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Patrick Accounting Blog

You Must Focus on This if You Want Your Business to Succeed

By Matt Patrick / January 16, 2019 / Comments Off on You Must Focus on This if You Want Your Business to Succeed

Do you love profit? We do. And not in a shallow, superficial kind of way. We love profit because of what it means and what it can accomplish for business owners. 1. Profit is a reliable indicator of your business’ health. We all have different reasons for starting businesses. I started Patrick Accounting because I…

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3 Reasons to Read Profit First by Mike Michalowicz

By Matt Patrick / January 9, 2019 / Comments Off on 3 Reasons to Read Profit First by Mike Michalowicz

Occasionally you find something that feels revolutionary. Something that changes your perspective and opens your eyes to new possibilities. Profit First proved to be one of those experiences for me. Accounting has been done a certain way for a very long time, the basis of such is a simple formula: sales – expenses = profit.…

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7 Ways to Save Money on Taxes Before the End of the Year

By Matt Patrick / December 11, 2018 / Comments Off on 7 Ways to Save Money on Taxes Before the End of the Year

As a small business owner, you don’t need me to tell you that 2018 is quickly disappearing. By the time you subtract holidays and vacation, there are really only a few days left! Before the calendar flips into 2019, we’ve rounded up some great ways to help you save serious money on your taxes this…

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How to Increase Your Prices Without Losing Customers – Part 2

By Matt Patrick / December 4, 2018 / Comments Off on How to Increase Your Prices Without Losing Customers – Part 2

The most important consideration once you have decided to raise prices is ensuring you communicate with your customers so they are not surprised. Customers would more likely be upset by a lack of communication than by the price increase itself. Here are best practices for rolling out increased pricing: Let your customers know when you’re…

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Why It Might Be Time to Raise Your Prices for Better Profits – Part 1

By Matt Patrick / November 27, 2018 / Comments Off on Why It Might Be Time to Raise Your Prices for Better Profits – Part 1

Raising your prices can feel a lot like walking into a dark room as a child. Your mind conjures all sorts of scary things that could happen, but as soon as you turn on the light, you realize there’s nothing to fear. Most of the business owners we know dread the thought of raising prices,…

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How to Boost Your Profit With Parkinson’s Law

By Matt Patrick / November 13, 2018 / Comments Off on How to Boost Your Profit With Parkinson’s Law

Do you remember when cell phone plans weren’t unlimited? You may have had unlimited nights and weekends but only a few hundred minutes for the rest of the month. If you were like me, you kept a constant eye on minutes because going over your limit cost a ton of money! It also meant staying…

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Why You Should Take Your Profit First

By Matt Patrick / November 6, 2018 / Comments Off on Why You Should Take Your Profit First

What if the traditional view of determining your profit is wrong? What if there’s a better alternative – such as taking your profit first, instead of last? History has shown and science has debunked a lot of assumptions and myths over the years.  Here are a few examples: The earth is flat. The earth is…

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Top 3 Small Business Accounting Software Options Compared

By Matt Patrick / September 26, 2018 / Comments Off on Top 3 Small Business Accounting Software Options Compared

In last week’s blog, we talked about what to look for in accounting software. With so many software products out there, it can be pretty overwhelming as a small business owner to figure out which one is best for your needs. And with an actual business to run, do you really have time to wade…

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How to Understand Your Cash Flow Statement

By Matt Patrick / August 21, 2018 / Comments Off on How to Understand Your Cash Flow Statement

This is part four in a series of blogs we’ve created to help you, the small business owner, be able to better wrap your head around your essential financial reports. So far we’ve covered:   Blog #1: How to Make Sense of Your Most Important Financial Statements (an intro to the series) Blog #2: How…

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How To Understand Your Balance Sheet

By Matt Patrick / August 14, 2018 / Comments Off on How To Understand Your Balance Sheet

In last week’s article on understanding your most important financial statements, we kicked off a series of articles to help you, the small business owner, confidently understand your basic financial statements. We used the illustration of learning to ride a bike to show that even though learning how to read your numbers can seem daunting,…

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