Shows
Pay Play ProfitREPLAY: Multistate Income Tax: Understanding It and How to Get Prepared for ItIf you’re planning to or already starting to do business across states, you’ve got to know what’s going on from an income tax perspective. A multistate income tax is different from a sales tax. And a multistate income tax can have a lot of different names attached to it depending on the state. Joining us today once again is Chris Mahler, CPA who is also part of our TBL family strategic partner and compliance consultant. We dive into multistate income tax – what is it and how do we get prepared for it? A multista...2023-06-2728 minPay Play ProfitREPLAY: Key Areas to Consider When Dealing with High Inflation for Goals-Based PlanningInflation is here – and it's here to stay for a bit. Obviously, we have to deal with it, but how? In today’s episode, we discuss some things you have to think through to shield yourself from inflation, or at least mitigate its impact. Hindsight is a good teacher. And so, if you can capture those lessons and put them in your plans for your future, you're going to be better prepared when the next cycle comes around because there will be another cycle. Hopefully, you will also learn to figure out what specific information will...2023-06-2037 minPay Play ProfitREPLAY: Direct Costs vs. Expenses & Why You Should Care About Knowing The DifferenceThe best profit decisions are happening with your time, energy, and money, which means more pay, play, and profit in your business and life. And a huge part of that is understanding your financials. Your financials are three-dimensional – profit, tax, and cash flow. You also need to think about direct costs versus expenses in all these three dimensions. “Direct cost” refers to the cost directly tied to your sales. You incur them directly with your sales. “Expense” refers to the operation cost. These are the things you do and spend money on that are not directly tied to the sale...2023-05-3027 minPay Play ProfitREPLAY: Discovering How to Live Your Ideal Entrepreneurial LifeWhat kind of entrepreneurial life do you want? Many people loosely exchange words like freelancer, sole proprietor, small business owner, and entrepreneur but really, they’re not the same. Entrepreneurship is a long journey and has its different seasons. For instance, you may have been freelancing for a while to get some extra money on the side. Then you probably caught the entrepreneurial bug and decided to make it official and become a sole proprietor or a single-member LLC, which eventually turns into a small business. Indeed, there are levels of entrepreneurship. You can be sma...2023-05-2346 minPay Play ProfitREPLAY: How To Attract New Clients & Set The Right Expectations From The StartHow can you attract new clients and make sure you’re the right fit for each other? There's so much to talk about when it comes to client onboarding, and part of that is learning how to attract new clients and set the right expectations from the start. A partnership is a two-way street, which means your clients also need to know how they can help you serve them better. The magic happens when there’s transparency and you’ve set those expectations upfront. When you get dialed in because people are looking for an accoun...2023-05-1627 minPay Play ProfitREPLAY: How to Help Kids Build Wealth with IRAsIf you are a small business owner with children, putting your kids to work in the business is a great way to start helping them navigate some financial decisions. You’ve got to teach them to put money on the strong side of the table and one of the ways to do that is by getting them to invest in a Roth IRA. A lot of people struggle with financial literacy and it's important to start teaching and training your kids how to understand and utilize money while they're still young. In this episode, learn how you ca...2023-05-0931 minPay Play ProfitREPLAY: Your Ideal Teammate with Trivinia BarberYou’ve probably mastered knowing your customer avatar, but have you taken the time to really figure out who your ideal teammate is? Imagine, this is somebody you’re going to spend 2 to 10 hours a day, depending on the season of life you're in with this person. You’ll perhaps engage with them more than you do your partner or your children sometimes. And yet, people make these decisions on who they're going to hire based off of a 30-minute interview. In today’s podcast, Trivinia Barber, founder of Priority VA, talks about the value of an executiv...2023-05-0237 minPay Play Profit132: REPLAY: Identifying & Overcoming Limiting BeliefsAre you quick to say phrases like, “I won’t,” “I can’t,” or “I shouldn’t?” If so, that's a good sign that you're tapping into a limiting belief. We all have limiting beliefs as a result of our past experiences, family backgrounds, and spiritual or socioeconomic backgrounds. Oftentimes, these beliefs were instilled in us in childhood and we carried them with us as we got older. In this episode, we talk about identifying and overcoming limiting beliefs because that is what will set you free. This is a very powerful conversation to have because a lot of us...2023-04-2537 minPay Play ProfitREPLAY: Discovering Who You Are As An Online Entrepreneur with Katie ChaseDo you feel like you’re a square peg in a round hole as an entrepreneur? Many times, we think we have to get it all figured out right away. Then, we think we have to stay exactly the same as who we were the day we started. If our business doesn't look like it was supposed to look when we set out to start it, we view that as a failure. In today’s episode, Katie Chase shares how her entrepreneurial journey revealed to her where her strength truly lies. Just because you start somew...2023-04-1837 minPay Play ProfitREPLAY: HR Basics For Your Virtual Team with Tameaka SheltonWhat's the cost of protection worth to you? If you're a growing business, and you're involving people in it – even if it's just you and five others in your team, or whether it's virtual or physical – there are a lot of things to navigate around the HR world. Today, Tameaka Shelton of Employ and Relate helps us break down some HR basics that you need to get covered so you can bulletproof yourself and your business in the event of an audit. In fact, this is a foundational thing that small businesses should do when deali...2023-04-1143 minPay Play ProfitREPLAY: 10 Common Bookkeeping Mistakes You Should Know & UnderstandThe health of your accounting and your book starts with the health of your chart of accounts, which is basically an accounting terminology that refers to a list of categories including income, expenses, and liabilities. If your business is extremely consistent in how it’s spending money, what it spends money on, and how it receives money, then you can make sound decisions over the course of 90 days. This is data coming out of the accounting system that you can trust. You need to be able to produce quality data because without excellent data and you don't ha...2023-04-0430 minPay Play ProfitREPLAY: How To Determine Accountable Plan Reimbursements For Home OfficeThe accountable plan is a policy within your company or your entity, which outlines how you reimburse yourself as an owner, employee, or shareholder-employee. And if you have team members within your business, the accountable plan is a good policy for them to get reimbursed for expenses as well. One of the ways you get compensated for your business is wages, distributions, and expenses. And so, you’ve got to know which for what and an accountable plan is a great way to get reimbursed for those expenses. But first, let’s differentiate home office reimbursements from home...2023-03-2821 minPay Play ProfitREPLAY: Using An Accountable Plan To Create Tax-Free Reimbursements If you're a small business owner with employees and you