Simplify your income statement as a small business by differentiating between profit and cash flow so you can make informed financial decisions for long-term success.
Read MoreAfter 20 years, let me share with you how I started Patrick Accounting. I talk about the challenges I faced, the opportunities I seized, and the lessons I learned along the way. From starting with just a few clients to growing into a thriving practice, I discuss the ups and downs of entrepreneurship and the importance of perseverance. Join me on this journey as I reflect on the blessings and hard work that have shaped Patrick Accounting.
Read MoreDiscover essential year-end tax planning tips for business owners to minimize your 2023 tax bill and prepare for a prosperous 2024. Learn to review finances, optimize deductions, and streamline processes. From maximizing retirement contributions to charitable donations, set yourself up for financial success.
Read MoreWhile successful accounting fundamentals remain unchanged, the landscape’s complexity requires attention to various fronts like food costs, labor expenses, and more. The ultimate goal remains constant—making money.
Read More“How should I set up my multi-location restaurant group?” We encounter this question frequently. Or sometimes, it’s the classic, “My brother-in-law absolutely insists I should become an S Corporation.” Now, before we delve into the intricacies of business structures, let’s consider how much wisdom your dear brother-in-law could really have… he did get married to…
Read MoreWhen I started my business, I wasn’t concerned about my retirement plan. I was really only thinking about how I could pay my employees, cover my home mortgage payment, and have food on the table for my family. You know, the basic necessities of life. After a couple of years, was able to hire more…
Read MoreYou’re a new business owner. It’s thrilling and a bit overwhelming, I imagine. This is my 20th year in business and I still remember those early days like it was yesterday. There was so much I didn’t know, but I was ready to work hard and learn from others in order to be successful. I…
Read MoreUnderstanding how to pay yourself as a business owner can be perplexing. When I started my business in 2003, I faced the same dilemma. Having worked in public accounting, I was accustomed to dealing with large businesses but not being the owner myself. Transitioning from receiving a paycheck to being the one writing the checks…
Read MoreProviding a company vehicle to your employee might sound like a funny goal to have — but it’s been with me since the beginning of my career. Back during my internship at a Montgomery, AL-based firm in the 1990s, I was delighted to learn of an amazing perk offered by the company to its managers…
Read MoreWhen I started thinking about opening my own firm, my initial priority was to decide what specific type of work I wanted to do, and what tools I needed available to do the work. Ultimately, I wondered if I could be financially successful enough to pay my bills. I also realized there was a bunch…
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