Have you started a business and aren't sure if you need an LLC, an S-Corp, or something else entirely?
Or maybe you’ve heard conflicting advice and you’re worried about making the “wrong” choice?Mike and Matt walk through what actually matters when you’re choosing (or changing) your business structure—LLC, S-Corp, C-Corp, partnership—and when you can wait. You’ll learn how liability protection, payroll taxes, state rules, partners, and real estate ownership drive the decision (not TikTok hot takes). They also share common mistakes (like parking real estate in an S-Corp) and a simple way to review your setup as you grow.If you’re a first-time business owner, this conversation will help you stop overthinking, focus on actually generating revenue, and make smart, confident decisions about structure when the time is right.Want to dig deeper into LLC vs. S-Corp?

Read our entity structure guide here: https://patrickaccounting.com/blog/is-scorp-or-llc-best-for-my-business

Starting fresh? Download our First 90 Days Action Plan: https://patrickaccounting.com/tips-to-win-opening-day

#LLC #SCorp #newbusiness #firsttimeowner #businessstructure #smallbusiness #onestepbetterpodcast

Are you stuck trying to figure out if an LLC or S-Corp is better for your business?
Or maybe you're realizing the structure you picked years ago no longer fits where you're headed?

This is one of the most common mistakes we see. Picking the wrong business entity can lead to higher taxes, compliance headaches, and limited options as you grow. In this episode, Matt and Mike break down how to choose the right structure based on your goals, your income, and even the state you operate in.

They’ll also explain what to do if your current structure is creating more problems than it solves.

Trying to figure out the best fit for your business?
Check out this breakdown of the pros and cons to help you make a smart decision: https://patrickaccounting.com/blog/is-scorp-or-llc-best-for-my-business

Still unsure after listening?
Take our free quiz and get a clear recommendation based on your situation: https://scorecard.patrickaccounting.com/entity-structure-quiz/p/right-business-entity

#LLC #SCorp #businessstructure #smallbusiness #taxstrategy #entityplanning #onestepbetterpodcast

In this episode, Mike and Matt discuss the concept of employee-only entities, particularly for businesses with multiple locations. They explore the complexities and compliance risks associated with having separate entities for each location, emphasizing the benefits of consolidating employees into a single entity. The conversation covers practical steps for implementation, ongoing maintenance, and the importance of legal considerations. The hosts provide insights into simplifying payroll processes and ensuring compliance while reducing redundancy and potential financial waste.

Takeaways

• Employee-only entities can simplify payroll and compliance.
• Duplication of efforts leads to increased complexity and costs.
• Consolidating employees into one entity can reduce compliance risks.
• Tracking overtime becomes easier with a single entity structure.
• Simplifying reporting can save time and resources.
• Legal considerations are crucial when setting up new entities.
• Timing is important when implementing changes to business structure.
• Notify employees of changes to avoid confusion.
• Annual maintenance of entities is necessary for compliance.
• Understanding state-specific regulations is essential for business operations.

Chapters

00:00 Introduction to Employee-Only Entities

03:11 Understanding the Complexity of Multiple Entities

09:51 Benefits of Simplifying Payroll Structures

19:56 Practical Steps for Implementing Changes

23:41 Final Thoughts and Considerations

24:58 Outro

In this episode, Mike and Matt discuss the complexities of budgeting for a million-dollar business. They explore key considerations such as contingency planning, balancing growth and profitability, and the emotional challenges that come with managing larger budgets. The conversation also touches on the importance of personal finance discipline and how it intertwines with business growth. They emphasize the need for a structured approach to budgeting, including setting aside reserves and understanding the emotional impact of spending as a business grows.

Takeaways

• Budgeting is essential for any business, especially as it grows.
• Contingency planning is crucial for unforeseen expenses.
• Balancing growth and profitability is a significant challenge.
• Emotional comfort with absolute dollar amounts is necessary for effective budgeting.
• Personal expenses should not grow at the same rate as business revenue.
• Having three months of cash reserves is ideal for stability.
• The budget provides a framework for making informed spending decisions.
• Regularly reviewing and adjusting the budget is important for ongoing success.
• Understanding the emotional impact of spending helps in making better financial decisions.
• Discipline in personal finance is key to sustaining business growth.