still don’t have an accountable plan, then now is the time to start thinking about it. In this episode, we're diving into using an accountable plan to create tax-free reimbursements – in a legal way. Every decision is a profit decision, and profit is measured in time, energy, and money, and that especially happens around your tax, your tax strategies, and your policies. And if you’re able to hit all three, this means more pay, play, and profit for you and your business! Basic...2023-03-2135 minPay Play ProfitREPLAY: Quarterly & Annual Planning EOS StyleIt's almost Thanksgiving! It's also a great time of year to understand what quarterly and annual planning should look like because, as an entrepreneur, you want to schedule your success and not lose traction. At The Bottom Line®, we’re following the EOS (Entrepreneurial Operating System) style where we break our annual planning down into 90-day segments to make sure that we’re still aligned with our annual goal. Now, the bigger the goal is, the more you can lose focus. If the goal feels too big, it can get overwhelming to the point that your pr...2023-03-1443 minPay Play ProfitREPLAY: Email Marketing for eCommerce with Chris OrzechowskiAre you scared of emailing people just because you think you’re going to bother them? Whether you’re still new to ecommerce or you’re scaling to grow your brand, it’s crucial that you know how to run email marketing campaigns effectively. Today, email copywriter Chris Orzechowski talks about why having an email marketing campaign is one of the keys to your success as a business owner. Chris skipped his day job as a school teacher to focus on email copy, something he has always enjoyed. He loves working on campaigns as well as seeing...2023-03-0735 minPay Play ProfitREPLAY: Setting the Table for a Remarkable Client ExperienceWhether you’re selling products or services, digital courses, or memberships, having a clear picture of what your client experience looks like will help you create the kind of relationship you want to build with your clients. While there is no perfect client, no perfect team, no perfect accountant, and no perfect business, relationships are still the key to keeping it all together when some things are not necessarily working at their optimum level. That being said, a remarkable client experience is both exciting and terrifying because relationships take work and it has to continue ev...2023-02-2836 minPay Play ProfitREPLAY: Our 32-Hour WorkweekProfit is measured in time, energy, and money – but how do you achieve a triple win on all three? Here at The Bottom Line, we have made a profit decision to shift from the usual 40 hours to 32 hours per week. We’re working towards making it our full-time standard, even during tax season. In other words, we want to get more done in less time. Part of our vision is to create an environment where people come in motivated, inspired, and feel like they are part of a culture bigger than themselves. Perpetuating a 40-hour work w...2023-02-2139 minPay Play ProfitREPLAY: Getting Your House In Order Before Something Unfortunate HappensWe are not promised tomorrow. If you died or were disabled, how much would your loved ones have to invest in figuring everything out while they're also grieving your loss? If you're an entrepreneur or a business owner and you have children, having a last will and testament is one of the things you need to prioritize. You want to make sure your assets are treated the way you want and that all those things flow while people are also trying to send you off to your "next" adventure. In today’s episode, we're going to...2023-02-1414 minPay Play ProfitREPLAY: Topics to Discuss During Your Annual Shareholders MeetingIf you have a limited liability company, an S Corp, a C Corp, a partnership, or anything that's formal and a legal entity, you need to hold an annual meeting in your business and document certain things that have been decided. In this episode, we will give you a framework to think about for your next annual shareholders meeting. The first quarter of the year is an excellent time to host this meeting because a lot of times, it's an opportunity to prove the financials for the prior year along with any decisions you've made for the...2023-02-0725 minPay Play ProfitREPLAY: Top 12 Questions When Hiring An AccountantYear-end is the perfect time to decide if you're with the right accounting partner. In this episode, Ashley Travis, our digital marketing person at The Bottom Line®, joins us to talk about the top 12 questions you should consider asking when it's time to hire an accountant, tax preparer, or accounting team for your business. Ashley pulled these 12 questions together based on the things we get asked all the time here at The Bottom Line® and on some things that she saw people from other communities asking. These are not easy conversations to have but they're necessary and crucial. ...2023-01-3143 minPay Play ProfitREPLAY: Our Proven Process and Why Every Business Needs OneDo you have a proven process? If yes, do you have a visual form of your proven process? And does 20% of the process drive 80% of your results? If you answered no to any of these questions, then you must listen to today’s episode as we dive into our proven process here at The Bottom Line®. In fact, it took us almost nine years to get a proven process. Although we've had processes all along, we didn’t clearly understand what a proven process was and what it could do for us until we started the Entrepreneurial Opera...2023-01-2422 minPay Play ProfitREPLAY: Common Retirement Plans for Small BusinessesIf you still haven’t been planning for retirement, there’s no better time to start than now. Maybe you're a spender and not a natural saver or maybe you're too much of a saver and don’t spend money when you should. Either way, this can cause issues down the road because there's a difference between spending, investing, and stewarding. Whether you have a spending problem, you haven't been brought up to prioritize planning for retirement, or you lack education on all of this, you can always start now. Today, we're going to dive into the common...2023-01-1725 minPay Play ProfitREPLAY: How to Master Cash Predictions Through BudgetsMost small businesses fail because they no longer have the cash to continue. And if you're growing a business, you've got to keep everybody on the same page and have the tools in place to drive extreme clarity. In this episode, we're going to talk about how to master cash predictions through budgets. As a business owner, you have to get good at predicting. By putting the right systems and processes in place, you’re able to make more accurate and faster predictions, especially that predicting cash through a budget could be painful the very first time yo...2023-01-1033 minPay Play ProfitREPLAY: Top 50 Tax DeductionsAs a business owner, you definitely want to maximize your tax deductions. In simple terms, a tax deduction is anything you spend or incur in your business that is an expense of some sort. It's a deduction against the revenue of your business, whether you consider it a cost of goods, an expense, or even a home office deduction. Sometimes, tax deductions are not 100%. In particular, most people think about meals when talking about tax deductions. In 2021, all meals have only been 50% deductible. That being said, the business can pay for what it needs to pay...2023-01-0346 minPay Play ProfitREPLAY: Scheduling Your Success With Time OffWhen was the last time you took a day off? It's every entrepreneur's dream to have the freedom, flexibility, and discretion to take time off whenever they want. A lot of entrepreneurs want that freedom but they never get around to taking it. As we get older, we need time off even more than we did when we were younger. We also need to play