

They’ll also explain what to do if your current structure is creating more problems than it solves.

Trying to figure out the best fit for your business?
Check out this breakdown of the pros and cons to help you make a smart decision: https://patrickaccounting.com/blog/is-scorp-or-llc-best-for-my-business

Still unsure after listening?
Take our free quiz and get a clear recommendation based on your situation: https://scorecard.patrickaccounting.com/entity-structure-quiz/p/right-business-entity

#LLC #SCorp #businessstructure #smallbusiness #taxstrategy #entityplanning #onestepbetterpodcast

In this episode, Mike and Matt discuss the concept of employee-only entities, particularly for businesses with multiple locations. They explore the complexities and compliance risks associated with having separate entities for each location, emphasizing the benefits of consolidating employees into a single entity. The conversation covers practical steps for implementation, ongoing maintenance, and the importance of legal considerations. The hosts provide insights into simplifying payroll processes and ensuring compliance while reducing redundancy and potential financial waste.

Takeaways

• Employee-only entities can simplify payroll and compliance.
• Duplication of efforts leads to increased complexity and costs.
• Consolidating employees into one entity can reduce compliance risks.
• Tracking overtime becomes easier with a single entity structure.
• Simplifying reporting can save time and resources.
• Legal considerations are crucial when setting up new entities.
• Timing is important when implementing changes to business structure.
• Notify employees of changes to avoid confusion.
• Annual maintenance of entities is necessary for compliance.
• Understanding state-specific regulations is essential for business operations.

Chapters

00:00 Introduction to Employee-Only Entities

03:11 Understanding the Complexity of Multiple Entities

09:51 Benefits of Simplifying Payroll Structures

19:56 Practical Steps for Implementing Changes

23:41 Final Thoughts and Considerations

24:58 Outro

In this episode, Mike and Matt discuss the complexities of budgeting for a million-dollar business. They explore key considerations such as contingency planning, balancing growth and profitability, and the emotional challenges that come with managing larger budgets. The conversation also touches on the importance of personal finance discipline and how it intertwines with business growth. They emphasize the need for a structured approach to budgeting, including setting aside reserves and understanding the emotional impact of spending as a business grows.

Takeaways

• Budgeting is essential for any business, especially as it grows.
• Contingency planning is crucial for unforeseen expenses.
• Balancing growth and profitability is a significant challenge.
• Emotional comfort with absolute dollar amounts is necessary for effective budgeting.
• Personal expenses should not grow at the same rate as business revenue.
• Having three months of cash reserves is ideal for stability.
• The budget provides a framework for making informed spending decisions.
• Regularly reviewing and adjusting the budget is important for ongoing success.
• Understanding the emotional impact of spending helps in making better financial decisions.
• Discipline in personal finance is key to sustaining business growth.

Chapters

00:00 Introduction and Personal Reflections

03:45 The Importance of Budgeting for Growth

08:39 Complexities of Budgeting in a Growing Business

15:49 Emotional Challenges in Financial Management

23:35 Final Thoughts on Budgeting and Personal Discipline

27:10 Outro

In this podcast episode, the hosts discuss the often frustrating relationship between business owners and their accountants. They explore the expectations that business owners should have regarding communication, the frequency of meetings, and the proactive guidance they should receive. The conversation emphasizes the importance of understanding the roles and responsibilities of accountants, as well as the need for business owners to be engaged and informed in their financial decisions. The hosts provide insights on how to foster a productive relationship with accountants, including the importance of vulnerability and open communication.

Takeaways

• Many business owners feel frustrated with their accountants' lack of communication.
• A healthy accountant-client relationship should involve regular meetings and proactive advice.
• Business owners need to clarify what services they expect from their accountants.
• Accountants should not only focus on compliance but also on helping clients make strategic decisions.
• Understanding financial statements is crucial for business owners to make informed decisions.
• Vulnerability in discussions with accountants can lead to better outcomes.
• Accountants should educate their clients about financial matters, not just provide numbers.
• Meeting rhythms should be established to ensure ongoing communication and support.
• Business owners should feel empowered to challenge their accountants' advice.
• The relationship with an accountant should evolve as the business grows.

Chapters

00:00 Introduction and Light Banter

00:09 Understanding the Accountant-Client Relationship

08:28 Expectations from Your Accountant

08:53 The Three Pillars of Accounting Needs

17:58 Effective Communication with Your Accountant

26:02 Conclusion and Final Thoughts

27:19 Outro

In this episode of the One Step Better Businesspodcast, the hosts discuss the critical role of forecasting and planning inbusiness. They emphasize the importance of having a long-term vision andsetting clear goals to guide decision-making. The conversation covers theprocess of creating a three-year plan, understanding the one-year picture, andthe significance of budgeting and forecasting in achieving business objectives.The hosts also highlight the need for flexibility and adaptability in responseto changing circumstances and the importance of continuous learning as aleader.

