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.

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

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.

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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Supporting Resources:

Gusto Payroll

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.

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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Supporting Resources:

Episode 095: Using An Accountable Plan To Create Tax-Free Reimbursements

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.

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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Supporting Resources:

Wine Whiskey & Sarcasm: https://winewhiskeyandsarcasm.com/

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.

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?

Book: Traction

BusinessAccelerator referral

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

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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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

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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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Never Lose a Customer Again by Joey Coleman

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.

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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Supporting Resources:

Entrepreneurial Operating System (EOS)

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.

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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Supporting Resources:

Mama Bear Legal Forms - Last Will & Testament

Mama Bear Legal Forms - Young Adult Power of Attorney

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.

If 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 current year. Then you're documenting those decisions through your meeting minutes which matters a lot to the IRS.

Your business is not you. It's a separate entity, and the IRS sees it as separate from you. So you must do this as an agreement between you and your company. This lets the IRS know that you understand what you're doing and that you're treating it that way so you're not breaking that "corporate veil." If you don't do it, it could very well harm you with your taxes and your legal entity because the IRS could see it as a fault or a breach.

In this episode, you will hear:

• Why you need to hold a shareholders meeting
• How to do it internally and where to do it
• The benefits of holding it in the first quarter
• Why titles matter
• Things to discuss during the meeting
• Getting approval of actions
• What the presentation of the financial statement report looks like

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

RocketLawyer.com

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.

Year-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.

In this episode, you will hear:

• 12 questions to ask when hiring an accountant
• Why it’s important to ask these types of questions
• Knowing their types of clients and experience in the field
• Focusing on relationships, not transactions
• Setting expectations and finding the right fit

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com 

The 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 sales. Everything you spend obviously supports the sales but they're not directly tied to the sale. Now, the IRS has a very defined structure on how they want to see your costs and expenses filed on the tax return. This is part of the tax compliance. 

Today, we're going to dive into direct costs versus expenses, and why you should care about knowing the difference. And as a small business owner, you should definitely care!

Now, you have to get the foundation in place first, because if you don't understand the foundation of direct cost versus expenses, it's hard for you to navigate the three-dimensional conversation.

In this episode, you will hear:

• The difference between direct cost vs. expenses

• Why you should care about the difference

• The importance of having a relationship with your tax accountant

• Why you shouldn’t do miscellaneous expenses or general expenses

• Why your profitability and cash flow are not improving

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

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.

Do 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 Operating System (EOS).

If you are struggling to scale your organization or you have a growing team and you need a manual that you don't have to create, EOS’ proven process may just be what you need. The tools we have been using are just amazing in helping us lead, manage, recruit, and encourage people. And so, we hope it does the same for you.

At the end of the day, managing is all about getting people on the same page – making sure you get their buy-in, they get it, they want it and they have the capacity for it. That's when you know you have the person in the right seat because they exhibit your core values.

In this episode, you will hear:

• What is a proven process?
• The five stages of our proven process
• The three key things that happen at each stage
• Tax planning and tax compliance are two different things
• What our year-round client support looks like

Subscribe and Review

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

TBL Proven Process: https://drive.google.com/file/d/1NKK10WuJTlEmknH1hbBeFGPmKr2mlwgA/view?usp=sharing

Book: Traction by Geno Wickman - https://amzn.to/3dwejaS

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com. 

If 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 for small businesses. We hope to inspire you on what you can do right now and with exactly what you have to plan for retirement and save on taxes

Before we get into the technical stuff, don't come with a mindset that you have to have a retirement plan because you're using it as a measuring stick of your worth. People have different sets of circumstances than you and they're prioritizing things differently than you at this point.

Retirement is the least of many people’s worries. Maybe there's a reason why this hasn't been part of what you've done up to this point. However, when it's the right time for you, it will be the right time for you, even as a business owner. The least you can do is to equip yourself with some knowledge right now so you can use it whenever you're ready.

Just listen to this episode with an open mind because even the smallest movement in this area will make a big impact on you down the road. It's never too early. No amount is too small. Start the process. And don't do it alone!