more than ever. After all, what’s the point of hustling so hard if we're not taking the time to play and rest? Today, we dive into scheduling yo...2022-12-2743 minPay Play ProfitREPLAY: Quarterly & Annual Planning EOS StyleAt The Bottom Line®, we’re following the EOS (Entrepreneurial Operating System) style where we break our annual planning down into 90-day segments to make sure that we’re still aligned with our annual goal. Now, the bigger the goal is, the more you can lose focus. If the goal feels too big, it can get overwhelming to the point that your productivity suffers. EOS teaches you how to compartmentalize and break down your goals into 90-day steps so they become more achievable. Most importantly, you’ve got to do this in a way that’s aligned...2022-12-2043 minPay Play ProfitLeveraging Your Core Values to Hire, Fire, Reward, and Recognize in 2023People matter, and prioritizing people has great rewards. But it comes with great responsibility and great risk that it can be daunting and overwhelming. Today, we're going to talk about leveraging your core values to hire, fire, reward, and recognize in 2023. If you're not really great at hiring because you don't hire a lot, or you've never hired before, hopefully, this episode will give you the inspiration to lay the groundwork for you to set yourself up for success. As an EOC company, clarity is one of our superpowers. Our culture is strong and our...2022-12-1354 minPay Play ProfitYear-End Books 2022: Financial Closing Checklist to Put Your Year Behind YouLet's dive into another hot year-end topic as we discuss the financial closing checklists to put your year behind you. People need to care about having their books updated before year-end. It's not for tax reasons, but so that you can clearly see how your business is doing and make strategic decisions for you and your business along the way. You've got to get your books together. Make sure all of your income and expenses are represented properly. And if you're an S Corp, an LLC S Corp, or a C Corp, make sure you've go...2022-12-0618 minPay Play ProfitAnnual Planning 2022: Crafting One-Thing Commitments For Growth In 2023Today, we're diving into our annual planning for 2022 and we’ll show you how we’re crafting our one-thing commitments for growth in 2023. This activity is actually a part of the EOS way. But whether you're on EOS or not, this exercise definitely applies to every single business. Trust is the foundation for every relationship and it has been a very important ingredient in our journey with EOS for the last two years and in our last 10 years in business in general. Building trust is a 24/7 opportunity. And part of building that trust is to have some form...2022-11-2928 minPay Play ProfitGratitude & Giving 2022: TBL Team Gathers to Share in The Spirit of The SeasonAs part of our yearly tradition, our team is gathered here today to dive into our Word of the Year. Every year, we pick a theme that we want the company to focus on as a whole. In 2022, our theme was Shine and Be Kind. And so, today, we discuss some lessons about giving or receiving kindness that we are grateful for in 2022. We’re also sharing our individual Word of the Year for 2022 as well as the best laughs we’ve had this year. As we celebrate the season of giving, let's all...2022-11-2240 minPay Play ProfitYear-End Tax 2022: Last-Minute Deductions To Consider Before 12/31It's the end of 2022 and there have been some new things that have been flying through about taxes this year. From the new reporting requirements for returns to new credits and new things around energy being done. You can't navigate this all on your own because frankly, we can't either. It's a frenzy most of the time, especially when we're cycling up to an election year. And this is the very reason you don't want to wait until December 31. Today, we discuss six powerful business tax deduction strategies you need to think about. Talk to...2022-11-1544 minPay Play ProfitCrafting & Delivering Your Company Core Values Speech QuarterlyIn this episode, we dive into crafting and delivering your Company Core Values Speech quarterly. How? By sharing our own core values speech at The Bottom Line. We have our core values speech that happens every quarter. And we decided to share it for you to have an idea of what our team hears every quarter. Hopefully, you will find value in it. In March 2023, we will be celebrating 10 years as a business online. In January 2020, even before the pandemic actually hit, the company was facing some big decisions. Ultimately, we decided to adopt the EOS to...2022-11-0824 minPay Play ProfitYear-End Payroll 2022: Completing a Year-End Checklist for January SuccessIn this episode, we're diving into all things payroll. In particular, we focus on completing a year-end checklist for January. It's simply a checklist of things you need to do before the end of the year. This is very important because payroll has very tight deadlines that you need to complete by January 31 of each year. The year-end starts before the last payroll is run for the year. Once the final payroll for the year has been run, your payroll processor like Gusto will start working on things right away. Gusto, in particular, wants you to make...2022-11-0137 minPay Play ProfitKey Areas to Consider When Dealing with High Inflation for Goals-Based PlanningInflation is here – and it's here to stay for a bit. Obviously, we have to deal with it, but how? In today’s episode, we discuss some things you have to think through to shield yourself from inflation, or at least mitigate its impact. Hindsight is a good teacher. And so, if you can capture those lessons and put them in your plans for your future, you're going to be better prepared when the next cycle comes around because there will be another cycle. Hopefully, you will also learn to figure out what specific information will...2022-10-2537 minPay Play ProfitDiscovering How to Live Your Ideal Entrepreneurial LifeWhat kind of entrepreneurial life do you want? Many people loosely exchange words like freelancer, sole proprietor, small business owner, and entrepreneur but really, they’re not the same. Entrepreneurship is a long journey and has its different seasons. For instance, you may have been freelancing for a while to get some extra money on the side. Then you probably caught the entrepreneurial bug and decided to make it official and become a sole proprietor or a single-member LLC, which eventually turns into a small business. Indeed, there are levels of entrepreneurship. You can be sma...2022-10-1845 minPay Play ProfitMultistate Income Tax: Understanding It and How to Get Prepared for ItIf you’re planning to or already starting to do business across states, you’ve got to know what’s going on from an income tax perspective. A multistate income tax is different from a sales tax. And a multistate income tax can have a lot of different names attached to it depending on the state. Joining us today once again is Chris Mahler, CPA who is also part of our TBL family strategic partner and compliance consultant. We dive into multistate income tax – what is it and how do we get prepared for it? A multista...2022-10-1128 minPay Play ProfitWhat To Know & Understand About Building a Team Across Multiple StatesA lot of people have this idea that they can just open a shop in whatever state they want and just send the paycheck to the person working remotely. Well, it’s actually more complicated than that because there are some things you need to consider to ensure compliance when it comes to hiring from outside of your state. At The Bottom Line®, we’ve been doing this for almost 10 years now, and so, we’d like to share with you what has worked for us – and not. Joining us today is Chris Mahler, our strategic partner and compli...2022-10-0433 minPay Play