Chapters

00:00 Introduction and Personal Reflections

03:45 The Importance of Budgeting for Growth

08:39 Complexities of Budgeting in a Growing Business

15:49 Emotional Challenges in Financial Management

23:35 Final Thoughts on Budgeting and Personal Discipline

27:10 Outro

In this podcast episode, the hosts discuss the often frustrating relationship between business owners and their accountants. They explore the expectations that business owners should have regarding communication, the frequency of meetings, and the proactive guidance they should receive. The conversation emphasizes the importance of understanding the roles and responsibilities of accountants, as well as the need for business owners to be engaged and informed in their financial decisions. The hosts provide insights on how to foster a productive relationship with accountants, including the importance of vulnerability and open communication.

Takeaways

• Many business owners feel frustrated with their accountants' lack of communication.
• A healthy accountant-client relationship should involve regular meetings and proactive advice.
• Business owners need to clarify what services they expect from their accountants.
• Accountants should not only focus on compliance but also on helping clients make strategic decisions.
• Understanding financial statements is crucial for business owners to make informed decisions.
• Vulnerability in discussions with accountants can lead to better outcomes.
• Accountants should educate their clients about financial matters, not just provide numbers.
• Meeting rhythms should be established to ensure ongoing communication and support.
• Business owners should feel empowered to challenge their accountants' advice.
• The relationship with an accountant should evolve as the business grows.

Chapters

00:00 Introduction and Light Banter

00:09 Understanding the Accountant-Client Relationship

08:28 Expectations from Your Accountant

08:53 The Three Pillars of Accounting Needs

17:58 Effective Communication with Your Accountant

26:02 Conclusion and Final Thoughts

27:19 Outro

In this episode of the One Step Better Businesspodcast, the hosts discuss the critical role of forecasting and planning inbusiness. They emphasize the importance of having a long-term vision andsetting clear goals to guide decision-making. The conversation covers theprocess of creating a three-year plan, understanding the one-year picture, andthe significance of budgeting and forecasting in achieving business objectives.The hosts also highlight the need for flexibility and adaptability in responseto changing circumstances and the importance of continuous learning as aleader.

Takeaways

·       Forecasting helps businesses lookahead rather than just reflecting on the past.

·       Setting a long-term vision is crucialfor effective planning.

·       Creating a three-year plan allows fora clearer understanding of future goals.

·       The one-year picture should align withlong-term objectives.

·       Budgeting is a tool for guidingbusiness decisions, not a strict rule.

·       Regularly reviewing budgets helpsbusinesses stay on track.

·       Flexibility in goals is important ascircumstances change.

·       Leaders must continuously learn andadapt to manage growth effectively.

·       Information from forecasts shoulddrive decision-making processes.

·       Version one of a plan is better thanhaving no plan at all.

·      Chapters

·      00:00 Introduction to Forecasting and Planning

·      02:36 The Importance of Long-Term Vision

·      05:22 Setting Short-Term Goals and Action Plans

·      08:33 Budgeting and Forecasting Basics

·      11:17 Adjusting Plans Based on Reality

·      14:09 The Role of Data in Decision Making

·      17:31 Embracing Flexibility in Business Planning

·      20:24 Conclusion and Call to Action

·      32:36 Outro

In this episode, Mike and Matt discuss the journey of business owners from the initial 90 days to the 180-day mark of working with Patrick Accounting. They explore the transition from feeling relief to developing confidence in their accounting systems, the importance of building effective systems and processes, and the shift towards proactive thinking and informed decision-making. The conversation emphasizes the significance of understanding financial statements and the empowerment that comes with being in control of one's business.

Takeaways

• The first 90 days focus on relief and basic understanding.

• By 180 days, business owners should feel confident in their systems.