In this episode, you will hear:

• The trauma many people have with money
• Six common retirement plans for business owners
• Why you need partners and some key people involved
• Having a vision for retirement

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Supporting Resources:
2021 Common Retirement Plans for Small Business

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com. 

Most 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 do it.

We have been doing the Entrepreneurial Operating System (EOS) for more than 18 months now and we're six quarters in. EOS is a powerful operating system based on the book “Traction” by Gino Wickman. It talks about five leadership abilities in growing an organization, and one of them is getting really good at predicting – be it in finance, cash flow, and even with tax. Although you never know what will happen until you get there, you have to predict, at least, based on some assumptions that will drive and create value in your organization.

Through the power of the EOS and how it has helped us evolve as leaders and owners, we now understand that the greatest skill and value we can bring to our organization is the fruit of predicting well. Predicting is the way to drive and create value in your organization – and your finances are no exception.

In this episode, you will hear:

• Why predicting is important in your organization
• Creating containers for financial success based on parameters or prediction
• The volatility of predicting sales
• The biggest lesson of collaboration
• The power of intentionality and focus
• Mastering predictions through budgeting

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Traction by Gino Wickman
https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com. 

As 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 for as long as it has a business purpose. However, within the tax arena, deductions are the things that get to be reduced from your income before tax is calculated.

The goal is to get as much as you can in tax deductions to minimize liability. However, that shouldn't be your only reason. If there's something your business should pay for but you might not get a 100% deduction for it, that shouldn't stop you from doing it.

It can be a complex world out there. Just be consistent and have a process in place and you'll be fine. Don't blame your bookkeeper if your tax return ends up not being right. You need to look at your books because you’re the one who’s going to have to stand up for them in the event of an audit, not them.

Therefore, understand where you need to allocate things and what expenses are what. Once you make those decisions, you won't have to make them again anyway.

In this episode, you will hear:

• What an actual tax deduction is
• Different types of tax deductions for 2021 (merchant processing fees, legal expenses, shipping, postage, dues and subscriptions, etc.)
• Why it’s important to be consistent about the application of an expense
• Factoring in reasonableness that the IRS will look at
• Different types of expenses

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com 

When 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 your success with time off. You're in a business to grow. You're in a business to do big things. Therefore, time off should be your thing.

When you are in a leadership role, there are even more reasons for you to care of yourself. If you enjoy work and taking time off isn’t your idea of freedom, then choose what freedom looks like to you. Use this time to identify what it is you want to do, what it is you want to work on, and how you want to grow this year.

Just to put things in perspective, there are no emergencies in accounting. It's not life and death stuff physically, though it can be emotionally and mentally. You have to figure out how to play both sides.

Ultimately, you can’t define your success by what you accomplish. You're worth it just because of who you are. That alone is enough reason for you to take care of yourself. If you don't think you need it, just try to reconsider. What you do in your time off can vary; regardless, you need that pause button to regenerate yourself. You just have to start small and start somewhere.

In this episode, you will hear:

• Defining freedom for yourself
• Tracking your time and using your calendar
• Protecting your time off
• Developing your ONE thing commitment, protecting it, and honoring it
• Developing the muscle of delegation and trust
• The importance of rest and paying people to get things off your plate
• Planning and scheduling your time off for the whole year

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

www.fullfocusplanner.com/ 

www.rescuetime.com

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com. 

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

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Book: What the Heck is EOS?

Book: Traction

BusinessAccelerator referral

Episode Credits

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

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com 

People 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 core values have helped us pull that off. And so, we want to share with you some tools that we’ve been using to help us leverage our core values in our recruitment and retention process.

The company culture defines who you are as a unit. And part of creating that culture largely depends on the core values that you have created for your company, which you also have to infuse into your process. Once your core values are done well and you’re living them – that’s going to make all the difference.

In this episode, you will hear:
Using your core values to determine the right people
The values translator and who it works
The quarterly conversation process and the people analyzer
Rewarding and recognizing based on core values
What to do if you have the right person and wrong seat – and the wrong person in the right seat
Loving your people on their way out

Subscribe and Review
Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.
We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

EOS®
Ninety.io
Episode 108: Crafting & Delivering Your Company Core Values Speech Quarterly

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.