ProfitEstablishing Financial Scorecards to Build & Grow Your Financial ConfidenceMaybe you're wondering what data you should be paying attention to, and what KPIs or metrics should you be doing. There are numbers that give you safety and those are the numbers you’re drawn towards. Then there’s also data that can be challenging and frustrating. And so, you just don’t like dealing with those kinds of numbers. There are so many pieces to financials and financial numbers, and the things that impact those numbers. We do understand that it can be very daunting and overwhelming. But you also have to understand that you have to kno...2022-09-2759 minPay Play ProfitBack to The Basics Checklist to Achieve Breakthrough When You Are StuckFeeling stuck in your business? Well, don’t we all get that feeling at some point? Maybe you’re wondering why you can’t get to the seven figures or nothing just seems to work, we all have been there. When you’re at this point in your business where you feel stuck, you’ve got two choices. You either whine and stay stuck – or you do something to break through that ceiling. In this episode, we’re going to help you get that clarity you need with a simple yet special toolbox that we use here at The...2022-09-2036 minPay Play ProfitCelebrating Our First 100 Episodes of The Pay Play Profit PodcastHere at The Bottom Line®, we’re always celebrating our wins, big and small – and today, we’re celebrating our first 100 episodes of The Pay Play Profit Podcast! If you think running a podcast is easy, well, it’s not. Launching a podcast is just half of the battle. The other half is making sure we’re releasing something valuable each week, and that requires a lot of dedication. That’s why it pays to have a partner who can keep us accountable. As they say, “it takes a village” – and that includes producing a podcast too. We believe partners...2022-09-1347 minPay Play ProfitHow to Determine Accountable Plan Reimbursements for Home Office - Part 2The accountable plan is a policy within your company or your entity, which outlines how you reimburse yourself as an owner, employee, or shareholder-employee. And if you have team members within your business, the accountable plan is a good policy for them to get reimbursed for expenses as well. One of the ways you get compensated for your business is wages, distributions, and expenses. And so, you’ve got to know which for what and an accountable plan is a great way to get reimbursed for those expenses. But first, let’s differentiate home office reimbursements from home...2022-09-0621 minPay Play ProfitOfficers Compensation vs. Shareholder Compensation vs. Wages & SalariesThe decisions you make today create what you own tomorrow. That's why you need to code your wages and know the differences between them. You want to create straight lines and clarity across all the players by making sure you're breaking down everything in your books. Today, let’s delve into the officers compensation vs. shareholder compensation vs. wages & salaries. Knowing the difference is important. You want the tax return filed more efficiently and accurately because “reasonable compensation” is a big deal. Being able to draw those lines and separate them out also allows you to anal...2022-08-3017 minPay Play ProfitDirect Costs vs. Expenses & Why You Should Care About Knowing The DifferenceThe best profit decisions are happening with your time, energy, and money, which means more pay, play, and profit in your business and life. And a huge part of that is understanding your financials. Your financials are three-dimensional – profit, tax, and cash flow. You also need to think about direct costs versus expenses in all these three dimensions. “Direct cost” refers to the cost directly tied to your sales. You incur them directly with your sales. “Expense” refers to the operation cost. These are the things you do and spend money on that are not directly tied to the sale...2022-08-2327 minPay Play ProfitHow to Attract New Clients & Set The Right Expectations From The StartHow can you attract new clients and make sure you’re the right fit for each other? There's so much to talk about when it comes to client onboarding, and part of that is learning how to attract new clients and set the right expectations from the start. A partnership is a two-way street, which means your clients also need to know how they can help you serve them better. The magic happens when there’s transparency and you’ve set those expectations upfront. When you get dialed in because people are looking for an accoun...2022-08-1627 minPay Play ProfitUsing An Accountable Plan To Create Tax-Free ReimbursementsIf you're a small business owner with employees and you still don’t have an accountable plan, then now is the time to start thinking about it. In this episode, we're diving into using an accountable plan to create tax-free reimbursements – in a legal way. Every decision is a profit decision, and profit is measured in time, energy, and money, and that especially happens around your tax, your tax strategies, and your policies. And if you’re able to hit all three, this means more pay, play, and profit for you and your business! Basically, an acco...2022-08-0934 minPay Play ProfitAdopting A Company 401k To Maximize Tax Savings With Guideline & GustoIt can be so intimidating to start to talk about a 401k for yourself as a business owner, much less adopt a company 401k, especially if you're just a two-person team with your first deputy team member. If retirement and being aggressive towards retirement are on your radar, there's no better time than now to understand what adopting a company 401k means. The savings for you could be substantial depending on how your financials look and where you are at in the season of your life. It’s also worth noting the importance of having the...2022-06-2831 minPay Play Profit10 Common Bookkeeping Mistakes You Should Know & UnderstandThe health of your accounting and your book starts with the health of your chart of accounts, which is basically an accounting terminology that refers to a list of categories including income, expenses, and liabilities. If your business is extremely consistent in how it’s spending money, what it spends money on, and how it receives money, then you can make sound decisions over the course of 90 days. This is data coming out of the accounting system that you can trust. You need to be able to produce quality data because without excellent data and you don't ha...2022-06-2130 minPay Play ProfitKingdom Life, Business, and Motherhood with Elizabeth OschwaldBeing a mom and an entrepreneur at the same time sure comes with a lot of struggles, and at times, self-doubt. But when you’re putting in the hard work of investing in yourself and building your business with faith, everything is possible! In today’s episode, writer and entrepreneur mom Elizabeth Oschwald joins us as we discuss her journey through motherhood and entrepreneurship. Elizabeth’s life's work is being a mom, yet she also knows that building a business doesn't have to be to the detriment of her family. In fact, it only made her fam...2022-06-1446 minPay Play ProfitUsing The Safe Harbor Method for Quarterly Estimated Tax PaymentsJune 15 is just around the corner, which means there’s another quarterly estimated tax payment due. Just a quick recap, the estimated tax payments are due in January, April, June, and September. (With January 15 as the fourth estimated tax payment since it's for the Q4 of the prior year's estimated tax) Quarterly estimated tax payments refer to money owed to the IRS to help make payments against the tax liability you're going to file for on April 15 or your extended deadline respectively. Unless you have a liability of less than $1,000, the IRS expects you to make payments al...2022-06-0720 minPay Play ProfitPaying