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Patrick Accounting Blog

When should I have a separate legal entity for my small business?  

By Matt Patrick / April 20, 2023 / Comments Off on When should I have a separate legal entity for my small business?  

I have previously written about the need to have a number of checking accounts, including a payroll checking account, when starting or running a small business. An additional suggestion I would make to owners who have more than one location, or legal entity or operate in multiple states is to set up a separate legal…

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2023 Tax Changes to Bonus Depreciation 

By Matt Patrick / March 22, 2023 / Comments Off on 2023 Tax Changes to Bonus Depreciation 

In 2017, the Tax Cuts and Jobs Act (TCJA) brought significant changes to corporate and individual tax laws, including an Internal Revenue Code Section 168(k) amendment that allowed for a 100% deduction of qualified property placed in service after September 27, 2017. This change was extremely favorable to small businesses because fixed assets qualified for…

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Are You Ready to Hire?

By Matt Patrick / April 15, 2021 / Comments Off on Are You Ready to Hire?

If you are like most businesses you want to grow and hiring employees is usually a necessary step in that process. One of the biggest questions we get when this step starts to take place is ‘can I afford to hire this person or not’, and then ‘if I do hire them what all do…

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What Type of Bank Account Should You Have?

By Matt Patrick / April 1, 2021 / Comments Off on What Type of Bank Account Should You Have?

We get this question all the time from new clients and new business owners.  “What bank account should I open?” We also get this question “I feel like it’s a good idea to have accounts at multiple banks.” The answers are “it depends” which is the typical accounting answer, but I believe there are a…

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Why Talking to Your Accountant About Your Purchases, Even Before You Make Them, is a Big Deal.

By Matt Patrick / March 18, 2021 / Comments Off on Why Talking to Your Accountant About Your Purchases, Even Before You Make Them, is a Big Deal.

I have had this happen “a couple of times” throughout my career where we have found that our clients have gone out and purchased a piece of equipment, a new car, traded a car off, or spent corporate money for the benefit of a shareholder or even bought into another business with company money. As…

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What Your Accountant Wishes You Knew

By Matt Patrick / March 4, 2021 / Comments Off on What Your Accountant Wishes You Knew

Our goal as an accounting firm has always been to help our business owners make more money and keep more of it. We desire to give you the insight you need to run an awesome business, and we do this by providing both systems and insights so that your back office support (us) is a…

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Owner Matthew Patrick Provides Tips To Help Business Owners Get Out Of Their Own Way

By Matt Patrick / February 18, 2021 / Comments Off on Owner Matthew Patrick Provides Tips To Help Business Owners Get Out Of Their Own Way

As an owner I am often the biggest bottleneck in our business.  I have the best of intentions when I volunteer to help someone or get involved in the sales process because I received a direct referral.  Unfortunately I am not best suited to do those things any longer.  I am sure I am like…

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New Year Forecasting

By Matt Patrick / November 24, 2020 / Comments Off on New Year Forecasting

Raise a glass (and a budget worksheet) to 2021! Join our webinar December 4 at 11 a.m. CST for in-depth budgeting tips and new year forecasting for 2021. For now, here’s a brief overview of best practices for getting ready for the new year. What are some things to think about to position yourself in…

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Burnout: How it Affects Everyone and How to Re-Charge

By Matt Patrick / October 15, 2020 / Comments Off on Burnout: How it Affects Everyone and How to Re-Charge

Mike Hello everybody, welcome to another edition of the One Step Better podcast, I’m your host, Mike Schaeffer, and today, we’re gonna talk about a topic that has been maybe beat up a little bit on some circles but it’s something that we haven’t really hit on in a while. We’re gonna try to take…

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Company Values that Drive Culture

By Matt Patrick / September 14, 2020 / Comments Off on Company Values that Drive Culture

What does it mean to have a good “company culture”? Culture has become a such a buzzword, it’s hard to find a clear definition.   We define culture as helping employees understand how they thrive in your organization. In a larger organization, roles might be more clear-cut, but that doesn’t mean small businesses can’t have a strong company culture that continues and thrives as…

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