Pay Play Profit – Détails, épisodes et analyse

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Pay Play Profit

Jessica Mae and Marilyn Parham

Business & Entrepreneuriat

Fréquence : 1 épisode/9j. Total Éps: 100

Hosted by Jessica Mae and Marilyn Parham CPA, the Pay Play Profit Podcast for eCommerce and Online Business features practical and passionate conversations about business, finance, tax, operations, leadership, growth planning, Profit First, and more. With decades of combined in-the-trenches experience serving small business owners and their teams, learn how to be a ProfitHERO™️ and what it takes to build an online financial powerhouse from startup to scale-ready while creating more pay, play, and profit. More at www.thebottomlinecpa.com.

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139: REPLAY: Multistate Income Tax: Understanding It and How to Get Prepared for It

Épisode 139

mardi 27 juin 2023 • Durée 28:26

If 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 multistate income tax can be complex but it should not make you pay too much more in overall additional taxes. You're just going to be moving around what you pay to different states. There are a few caveats too that we'll discuss. The good news is there's always help out there as you navigate through all the potential pitfalls that are out there.

In this episode, you will hear:

Understanding the franchise tax and the factor nexus
The three types of nexus
The thresholds for multistate income tax
The minimum requirements for different states
Things to consider when you’re a service provider
The need for protective language in all your agreements

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Supporting Resources:

The Bottom Line CPA

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

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138: REPLAY: Key Areas to Consider When Dealing with High Inflation for Goals-Based Planning

Épisode 138

mardi 20 juin 2023 • Durée 37:22

Inflation 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 help strengthen your ability to predict as a leader so you can steer clear of those blind curves in your business. We are all in the middle of the same hurricane. But there is hope. Inflation is going to come down and things will get better. Just do the things you need to do to get through it!

In this episode, you will hear:

Looking at your cash flow
What to do with your savings, retirements, and investments
Why compartmentalization is both a blessing and a curse
Managing asset and debt issues
The value of getting a plus-one
Things to consider when it comes to taxes – before tax time!
Reassessing your life and disability insurance coverages

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Episode Credits

129: REPLAY: 10 Common Bookkeeping Mistakes You Should Know & Understand

Épisode 129

mardi 4 avril 2023 • Durée 30:49

The 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 have the facts you need, you can't make the best profit decisions.

At the end of the day, your chart of accounts is something you should absolutely know and understand. In fact, it should be a great training tool you can introduce to your team. It should also be a tool for communication between you and your accountant, your tax pro, or whoever is involved in your finances. S don't underestimate the power of a great chart of accounts.

In this episode, we dive into the 10 common bookkeeping mistakes you should know and understand as an entrepreneur. This is an important and relevant topic, even if you don't like bookkeeping because it will give you insights into what you should be paying attention to when laying the foundation in your business in terms of your bookkeeping and your accounting.

In this episode, you will hear:

Paying attention to income and documenting all sources of income
Process fees and third-party seller fees
Payroll and payroll tax
Understanding the different wages related to payroll
Understanding your income or sales tax
Factoring in the benefits
The owner's draw
Treating cashback rewards in two ways
Reporting your refunds properly
Sales as a refund vs. refund in terms of expenses

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128: REPLAY: How To Determine Accountable Plan Reimbursements For Home Office

Épisode 128

mardi 28 mars 2023 • Durée 21:56

The 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 office deductions. Yep! Those two are not the same.

The home office deduction is for the Schedule C filer, which is the sole proprietor or the single member LLC. The home office reimbursement, on the other hand, is a potential tax strategy that a corporation or partnership can use in their accountable plan. Specifically, the home office reimbursement is an expense report to reimburse the employee of a corporation or a partnership when using their home for business purposes.

Now, there's a process to determine accountable plan reimbursements for your home office. In this episode, we're going to walk you through what the process would look like when it comes to handling everything.

In this episode, you will hear:

What is an accountable plan?
Understanding the annual operating costs of the home
Owning a home vs. renting a home
Can home renovation costs be included in your reimbursement?
Calibrating your real cost vs. budgeted cost

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127: REPLAY: Using An Accountable Plan To Create Tax-Free Reimbursements

Épisode 127

mardi 21 mars 2023 • Durée 35:07

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!

Basically, an accountable plan is a policy around how you're going to be reimbursed for expenses inside your business. One of the biggest reasons why you want an accountable plan in place is reduced taxable income and self-employment tax for the owner or the shareholder. It also allows the reimbursement to be excluded from taxable income for employees.