For Your SBA COVID-19 Economic Injury Disaster LoanIn this episode, we talk about some things you need to consider when paying for your COVID-19 Economic Injury Disaster Loan (EIDL). Funded by the Small Business Administration (SBA), the EIDL was one of the ways to help small businesses take care of their cash flow needs related to their business operations. If you're just sitting there on your SBA money, and you didn't use it, now is absolutely the time to figure out whether you need to keep it. Otherwise, you should likely consider paying it back if you're not going to use it in a...2022-05-3118 minPay Play Profit2022 Cryptocurrency Basics & Tax TreatmentIf you're battling with some decisions and indecision related to cryptocurrency, we want to share what we know (so far) about the world of cryptocurrency. We admit it’s something very new to us but we have clients who are already in the space and are about to be in this space. And so, we want to meet them where they’re at, slowly but surely. In January 2022, we sent someone in our team to a cryptocurrency tech summit so she could learn more about cryptocurrency and bring some things back to our team and get the basic...2022-05-2435 minPay Play ProfitSetting the Table for a Remarkable Client ExperienceWhether you’re selling products or services, digital courses, or memberships, having a clear picture of what your client experience looks like will help you create the kind of relationship you want to build with your clients. While there is no perfect client, no perfect team, no perfect accountant, and no perfect business, relationships are still the key to keeping it all together when some things are not necessarily working at their optimum level. That being said, a remarkable client experience is both exciting and terrifying because relationships take work and it has to continue ev...2022-05-1735 minPay Play ProfitThe 2022 New Hire Experience: 3 Mindset Shifts for Rewarding ReturnsWhether you’re starting, scaling, or sustaining a business one of the cornerstones of success is creating a great overall experience – for your customers, your team, and your partners as well. But one of the things often overlooked by companies when scaling a business is the new hire experience. Why should you care about this? In this episode, we talk about the THREE mindset shifts you need to make as a business owner or as a company when it comes to new hires to make sure you’re getting rewarding returns. Whether...2022-05-1041 minPay Play ProfitPlanning Your 2022 Summer Sales SuccessOftentimes, as business owners and entrepreneurs, we look forward to summers as a time for play and vacation. But if you can get your ducks in a row early, then you have the time to take a summer vacation and really enjoy it without worrying or wondering about whether you're hitting your goals. If you prepare and put those in motion now, then you'll be able to breathe easier in the summer. And if you think April is a little too late for the summer sales party, well, there's still time to tweak some things to set y...2022-04-2645 minPay Play ProfitOur 32-Hour WorkweekProfit is measured in time, energy, and money – but how do you achieve a triple win on all three? Here at The Bottom Line, we have made a profit decision to shift from the usual 40 hours to 32 hours per week. We’re working towards making it our full-time standard, even during tax season. In other words, we want to get more done in less time. Part of our vision is to create an environment where people come in motivated, inspired, and feel like they are part of a culture bigger than themselves. Perpetuating a 40-hour work w...2022-04-1939 minPay Play Profit084: How to Help Kids Build Wealth with IRAsIf you are a small business owner with children, putting your kids to work in the business is a great way to start helping them navigate some financial decisions. You’ve got to teach them to put money on the strong side of the table and one of the ways to do that is by getting them to invest in a Roth IRA. A lot of people struggle with financial literacy and it's important to start teaching and training your kids how to understand and utilize money while they're still young. In this episode, learn how you ca...2022-04-1230 minPay Play ProfitWorking Through The Challenges of Growth & CapacityEvery entrepreneur wants a business that could outlive them. For that to become a success, you have to be very clear on what you want and make sure everybody is on the same page in terms of where you want to go and grow. This takes a great deal of honesty with your capacity as a leader and an individual. Therefore, the impact has to come from the top down to the bottom line. It’s a top-down issue. You're never going to solve capacity issues in your team if there's not clarity at the top and if...2022-04-0528 minPay Play Profit082: Financial KPIs & Data Cadences For Your Online BusinessWhether you're starting a business or you've already been growing and scaling your business, it might get to the point where it becomes challenging to deal with the complexity of its growth, all of the things you need to measure, and keeping things simple, practical, and powerful. Reducing complexity is challenging but you can keep things simple yet powerful by having the right KPIs and data cadences in place. In this episode, we're going to dive into financial KPIs and data cadences for your online business. KPI stands for key performance indicator, which refers to t...2022-03-2942 minPay Play Profit081: People & Culture Is Bigger Than Processing PayrollPayroll is part and parcel of any company structure, but there’s more to it than just processing payroll – and that’s People and Culture. In today’s episode, we're going to dive into how People and Culture in HR is bigger than processing payroll. The HR function should not just be cutting checks for payroll or signing off on a handbook. It's more about finding ways to communicate with your employees how important they are and letting them know and feel how much you appreciate them. People and Culture starts with payroll because t...2022-03-2226 minPay Play Profit080: Getting Your House In Order Before Something Unfortunate HappensWe are not promised tomorrow. If you died or were disabled, how much would your loved ones have to invest in figuring everything out while they're also grieving your loss? If you're an entrepreneur or a business owner and you have children, having a last will and testament is one of the things you need to prioritize. You want to make sure your assets are treated the way you want and that all those things flow while people are also trying to send you off to your "next" adventure. In today’s episode, we're going to...2022-03-1513 minPay Play Profit079: How HSAs Benefit You Now and At RetirementCan you make a deductible contribution to an HSA (Health Savings Account)? Will the distribution in the HSA be tax-free or penalty-free? In today's episode, we're sharing these two flowcharts which you can use as a tool to help determine if this is going to be the right path for you to implement for yourself personally, or in your business (for yourself and your employees). This is only a 30,000-feet view because there are a lot of people involved before you actually buy into this decision. We’re talking about your insurance company, tax professional, and even yo...2022-03-0816 minPay Play ProfitTopics to Discuss During Your Annual Shareholders MeetingIf you have a limited liability company, an S Corp, a C Corp, a partnership, or anything that's formal and a legal entity, you need to hold an annual meeting in your business and document certain things that have been decided. In this episode, we will give you a framework to think about for your next annual shareholders' meeting. The first quarter of the year is an excellent time to