Let'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 got reasonable compensation, you're handling all of your benefits properly, and those are properly categorized. You've got to have a few key things nailed down such as income, costs, expenses, the dreaded balance sheet, etc.

As we always say, the best work is done when the books are done – and it's for a lot of reasons! Ultimately, the process you'll use is the best process for you.

In this episode, you will hear:

• Getting your books in order
• Reporting your income and debt service payments properly
• Understanding your cost of goods and expenses
• The beauty in a balance sheet
• Finding the process that works for you

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Xero Accounting

Pocket More Profit Master Class

Stress Less Tax Prep Master Class

The Bottom Line® Newsletter

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.

Today, 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 of planning.

If you're making this a commitment for your leadership team, you will grow together as a team and be able to practice vulnerability – a muscle that you have to learn to use continually. This is a great time for everyone in the leadership to receive feedback and be vulnerable and kind.

Remember, you will feel every ounce of growth you ask for when you want it. And depending on how hard you want to play this one-thing commitment will help you discover that. 

In this episode, you will hear:

• How commitment exercise in the leadership team works
• Start or stop statements are a trust builder
• Why vulnerability requires risk
• What the one-thing commitment statement looks like
• Capitalizing on your asset, which is your team member

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

EOS
The Five Dysfunctions of a Team by Patrick Lencioni

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.

As 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 be thankful and kinder to ourselves and each other in the process.

In this episode, you will hear:

• Why kindness is not just about feeling good
• Viewing humility as the willingness to learn
• Being mindful of what you put out to the world
• Going over our individual “word of the year” and how it manifested for us this year
• Our best laughs for 2022
• Our favorite Thanksgiving foods

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

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.

What 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 small and still be entrepreneurial. The question is, are you loving and truly living the season you’re in right now?

Today, we’re doing an off-the-cuff book review of “The EOS Life” by Gino Wickman. He wrote this book to cast a vision for the visionary, the business owner, the entrepreneur, the operator, or whoever is trying to figure out what it is they wanted. 

It's important to understand where you're at in your season and journey and what that needs to look like. Regardless of where you are on the spectrum, today is the day to start moving the needle toward where you really want to go.

In this episode, you will hear:

• Learning how to delegate and having an accountability chart
• Doing what you love with people you love
• Making a huge difference and making sure things are aligned with your values
• Creating leaders and investing in your team and people
• Understanding what appropriate compensation looks like for you
• Finding time for your other passions
• Living your ideal life

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

The EOS Life by Gino Wickman

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.

It'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 your accountant or tax pro about what makes sense for you because there's nothing more personal than tax. Every situation is different so make sure to understand how it relates to you and your tax situation.

Lastly, please show grace to your accountants and tax preparers. There's a lot that you depend on them for and hopefully, you're with the one that you trust, because this is one of those times when partnership matters a lot.

In this episode, you will hear:

• Pre-paying your expenses and delaying billing your customers
• Buying office equipment to write it off through depreciation
• Using credit cards correctly and dealing with qualified improvement property
• Deduction strategies for vehicle purchases to save on taxes
• Last year-end retirement deductions and medical plan strategies
• Year-end strategies for marriage, kids, and family, and your investment portfolio

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Gusto
Guideline
Why Hiring Your Child or Grandchild Is A Rock-Solid Profit Decision For Your Business

Episode 084: How to Help Kids Build Wealth with IRAs

The Bottom Line® Newsletter

***

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.

In 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 help us get focused and clear on what we really wanted to do.

In the two years of this three-year process, we have resolved our identity crisis and we have come back home to the vision, purpose, and mission that God set us on, all those years ago. And part of the EOS process is to have a quarterly core values speech for every team member to reflect on and have a conversation around it.

Our core values are the foundations that our vision is built, therefore, we have to live out these core values every day.

In this episode, you will hear:

• How EOS has impacted the business
• Culture as the unseen force that drives operational results
• The importance of delivering a core values speech every quarter
• Our core values speech this quarter
• What every core value in our company looks like and doesn’t look like

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

EOS

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.