An accountable plan is absolutely legal. If you're ever audited, then you have nothing to fear because then you've got all the structure in place.

In this episode, you will hear:

Accountable plan of a business owner vs. shareholder
Why consider an accountable plan
Entity types that can benefit from an accountable plan
Assumptions made and three rules when setting up an accountable plan
Pros and cons of an accountable plan
Other considerations (ex. meal deduction, home office expense, codes)

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126: REPLAY: Quarterly & Annual Planning EOS Style

Épisode 126

mardi 14 mars 2023 • Durée 43:15

It'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 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 with you and your gifts. Otherwise, you won’t be able to leverage your strengths with the right people in the room and your efforts won’t be as fruitful as they could be.

In this episode, you will hear:

The benefits of using the EOS style
What Quarterly Pulsing looks like
The core value speech
The 3 main objectives of a quarterly planning session
The benefits of quarterly planning
What annual planning looks like

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Supporting Resources:

Book: What the Heck is EOS?

125: REPLAY: Email Marketing for eCommerce with Chris Orzechowski

Épisode 125

mardi 7 mars 2023 • Durée 35:15

Are 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 how a simple 500-word email can make tens of thousands of dollars or how kicking off launch campaigns can end up bringing in millions of dollars.

Now, he has become a master at his trade and does wonderful work to support ecommerce and small businesses. His agency revolves around helping ecommerce business owners grow their brands and grow their revenue through automation.

In this episode, you will hear:

How to overcome the limiting belief that you’re bothering people with your email marketing campaign
Common rookie mistakes in the ecommerce business
What to do if your email marketing fails
9 things to look for in your ecommerce business

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Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

124: REPLAY: Setting the Table for a Remarkable Client Experience

Épisode 124

mardi 28 février 2023 • Durée 36:39

Whether 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 even after onboarding.

In this episode, we're going to dive into the first 100 days of a client's experience, which is a proven process at The Bottom Line. One big key to making transformational success work in our process is in our meet-and-greet session right at the beginning of our 60-minute session with our clients.

As your client’s processor, partner, and protector, depending on the season, you need to look out for each other's blind spots. And if your clients don’t feel they have a safe space to communicate with you, then you miss the opportunity for that partnership to come full circle.

In this episode, you will hear:

The benefits of a Meet-and-Greet
Recognizing the seasons when you need to show up as a processor, a partner, or a protector
Acceptance vs. tolerance
Caring for clients and allowing them to be vulnerable
Meeting people where they are

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123: REPLAY: Our 32-Hour Workweek

Épisode 123

mardi 21 février 2023 • Durée 39:48

Profit 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 week isn't something we want to do. We want to prioritize rest as much as we prioritize hard work. And we also want to prioritize play as much as we want to prioritize hard work.

We also realized that once you’re able to create a container about what you want your business to look like in three years, from the day that you cast that vision, you’re able to set some goals and take the necessary steps to make your goals come into fruition.

In this episode, we’re going to share with you how we’re currently executing our shift to a 32-hour workweek, where we are on this journey, how we’re making the transition without drastically impacting our operations, and some big lessons we’ve learned along the way.

In this episode, you will hear:

Why we decided to do the 32-hour workweek
Where we are on this journey
The impact on our team and our clients and some challenges we had to face
Taking baby steps to make it happen
Practicing the skill to prioritize
Biggest lessons we’ve learned from implementing this process

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122: REPLAY: Getting Your House In Order Before Something Unfortunate Happens

Épisode 122

mardi 14 février 2023 • Durée 14:33

We 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 talk about how you can be as prepared as possible for when bad things happen as well as some things you should be thinking about earlier or sooner than later. A lot of people love to push this topic off because it's tough, but it's a very important, practical conversation to have.

It's important to be proactive because this is one area that families tend to fight about. If you can set things up to dictate how your assets are going to go and flow, then that takes it out of the hands of your children and your family, so there's less fighting.

The more complicated your situation is and the more assets you have, the more you’re probably going to need an attorney. Now, you may have the best intentions but intentions are not legal. And so, your best intentions could go by the wayside if you die before they're instilled.

In this episode, you will hear:

Why you need to have this conversation
Why an operating agreement is critical in your business
It's not too small to have a last will and testament
The Young Adult Power of Attorney

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