host this meeting because a lot of times, it's an opportunity to prove the financials for the prior year along with any decisions you've made for the cu...2022-03-0124 minPay Play ProfitOur Proven Process and Why Every Business Needs OneDo you have a proven process? If yes, do you have a visual form of your proven process? And does 20% of the process drive 80% of your results? If you answered no to any of these questions, then you must listen to today’s episode as we dive into our proven process here at The Bottom Line. In fact, it took us almost nine years to get a proven process. Although we've had processes all along, we didn’t clearly understand what a proven process was and what it could do for us until we started the Entrepreneurial Oper...2022-02-2221 minPay Play Profit076: An EOS Journey with Kevin Rogers & Rachel MazzaIn this episode, Kevin Rogers and Rachel Mazza share their EOS journey and how, together, they have created a rocket-fueled business. With Kevin as the visionary of Copy Chief, and Rachel Mazza as the integrator, they have clearly defined their roles, allowing them to approach their business with clarity and accountability. Created by Gino Wickman, the Entrepreneurial Operating System or EOS was based on his book Traction, which serves as the nucleus of this program. The EOS focuses on function, not titles. It's not the label, but more about what it is that you're owning a...2022-02-1551 minPay Play Profit075: Common Retirement Plans for Small Businesses in 2022If you still haven’t been planning for retirement, there’s no better time to start than now. Maybe you're a spender and not a natural saver or maybe you're too much of a saver and don’t spend money when you should. Either way, this can cause issues down the road because there's a difference between spending, investing, and stewarding. Whether you have a spending problem, you haven't been brought up to prioritize planning for retirement, or you lack education on all of this, you can always start now. Today, we're going to dive into the common retirement plans...2022-02-0124 minPay Play ProfitScheduling Your Success With Time Off In 2022When was the last time you took a day off? It's every entrepreneur's dream to have the freedom, flexibility, and discretion to take time off whenever they want. A lot of entrepreneurs want that freedom but they never get around to taking it. As we get older, we need time off even more than we did when we were younger. We also need to play more than ever. After all, what’s the point of hustling so hard if we're not taking the time to play and rest? Today, we dive into scheduling you...2022-01-2542 minPay Play Profit1099 Reporting & New Laws for 20221099 in early 2022 is a hot topic. It's all over the news and the world is freaking out about 1099s. In this episode, we want to lay the foundation again and remind everyone, whether you're new or old, whether you've been in business for a while or are just getting started, what a 1099 is. We want to talk about what it's for, the basic requirements we all need to understand about 1099s, and when to report them. Remember, the IRS changes the rules all the time. They send whatever letters they want, whenever they want, and for any r...2022-01-1826 minPay Play ProfitKey Tax Deadlines For 2022In this episode, we talk about 2022 tax deadlines. Everyone should know when they need to file their taxes and pay their estimated taxes. If you show up with your accountant or tax pro on the day you have to get your tax return done, you're probably already too late to get it done in time. So, today we're going to break things down to the basics. We want to bring out all this information so you will stop acting like the IRS is your boss. We want to protect you in a way where you don't overpay a...2022-01-1135 minPay Play ProfitHow to Master Cash Predictions Through BudgetsMost small businesses fail because they no longer have the cash to continue. And if you're growing a business, you've got to keep everybody on the same page and have the tools in place to drive extreme clarity. In this episode, we're going to talk about how to master cash predictions through budgets. As a business owner, you have to get good at predicting. By putting the right systems and processes in place, you’re able to make more accurate and faster predictions, especially that predicting cash through a budget could be painful the very first time you...2021-12-2832 minPay Play ProfitTBL Team Thanksmas 2021 HighlightsIn this episode, the entire team at The Bottom Line CPA joins us to share our Thanksmas highlights. We spent a lot of time and energy having fun together and wanted to give you a glimpse into our world and what's happening behind the scenes. It was nice that, for this one day, we just focused on building relationships with one other. All of us took our work hats off and just relaxed and opened up. Everybody was in their element: we weren’t necessarily grinding to get things done but were just free and happy. Simply, we...2021-12-1730 minPay Play ProfitIdentifying & Overcoming Limiting BeliefsAre you quick to say phrases like, “I won’t,” “I can’t,” or “I shouldn’t?” If so, that's a good sign that you're tapping into a limiting belief. We all have limiting beliefs as a result of our past experiences, family backgrounds, and spiritual or socioeconomic backgrounds. Oftentimes, these beliefs were instilled in us in childhood and we carried them with us as we got older. In this episode, we talk about identifying and overcoming limiting beliefs because that is what will set you free. This is a very powerful conversation to have because a lot of us...2021-12-1436 minPay Play ProfitUnderstanding Tax Deductions for Mileage & VehiclesIn this episode, we dive into understanding tax deductions for mileage and vehicles. We get lots of questions about vehicles before the end of the year because people want to know if they can buy a vehicle with all of their profit and get a tax deduction for it. Well, hopefully. Like all tax subjects, things can get a little confusing because there are different options to consider. You shouldn’t just spend your money to save on taxes. At the end of the day, it’s a profit decision that you need to make. T...2021-11-3033 minPay Play ProfitQuarterly & Annual Planning EOS StyleIt's almost Thanksgiving! It's also a great time of year to understand what quarterly and annual planning should look like because, as an entrepreneur, you want to schedule your success and not lose traction. At The Bottom Line CPA, we’re following the EOS (Entrepreneurial Operating System) style where we break our annual planning down into 90-day segments to make sure that we’re still aligned with our annual goal. Now, the bigger the goal is, the more you can lose focus. If the goal feels too big, it can get overwhelming to the point that y...2021-11-2342 minPay Play ProfitTop 50 Tax Deductions in 2021As a business owner, you definitely want to maximize your tax deductions. In simple terms, a tax deduction is anything you spend or incur in your business that is an expense of some sort. It's a deduction against the revenue of your business, whether you consider it a cost of goods, an expense, or even a home office deduction. Sometimes, tax deductions are not 100%. In particular, most people think about meals when talking about tax deductions. In 2021, all meals have only been 50% deductible. That being said, the business can pay for what it needs to pa...2021-11-0246 minPay Play ProfitTop 12 Questions When Hiring An AccountantYear-end is the perfect time to decide if you're with the right accounting partner. In this episode, Ashley Travis, our digital marketing person at The Bottom Line CPA, joins us to talk about the top 12 questions you should consider asking when it's time to hire an accountant, tax preparer, or