In 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 sure you've completed a good portion of your year-end checklist before December 27 of each year. They want to be able to file everything on time because January is such a big month, which is when you're filing the quarter-end forms and the year-end forms. Then there's another round of deadlines and dates by the 31st of the month as it relates to payroll. The farther in advance that you can start and get the process going before 12/31, the better.

Everybody has a responsibility to make sure their payroll is right and companies need to make sure their employees are involved and they do their part. Finally, if you’re a business owner who doesn’t have the time for this, just remember that because you delegate doesn't mean you're not responsible for it.

In this episode, you will hear:

• Every employee and contractor, (current and dismissed) should be added to Gusto
• What to do when adopting new systems and software
• Adding fringe benefits and employees’ ​​retirement deductions and contributions to Gusto
• Marking shareholders in your employment details
• Making sure employees’ work addresses are updated properly
• Reporting special compensations

Subscribe and Review
Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.
We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:
Gusto

The Bottom Line® Newsletter

***

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.

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

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Episode 101: Back to The Basics Checklist to Achieve Breakthrough When You Are Stuck

The Bottom Line® Newsletter

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.

What 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 small and still be entrepreneurial. The question is, are you loving and truly living the season you’re in right now?

Today, we’re doing an off-the-cuff book review of “The EOS Life” by Gino Wickman. He wrote this book to cast a vision for the visionary, the business owner, the entrepreneur, the operator, or whoever is trying to figure out what it is they wanted. 

It's important to understand where you're at in your season and journey and what that needs to look like. Regardless of where you are on the spectrum, today is the day to start moving the needle toward where you really want to go.

In this episode, you will hear:

• Learning how to delegate and having an accountability chart
• Doing what you love with people you love
• Making a huge difference and making sure things are aligned with your values
• Creating leaders and investing in your team and people
• Understanding what appropriate compensation looks like for you
• Finding time for your other passions
• Living your ideal life

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

The EOS Life by Gino Wickman

The Bottom Line® Newsletter

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.

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

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Episode 103: What To Know & Understand About Building a Team Across Multiple States

The Bottom Line® Newsletter

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.

A 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 compliance consultant here at The Bottom Line®. 

In this episode, we're diving into what you need to know and understand about building a team across multiple states. Sure, it’s a nice idea to believe you can hire anybody from anywhere. But then you’ve got to start counting the cost and what that actually means administratively, financially, and from a tax perspective. Don’t freak out or get worried about all this because there are experts who can do all this for you. But at least you want to be able to see around the blind corners when it comes to making decisions around payroll.

In this episode, you will hear:

• How states have different laws and statutes
• Factoring in states that are more advantageous than others
• Why hire your first employee from the state you’re in
• What “nexus” means and the types of nexus
• Why partnership is important in your business
• Choosing your payroll provider

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Gusto Payroll

Employ and Relate

TaxValet

QuickBooks

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.

Maybe 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 know your numbers. You've got to fall in love with data without judging yourself in the process of it. 

Today, we talk about numbers. Learn how to establish your financial scorecards to build and grow your financial confidence. If you find yourself in a season of not feeling stable or you can't see around blind corners, if you're worried about debt and you're concerned about your tax bill, then that's what your financial scorecards are supposed to start helping give you confidence in. The more confidence you have about what's happening, the more you can start to predict.

At the end of the day, growth is the goal. And not having a three-dimensional perspective of profit, tax, and cash flow can hurt you when it comes to your finances. 

In this episode, you will hear:

• The importance of having a financial scorecard
• Having a season of observation
• Weekly numbers you need to look at
• The importance of cash flow balance
• Cash metrics to look at on a monthly basis
• Data as your tool, not a weapon

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Supporting Resources:

Entrepreneurial Operating System

Episode 101: Back to The Basics Checklist to Achieve Breakthrough When You Are Stuck

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.

Feeling 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 Bottom Line®. 

The Entrepreneurial Operating System® or EOS® program is a powerful tool that trains you on how to get super clear and understand what you need to do to get to where you want to go and who you need to do it with.

Today, we dive into the EOS® toolbox to share with you this checklist, which is actually a tool to help make you step back so you can identify the areas where you’re currently stuck. Identify the problem, otherwise, you can’t fix it. 