Takeaways

·       Forecasting helps businesses lookahead rather than just reflecting on the past.

·       Setting a long-term vision is crucialfor effective planning.

·       Creating a three-year plan allows fora clearer understanding of future goals.

·       The one-year picture should align withlong-term objectives.

·       Budgeting is a tool for guidingbusiness decisions, not a strict rule.

·       Regularly reviewing budgets helpsbusinesses stay on track.

·       Flexibility in goals is important ascircumstances change.

·       Leaders must continuously learn andadapt to manage growth effectively.

·       Information from forecasts shoulddrive decision-making processes.

·       Version one of a plan is better thanhaving no plan at all.

·      Chapters

·      00:00 Introduction to Forecasting and Planning

·      02:36 The Importance of Long-Term Vision

·      05:22 Setting Short-Term Goals and Action Plans

·      08:33 Budgeting and Forecasting Basics

·      11:17 Adjusting Plans Based on Reality

·      14:09 The Role of Data in Decision Making

·      17:31 Embracing Flexibility in Business Planning

·      20:24 Conclusion and Call to Action

·      32:36 Outro

In this episode, Mike and Matt discuss the journey of business owners from the initial 90 days to the 180-day mark of working with Patrick Accounting. They explore the transition from feeling relief to developing confidence in their accounting systems, the importance of building effective systems and processes, and the shift towards proactive thinking and informed decision-making. The conversation emphasizes the significance of understanding financial statements and the empowerment that comes with being in control of one's business.

Takeaways

• The first 90 days focus on relief and basic understanding.

• By 180 days, business owners should feel confident in their systems.

• Confidence is key to making informed decisions.

• Building systems takes time and requires patience.

• Proactive planning is essential for future growth.

• Understanding financial statements leads to better decision-making.

• Business owners should ask 'what if' questions to explore possibilities.

• Regular financial statements help in gaining control.

• Change is a gradual process that requires consistent effort.

• Success is indicated by the ability to make informed decisions.

Chapters

00:00 Introduction and Overview of the Journey

05:33 Transitioning from Relief to Confidence

11:19  Building Systems and Processes

15:09 Proactive Thinking and Future Planning

20:01 Making Informed Decisions

22:18 Outro 

In this episode, Mike and Matt discuss the concept of 'thriving' in business, emphasizing the importance of a shared understanding among team members and clients. They explore how education in accounting can empower business owners to feel in control of their financial situations, navigate tax complexities, and understand profitability. The conversation also highlights the significance of having robust systems and processes in place to support business success.

Takeaways

• Thriving means different things to different people.
• A shared understanding of thriving is crucial for client success.
• Education in accounting helps clients feel in control.
• Clients often feel uncertain about their tax situations.
• Understanding profitability is key to business success.
• Systems and processes underpin effective financial management.
• Clear communication fosters a better client-provider relationship.
• Proactive outreach can enhance client satisfaction.
• Clients should know the value of their business.
• Identifying blind spots can prevent financial mismanagement.

Chapters

00:00 Introduction to Thriving in Business

05:33 Defining Thriving: A Shared Understanding

11:34 The Role of Education in Thriving

17:57 Understanding Tax Situations

23:47 Profitability Management and Business Value

28:41 The Importance of Systems and Processes

34:45 Outro

In this episode of the One Step Better Business podcast, hosts Mike and Matt delve into the intricacies of payroll processing costs. They discuss how businesses can determine if they are overpaying for payroll services, the various pricing structures used by payroll companies, and the hidden fees that can inflate costs. The conversation emphasizes the importance of understanding billing methods, reviewing contracts, and evaluating the overall value of payroll services. Listeners are encouraged to take a proactive approach in managing payroll costs to ensure they are getting the best value for their investment.

Takeaways

• Payroll processing costs can vary widely among providers.
• Many businesses are unaware of the true costs of their payroll services.
• Understanding billing structures is crucial to avoid overpaying.
• Hidden fees can significantly increase payroll expenses.
• Reviewing contracts and invoices is essential for cost management.
• It's important to have transparent conversations with payroll providers.
• Small businesses may face higher per-employee costs initially.
• Evaluating the value of payroll services is more important than just price.
• Consider the overall efficiency and process improvements when assessing payroll costs.
• If everything is working well, a small price difference may not warrant a change.