accounting team for your business. Ashley pulled these 12 questions together based on the things we get asked all the time here at The Bottom Line and on some things that she saw people from other communities asking. These are not easy conversations to have but they're necessary and crucial.2021-10-1943 minPay Play ProfitInventory & Operational Expectations in 2021Today, Lindsey Fronaphel CPA joins us as we dive into inventory and operational expectations in 2021. There are a lot of moving parts to inventory, making it a big deal especially in the world of e-commerce. If you don't have inventory, you don't have sales. You have to keep your eyes on your inventory levels so you don’t run out of it and in order to maximize sales. You also need to understand not only the financial and operational pieces of it but what it means to your growth and scalability as well. At Bottom Lin...2021-10-0534 minPay Play ProfitThe Tale of Two Desks & Their MeaningWhat does your desk say about you? Are you the cluttered or clean desk type? Do you have post-it notes all over or is the OCD-ness in you evident in your desk being filled with Clorox wipes, air spray, and all the other cleaning supplies you have? Our desks actually tell a lot about us and how we work. Today, we talk about the tale of two desks and their meanings. This episode is about what our desks say about us and what your desk might say about you; there are different strokes for different folks. At t...2021-09-2836 minPay Play ProfitGaining Momentum with Your Executive AssistantAs a visionary or an executive, you may get it in your head sometimes that you’re hiring people for yourself. However, you’re there as a leader for your people. Success depends on the growth of your leadership. Therefore, you have to be the leader that your people are proud to serve. At The Bottom Line CPA, we're in the process of adopting the Entrepreneurial Operating System (EOS) founded by Gino Wickman. As a result of that, everything has been changing in the last 18 months. Today, Jessica brings in Mary Beth Pennington, a longtime employ...2021-09-2142 minPay Play ProfitUnderstanding The Employee Retention CreditThe Employee Retention Credit is a new credit that came out of the CARES act. The federal government put it in place to try to keep employees employed. They are giving employers money back to ensure this. The credit is basically a refund of the Social Security and Medicare taxes you have paid on your employees’ wages. The idea behind the credit is to defer your payroll taxes. By the time the taxes are due, you will have this credit so you potentially won't owe them. However, as with everything in the CARES act, things are...2021-09-1433 minPay Play ProfitCulture That Champions CybersecurityWith the increase of cyber-attacks in our world today, it’s no longer a matter of if but when. Don’t think IT stuff is only for big companies; it’s for everybody. Whether it’s through identity fraud or an information breach, getting your security and your company’s security compromised could cost you everything you’ve worked for. Chris Mahler, CPA, is back on our episode today. We dive into the topic of creating a culture that champions cybersecurity as an integral part of reimagining entrepreneurial success. People trust us with a lot of information...2021-09-0736 minPay Play ProfitWhat Your Tax Pro Needs To Know For Tax PlanningIn this episode, Chris Mahler CPA joins us as we take a deep dive into what your tax pro needs to know for tax planning. We specifically touch on two parts. The first is the difference between tax planning and tax compliance. The second is the difference between basic planning and advanced planning. We want to reimagine entrepreneurial success and keep it simple, practical, and powerful. Although tax isn’t always practical, the practical part is being able to have a better understanding of what needs to be done as well as when and how it needs to...2021-08-3139 minPay Play ProfitEvolution of Setting & Achieving GoalsOver the years, we have seen how the way we’re setting and achieving our goals has evolved. A huge part of our growth and traction is the Entrepreneurial Operating System (EOS) that we’ve implemented in our business. When we first started out, we had short-term goals such as getting the blogpost or newsletter done or sending out emails once a week. Back in August 2020, we decided to be an EOS company. One year later, we have seen the tremendous impact it has had on our business. It has been life-changing not only for our business but f...2021-08-2439 minPay Play ProfitPowering Your Profit Decisions Through Clarity BreaksIn this episode, learn how you can make some breakthroughs by taking on very intentional scheduled clarity breaks and how you can start making better profit decisions in your business. Our company has been running on the Entrepreneurial Operating System (EOS) and it has truly moved the needle in terms of leadership in our leadership team, the performance of our entire organization, and the growth of our money in general. One of the tools in the EOS process is clarity breaks. Whether or not you adopt EOS, the tenets of clarity breaks and making profit de...2021-08-1723 minPay Play ProfitPricing for Profitability in 2021 & BeyondIn this episode, we dive into pricing. Not all sales are created equal. There are several reasons that that happens. One of those reasons is that every decision is a profit decision where profit is measured in time, energy, and money. Therefore, when we sell something, it requires time, energy, and money. Now, if you have good money but it robs you of your time and energy, that's not a good pricing model. Additionally, if you have time to pull it off but it's not profitable, that's not an ideal pricing model either. You should e...2021-08-1036 minPay Play ProfitUnderstanding the 2021 Child Tax CreditIn this episode, we talk about the 2021 Child Tax Credit and give you a baseline on what this credit is and what it isn't. The Child Tax Credit has existed since the 1990s but just this year, President Joe Biden put forth the Advanced Child Tax Credit as part of the American Rescue Plan. Today, we’re going to discuss some of the changes and adjustments that have been made. Our role on this podcast is to help you see around blind corners and help you know what you don't know. We want you to understand the ad...2021-08-0523 minPay Play ProfitCelebrating Y21Q02 Profit DistributionsIt's the end of the quarter which means it's profit distribution time! At Profit Hero, we celebrate the end of each quarter. We hope this episode inspires you to also celebrate profit distribution by the end of Q3. The end of each quarter is sometimes bittersweet for us because not everybody has the same story. However, there are always good things at the end of each quarter, no matter what that looks like. If you're still not putting profit back into your business, then get started right now. Make it simple. Make it small. But de...2021-08-0321 minPay Play ProfitPaycheck Protection Program Deadlines June 2021The pandemic is not over. Even in this post-pandemic world, small businesses are still feeling the impact of it. In order to help alleviate the pains of many small businesses, the government created the Paycheck Protection Program. But there are deadlines associated with it as well. In this episode, we're going to dive into Paycheck Protection Program Deadlines (June 2021 edition) and what people need to know about it if they've not yet walked through forgiveness. There's a big deadline coming up for paycheck protection forgiveness and the forgiveness aspect of this program is what has...2021-06-2914 minPay Play ProfitDiscovering Who You are as an Online Entrepreneur with Katie ChaseDo you feel like you’re a square peg in a round hole as an entrepreneur? Many