In this episode, you will hear:

• What it means when a company “hits a ceiling”
• The five leadership abilities: Simplify, Delegate and Elevate, Predict, Systematize, and Structure
• The “five questions” checklist
• The importance of clarity breaks

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Entrepreneurial Operating System

Rocket Fuel by Gino Wickman

Traction by Gino Wickman

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.

Here 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 partnerships fuel transformation.

In this episode, we recall our top five episodes of all-time as well as our personal favorites. We’re also sharing some tips if you’re thinking about doing a podcast. One of the things we learned is that you don’t have to release an episode every day. Whether you do it every week or twice each month, consistency is key!

If you’re looking to truly connect and move the needle for someone, then maybe podcasting is worth a try. At the end of the day, it's a profit decision. And as what we always mention here over and over – every decision is a profit decision, and profit is measured in time, energy, and money.

In this episode, you will hear:

• Why it’s helpful to pay for accountability
• Tips in launching a podcast
• Why the first seven days of downloads is the most important
• Our top five episodes of all time
• Our vision for this podcast in the future

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Our Top Five Episodes of All Time:

• 042: Understanding S-Corp Reasonable Compensation
• 050: Email Marketing for eCommerce with Chris Orzechowski
• 068: Understanding Tax Deductions for Mileage & Vehicles
• 066: Top 50 Tax Deductions in 2021
• 002: The Recipe for Building an Online Financial Powerhouse

Our Personal Favorites:

• 070: TBL Team Thanksmas 2021 Highlights
• 063: The Tale of Two Desks & Their Meaning
• 067: Quarterly & Annual Planning EOS Style

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.

How 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 accountant or a tax person, those are not relationships that people just walk out of all of a sudden. Otherwise, they’re leaving for two reasons. Either they didn't feel served, or they just couldn't afford you anymore. Ultimately, a partnership is similar to marriage – you have to be in it for the long haul. 

In this episode, you will hear:

• The discovery process: things clients should expect
• Customer service is your number one marketing tool.
• How selling can be a service
• The four things we want clients to know upfront
• Diving into the client to understand them better
• Putting everything in writing

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Xero

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.

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

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Episode 095: Using An Accountable Plan To Create Tax-Free Reimbursements

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.

The 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 analyze your business better. For instance, officers compensation and shareholders wages should not be reflected in your operation. And if you're a sole proprietor or a single-member LLC, you don’t get wages and salaries. Instead, you get an owner’s draw, which should not be part of your expenses. 

This is actually very straightforward if you understand the hats you have on. States and federal agencies are ever more transparent now and all these things are going to tie down at some point. Therefore, you have to make sure that your processes around your finances and your partnerships are all on the same page. 

In this episode, you will hear:

• The owner’s draw in a sole proprietorship or single-member LLC
• The difference between a shareholder and an officer
• What happens when you’re a shareholder who’s also working in the business?
• The team’s wages go to W2 wages and salaries, not contract labor
• Filing forms and timelines
• Managing expectations around relationships
• The benefits of getting your books correctly right now

Subscribe and Review

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

097: Direct Costs vs. Expenses & Why You Should Care About Knowing The Difference

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.

The 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 sales. Everything you spend obviously supports the sales but they're not directly tied to the sale. Now, the IRS has a very defined structure on how they want to see your costs and expenses filed on the tax return. This is part of the tax compliance. 

Today, we're going to dive into direct costs versus expenses, and why you should care about knowing the difference. And as a small business owner, you should definitely care!

Now, you have to get the foundation in place first, because if you don't understand the foundation of direct cost versus expenses, it's hard for you to navigate the three-dimensional conversation.

In this episode, you will hear:

• The difference between direct cost vs. expenses
• Why you should care about the difference
• The importance of having a relationship with your tax accountant
• Why you shouldn’t do miscellaneous expenses or general expenses
• Why your profitability and cash flow are not improving

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

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.

How 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 accountant or a tax person, those are not relationships that people just walk out of all of a sudden. Otherwise, they’re leaving for two reasons. Either they didn't feel served, or they just couldn't afford you anymore. Ultimately, a partnership is similar to marriage – you have to be in it for the long haul. 