• Confidence is key to making informed decisions.

• Building systems takes time and requires patience.

• Proactive planning is essential for future growth.

• Understanding financial statements leads to better decision-making.

• Business owners should ask 'what if' questions to explore possibilities.

• Regular financial statements help in gaining control.

• Change is a gradual process that requires consistent effort.

• Success is indicated by the ability to make informed decisions.

Chapters

00:00 Introduction and Overview of the Journey

05:33 Transitioning from Relief to Confidence

11:19  Building Systems and Processes

15:09 Proactive Thinking and Future Planning

20:01 Making Informed Decisions

22:18 Outro 

In this episode, Mike and Matt discuss the concept of 'thriving' in business, emphasizing the importance of a shared understanding among team members and clients. They explore how education in accounting can empower business owners to feel in control of their financial situations, navigate tax complexities, and understand profitability. The conversation also highlights the significance of having robust systems and processes in place to support business success.

Takeaways

• Thriving means different things to different people.
• A shared understanding of thriving is crucial for client success.
• Education in accounting helps clients feel in control.
• Clients often feel uncertain about their tax situations.
• Understanding profitability is key to business success.
• Systems and processes underpin effective financial management.
• Clear communication fosters a better client-provider relationship.
• Proactive outreach can enhance client satisfaction.
• Clients should know the value of their business.
• Identifying blind spots can prevent financial mismanagement.

Chapters

00:00 Introduction to Thriving in Business

05:33 Defining Thriving: A Shared Understanding

11:34 The Role of Education in Thriving

17:57 Understanding Tax Situations

23:47 Profitability Management and Business Value

28:41 The Importance of Systems and Processes

34:45 Outro

In this episode of the One Step Better Business podcast, hosts Mike and Matt delve into the intricacies of payroll processing costs. They discuss how businesses can determine if they are overpaying for payroll services, the various pricing structures used by payroll companies, and the hidden fees that can inflate costs. The conversation emphasizes the importance of understanding billing methods, reviewing contracts, and evaluating the overall value of payroll services. Listeners are encouraged to take a proactive approach in managing payroll costs to ensure they are getting the best value for their investment.

Takeaways

• Payroll processing costs can vary widely among providers.
• Many businesses are unaware of the true costs of their payroll services.
• Understanding billing structures is crucial to avoid overpaying.
• Hidden fees can significantly increase payroll expenses.
• Reviewing contracts and invoices is essential for cost management.
• It's important to have transparent conversations with payroll providers.
• Small businesses may face higher per-employee costs initially.
• Evaluating the value of payroll services is more important than just price.
• Consider the overall efficiency and process improvements when assessing payroll costs.
• If everything is working well, a small price difference may not warrant a change.

Chapters

00:00Unique Food Experiences

05:13Understanding Payroll Processing Costs

23:22 Outro

In this episode of the One Step Better Business podcast, Mike and Matt discuss the types of clients that Whirks works best with, as well as those that present challenges. They emphasize the importance of transparency in client relationships and outline specific characteristics of ideal clients, including their willingness to adapt and their financial stability. The conversation also touches on the significance of technology integration and the industries that align well with Whirks' services.TakeawaysWhirks values transparency in client relationships.Rigid clients often struggle to adapt to new processes.Clients must be willing to change for successful partnerships.Cash flow issues can hinder effective payroll management.Technology integration is crucial for seamless operations.Home care, restaurants, and accounting firms are ideal clients.Service-based businesses benefit from Whirks' expertise.Clients should challenge the status quo for improvement.Employee experience is vital for retention and recruitment.Whirks aims to simplify clients' operations for better outcomes.Navigating Client Relationships at WhirksThe Importance of Client Fit in Business"We love being transparent about client fit.""We need to evaluate all those systems.""Employee experience is a big deal."Chapters00:00 Introduction to Client Fit03:10 Identifying Poor Client Matches08:32 Understanding Client Needs and Expectations13:29 Exploring Ideal Client Profiles18:26 Conclusion and Call to Action26:54 Outro