times, we think we have to get it all figured out right away. Then, we think we have to stay exactly the same as who we were the day we started. If our business doesn't look like it was supposed to look when we set out to start it, we view that as a failure. In today’s episode, Katie Chase shares how her entrepreneurial journey revealed to her where her strength truly lies. Just because you start somew...2021-05-2537 minPay Play ProfitBaby Steps to Financial Projections for Your Online BusinessWhen you're in the season of your business where you’re ready to scale, whether you're one person or a company of 10 or 100, you've got to start thinking about doing financial projections. However, a financial projection is not just about cash flow forecasting. There’s actually more to it than that. In this episode, we dish out the five baby steps to doing financial projections for your online business. Every business has its own ebb and flow. That’s why it’s important to have this as part of your regular process so you’re abl...2021-05-0427 minPay Play ProfitEmail Marketing for eCommerce with Chris OrzechowskiAre you scared of emailing people just because you think you’re going to bother them? Whether you’re still new to ecommerce or you’re scaling to grow your brand, it’s crucial that you know how to run email marketing campaigns effectively. Today, email copywriter Chris Orzechowski talks about why having an email marketing campaign is one of the keys to your success as a business owner. Chris skipped his day job as a school teacher to focus on email copy, something he has always enjoyed. He loves working on campaigns as well as seeing...2021-04-2734 minPay Play ProfitMembership Mastery with Shane SamsIs your online business paying you $1 an hour – worse than your previous job? Are you tired of selling online courses that you’re not even sure someone is going to buy or perhaps you’ve already reached your peak? If you’re at a point in your online business right now where you feel stagnant or stuck and you’re trying to figure things out, consider the power of a membership model. Every decision is a profit decision and profit is measured in time, energy, and money. In today’s episode, Shane Sams j...2021-04-2047 minPay Play ProfitHR Basics For Your Virtual Team with Tameaka SheltonWhat's the cost of protection worth to you? If you're a growing business, and you're involving people in it – even if it's just you and five others in your team, or whether it's virtual or physical – there are a lot of things to navigate around the HR world. Today, Tameaka Shelton of Employ and Relate helps us break down some HR basics that you need to get covered so you can bulletproof yourself and your business in the event of an audit. In fact, this is a foundational thing that small businesses should do when deali...2021-04-1343 minPay Play ProfitOnline Legal Basics with Bobby KlinckAre you fond of using images, memes, and GIFs on your website? FYI: All of those things are copyrighted. So if you're using those in your business for a commercial purpose, you're almost certainly violating someone's copyright and you're putting yourself at risk. And that could mean being charged thousands of dollars! People have also been fed this notion that all you need is an idea and a laptop and you can make money. But you’ve got to understand enough about your money and about the legal stuff to avoid problems down the...2021-04-0637 minPay Play ProfitAdopting a Growth Marketing Mindset with Sarah Mae IvesWas your last business a failure? Then how is your next one going to be any different? One of the challenges business owners have is trying to get away from other people’s approval. We could get so wrapped up in what other people might say about us. But if you truly want to succeed in business, you have to make that conscious decision to change your personal narrative from “I’m NOT going to be successful” to “I’m just going to go for it!” In this episode, social media ads strategist and business owner, Sarah Mae...2021-03-3028 minPay Play ProfitHomeschooling & Entrepreneurship with Dr. Brenda MurphyWhat do you do when you have a child who is falling through the cracks while you’re also running and growing your business at the same time? How can you give your child the right kind of understanding and support they need when you’re also struggling to juggle things as an entrepreneur? In this changing environment, there are things that also need to be changed in our educational settings. First, you need to have that mindset of investing in education yourself. In this episode, Dr. Brenda Murphy, President and CEO of...2021-03-2335 minPay Play ProfitHow to Reimagine Entrepreneurial Success for LongevityLeadership, in general, is under attack right now. And as a leader, it's time for you to start reimagining entrepreneurial success so you can continue to serve and make a difference in the world. This episode draws inspiration from Craig Groeschel, a pastor, a dedicated leader, and author of the book, Winning the War in Your Mind: Change Your Thinking, Change Your Life. He came up with this training called How to Last in Ministry and in his presentation, he mentioned 10 essential points leaders should live by every single day. It also makes perfect sense ho...2021-03-0229 minPay Play Profit2020 Tax Update - State’s Choice on Deductibility for Paycheck ProtectionThis episode is BREAKING NEWS related to the 2020 tax update regarding the choice of states on the deductibility for paycheck protection. We feel it's important to get the word out because this is one of those little hidden minefields that nobody knows about. And frankly, your tax preparers, accountants, or advisors may not even know about this. After all, there's just so much to know. So here it is... Most states all follow the actual federal guidelines for the Paycheck Protection Program. However, there are some states that are not following the federal s...2021-02-2318 minPay Play ProfitUnderstanding S-Corp Reasonable CompensationWhether you're earning $5,000 a month in sales or $1,000 a month in sales up to seven figures in sales, we highly suggest you take the time to listen to this episode and understand some things you need to know about an S-Corp – because, ultimately, you're going to want this information, especially when we’re talking about tax savings. The amount of tax savings you can have by being an S-Corp can be very substantial. Even if you're not really ready for one now, you want to make sure that you understand it so you can pull the trigger at a...2021-02-0933 minPay Play ProfitYour Ideal Teammate with Trivinia BarberYou’ve probably mastered knowing your customer avatar, but have you taken the time to really figure out who your ideal teammate is? Imagine, this is somebody you’re going to spend 2 to 10 hours a day, depending on the season of life you're in with this person. You’ll perhaps engage with them more than you do your partner or your children sometimes. And yet, people make these decisions on who they're going to hire based off of a 30-minute interview. In today’s podcast, Trivinia Barber, founder of Priority VA, talks about the value of an executiv...2021-01-2637 minPay Play ProfitSetting Pay Play Profit Goals For 2021Are you in a money-in, money-out situation that you’re still not paying yourself in your business? Remember, you’re running your business – not the business running you. A lot of people have the passion and the mission of their business. But if you're not paying yourself, something's not right. The beauty of Profit First is that you start paying yourself. Our core focus as an organization is to help you reimagine entrepreneurial success with simple, practical, powerful solutions. And we feel like the way to measure that success can be in the form of pay play...2021-01-1939 min