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Patrick Accounting Blog

3 Mistakes to Avoid When Setting Up a 401k Plan

By Mike Shaeffer / May 4, 2023 / Comments Off on 3 Mistakes to Avoid When Setting Up a 401k Plan

Offering a retirement plan is a great benefit that allows employees to contribute to their future in a meaningful way. It’s a terrific opportunity and benefit that often attracts great folks to your organization, but this great benefit can turn into a nightmare for employers if it is not handled appropriately. We thought we’d take…

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7 Insurance Policies Every Business Needs

By Mike Shaeffer / May 2, 2023 / Comments Off on 7 Insurance Policies Every Business Needs

Insurance policies aren’t usually the first thing you think about in the morning, but that doesn’t mean it’s not vital to your business. When you’re not covered you open you and your business up to all sorts of trouble. Here’s an example: You get to work and notice that there is a buzz amongst the…

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How Labor Cost Impacts Your Profitability

By Matt Patrick / April 28, 2023 / Comments Off on How Labor Cost Impacts Your Profitability

Like a number of our clients, we are a service-based business. Our ability to be profitable is based on our knowledge and technology, but most importantly, is tied to our team or labor costs. Almost all service-based businesses fall into this category. Labor costs are the most critical and highest expenses we incur, and are…

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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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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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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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Your Financial Partner Through Tough Decisions

By Matt Patrick / March 18, 2020 / Comments Off on Your Financial Partner Through Tough Decisions

Through the uncertainties you are facing, we at Patrick Accounting and Whirks strive to be a guiding light, a sounding board, and a friend. We know you have tough decisions to make that will impact your team and your business. Here are some of the actions we are taking to help our clients, who are…

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