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Income Statement as a Small Business

How to Understand Your Income Statement as a Small Business

By Matt Patrick / March 15, 2024 / Comments Off on How to Understand Your Income Statement as a Small Business

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.

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20 Years

Reflecting on 20 Years

By Matt Patrick / December 21, 2023 / Comments Off on Reflecting on 20 Years

After 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.

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Tax Planning Tips

Year-End Tax Planning Tips for Business Owners 

By Matt Patrick / December 21, 2023 / Comments Off on Year-End Tax Planning Tips for Business Owners 

Discover 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.

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Successful Accounting as a Restaurant  

Best Practices for Successful Accounting as a Restaurant  

By Matt Patrick / November 28, 2023 / Comments Off on Best Practices for Successful Accounting as a Restaurant  

While 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.

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What is the Best Entity Structuring for Multi-Unit Restaurants? 

By Matt Patrick / October 13, 2023 / Comments Off on What is the Best Entity Structuring for Multi-Unit Restaurants? 

“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…

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SIMPLE IRA vs. 401k – Which is better for a small business owner? 

By Matt Patrick / September 22, 2023 / Comments Off on SIMPLE IRA vs. 401k – Which is better for a small business owner? 

When 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…

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3 Must-Read Books for Small Business Owners

By Matt Patrick / September 15, 2023 / Comments Off on 3 Must-Read Books for Small Business Owners

You’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…

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How to pay yourself as a business owner

By Matt Patrick / May 18, 2023 / Comments Off on How to pay yourself as a business owner

Understanding 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…

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How do I provide a company vehicle for my employee?

By Matt Patrick / May 11, 2023 / Comments Off on How do I provide a company vehicle for my employee?

Providing 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…

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The 10 Ideas You Have to Implement When Starting a Small Business

By Matt Patrick / May 5, 2023 / Comments Off on The 10 Ideas You Have to Implement When Starting a Small Business

When 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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