Chapters

00:00Unique Food Experiences

05:13Understanding Payroll Processing Costs

23:22 Outro

In this episode of the One Step Better Business podcast, Mike and Matt discuss the types of clients that Whirks works best with, as well as those that present challenges. They emphasize the importance of transparency in client relationships and outline specific characteristics of ideal clients, including their willingness to adapt and their financial stability. The conversation also touches on the significance of technology integration and the industries that align well with Whirks' services.TakeawaysWhirks values transparency in client relationships.Rigid clients often struggle to adapt to new processes.Clients must be willing to change for successful partnerships.Cash flow issues can hinder effective payroll management.Technology integration is crucial for seamless operations.Home care, restaurants, and accounting firms are ideal clients.Service-based businesses benefit from Whirks' expertise.Clients should challenge the status quo for improvement.Employee experience is vital for retention and recruitment.Whirks aims to simplify clients' operations for better outcomes.Navigating Client Relationships at WhirksThe Importance of Client Fit in Business"We love being transparent about client fit.""We need to evaluate all those systems.""Employee experience is a big deal."Chapters00:00 Introduction to Client Fit03:10 Identifying Poor Client Matches08:32 Understanding Client Needs and Expectations13:29 Exploring Ideal Client Profiles18:26 Conclusion and Call to Action26:54 Outro

In this episode of the One Step Better Business Podcast, Mike and Matt discuss the importance of embracing change in business operations, particularly in payroll processes. They emphasize the need for clients to adapt to new systems and practices that enhance efficiency and empower employees. The conversation covers various adjustments clients may need to make, including logging into technology systems for payroll management, understanding the importance of designated contacts for security, and ensuring accurate tax payments. The overarching theme is about simplifying processes to create a better experience for both clients and employees.

Takeaways

• Change is essential for business growth and efficiency.
• Clients need to adapt to new payroll processes for better management.
• Empowering employees leads to a more efficient workplace.
• Transparency in communication is crucial for successful transitions.
• Designated contacts enhance security in payroll management.
• Using technology simplifies payroll processes and reduces errors.
• Timely payroll processing is vital for employee satisfaction.
• Understanding tax payment processes can prevent penalties.
• Encouraging clients to embrace change can lead to long-term benefits.
• Simplification of processes allows businesses to focus on core activities.

• Embracing Change: The Key to Business Success
• Navigating Payroll Adjustments with Whirks

• "Everybody loves change!"
• "We want to keep this super transparent."
• "There is a possibility of improvement."

00:00Introduction to Change in Business

08:29Understanding Client Changes and Security

14:18Technology and Payroll Processing

19:13Timelines and Payroll Management

24:19Empowering Employees and Tax Management

26:22OSB Outro

In this episode of the One Step Better Business podcast, Mike and Matt discuss the onboarding process for new clients at Whirks. They outline the importance of the initial kickoff call, the verification of client information, and the steps taken to ensure a smooth transition to the Whirks system. The conversation highlights the training and support provided during the onboarding phase, as well as the milestones and short-term wins that clients can expect within the first 90 days of working with Whirks.takeaways

• The onboarding process is crucial for client success.
• Kickoff calls help verify important client information.
• Effective communication reduces client anxiety during transitions.
• Training is tailored to the specific services clients choose.
• Clients should feel in control of their payroll processes.
• Short-term wins are essential for client satisfaction.
• Whirks aims to address any previous payroll issues within 90 days.
• Ongoing support is a key part of the client experience.
• Clients should feel amazed by the onboarding process.
• Feedback is encouraged to improve the onboarding experience.

Chapters

00:00 Introduction to Client Onboarding

05:06 The Importance of the Kickoff Call

10:00 Verifying Client Information15:08Setting Up for Go Live

20:10 Training and Support During Onboarding

25:09 Measuring Success in the First 90 Days

27:33 Outro

In this episode, Mike and Matt discuss the concept of client journeys, particularly focusing on payroll services. They explore the various stages of the client journey, from initial frustrations and needs to achieving efficiency and maintenance mode. The conversation emphasizes the importance of understanding client needs, addressing issues, and providing proactive support to ensure client success and thriving businesses.

Chapters

00:00 Introduction to Client Journeys

02:56 Understanding Client Needs and Goals

06:09 Day Zero: Initial Client Engagement

08:45 Day One: Administrative Processes

11:59 Day 30: First Payroll and Client Confidence

17:53 Day 90: Addressing Payroll Issues

20:04 Day 180: Improving Internal Processes

23:05 One Year: Achieving System Efficiency

27:05 Maintenance Mode and Proactive Support

Takeaways

The journey of a client is crucial for their success.

Understanding client frustrations helps tailor services effectively.

The initial phase focuses on gathering and validating existing processes.

Day 30 marks the transition to processing payroll confidently.

By Day 90, all prior issues should be addressed and corrected.

The goal is to improve processes beyond just fixing past mistakes.

By Day 180, clients should be able to electronically onboard employees.

The one-year mark is critical for assessing overall efficiency.

Maintenance mode involves proactive support and continuous improvement.

The ultimate goal is to help clients thrive in their business operations.