Skip to content

Patrick Accounting Blog

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.

Read More
Labor Costs for Small Business

How to Break Down Labor Costs for Small Business

By Mike Shaeffer / March 15, 2024 / Comments Off on How to Break Down Labor Costs for Small Business

Learn straightforward ways to understand and manage labor costs for small businesses, guiding you toward smarter financial decisions with expert insights.

Read More
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.

Read More
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.

Read More

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…

Read More

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…

Read More

Home Office and Partner Expenses for Business Owners 

By Sandy Ledbetter / September 1, 2023 / Comments Off on Home Office and Partner Expenses for Business Owners 

The 21st-century workspace has dramatically shifted, and with more businesses than ever before operating from the confines of their homes, understanding the tax implications and benefits of home offices is paramount. For business owners and partners, comprehending these benefits can mean significant financial advantages. Here’s a breakdown of what every business owner should know about…

Read More

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…

Read More

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…

Read More

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…

Read More

Archives

Scroll To Top