In this episode, you will hear:

• The discovery process: things clients should expect
• Customer service is your number one marketing tool.
• How selling can be a service
• The four things we want clients to know upfront
• Diving into the client to understand them better
• Putting everything in writing

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Xero

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.

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) 

Subscribe and Review

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Wine Whiskey & Sarcasm: https://winewhiskeyandsarcasm.com/

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.

It 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 right partners in place. At The Bottom Line®, we have found the best partners in the market that we have used in our business and with our clients. First, is Guideline, a retirement platform that offers a wide range of 401k products. Our other partner is Gusto, which is our payroll partner.

Adopting a company 401k is a huge decision because there are a lot of moving parts to it. It impacts not only you as the business owner, but also your employees and the company itself. It impacts your cash flow, your profitability, and your taxes. 

Therefore, it’s crucial to have that mental acuity and clarity to make sure that you're adopting a company 401k at the right time, backed with all the facts and the data, and having the right partners to help you set up the right type of plan and systems based on how you're structured and how your finances are going. 

In this episode, you will hear:

• The three scoops of a profit decision
• Mindset shifts you need to make before embarking on this
• When to know it’s time to make the call
• Understanding the fees involved
• Things to think about when designing your plan
• Timeline for implementation
• Employer matching, non-elective contribution, profit sharing
• The importance of an integrated payroll solution
• The concept of the Safe Harbor
• How Guideline can help you with compliance
•  

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Gusto

Guideline

Previous Episodes:

Episode 075: Common Retirement Plans for Small Businesses in 2022

Episode 079: How HSAs Benefit You Now and At Retirement

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.

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

Subscribe and Review

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Gusto Payroll

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.

Being 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 family stronger, being able to fulfill a purpose beyond just them. Elizabeth is the founder of The Joyful Mama, where she leads a community of moms. She also serves with MIG Living, a wonderful health and wellness company that creates an opportunity for single moms or stay-at-home moms to generate income. 

Elizabeth learned about kingdom entrepreneurship from an ad she saw, which stirred her spirit. It talked about the tug of war between someone who is called to ministry to work for Jesus and someone who wants to create an abundant life for their family. It spoke about how entrepreneurship was the best path to creating an abundant life and how it’s possible to blend your calling to ministry and your calling to entrepreneurship.

Having walked through the journey of single motherhood herself, Elizabeth is extremely passionate about helping homeschooling entrepreneurial mothers and she continues to evolve as a kingdom builder.

In this episode, you will hear:

• Her struggles as a single mom
• Meeting her husband
• The idea behind kingdom entrepreneurship
• How she blends motherhood and entrepreneurship
• How Elizabeth got involved in MIG
• Dabbling in a network marketing model
• The drive to help other people win
• Getting into the right mindset
• The power of investing in yourself

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

The Joyful Mama

The Joyful Mama Show

MIG Living

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.

June 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 along the way. This is in addition to your deputy payroll withholdings if you have a salary.

When you're on the payroll for W-2, those things are being held from your paycheck, then sent off by your employer, and paid along the way. When you're self-employed or have additional tax above what's being withheld, they want to see you making quarterly estimated tax payments.

Ultimately, it is your responsibility as a taxpayer to understand estimated tax payment liabilities and make those payments. This is not a burden that you have to carry alone as you can share the burden with the right tax pro. Still, it’s important to understand that it is your responsibility. And if you didn't pull it off the way you'd hoped in the current tax year, don’t worry as there's another one coming. And as you keep practicing and refining your process, you will eventually get into the rhythm that works for you. 

In this episode, you will hear:

• What is a safe harbor method?
• The two scenarios for using the safe harbor method
• Setting money aside for tax when you’re using Profit First
• Adjustment of payments for estimates if you’re income increases or decreases by 40%
• Looking at all your income sources
• Slightly adjusted safe harbor for high-income earners

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Profit First

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.

In 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 way that's going to earn more than what the interest is costing you.

For those businesses that took advantage of this opportunity, the bills are coming due. They've delayed it several times so there has been some confusion on the due dates. People have started getting email notifications. In their last email notification around mid-April, they stated they had deferred payments for another six months. 

Since the interest rates are so low, the payments are extremely reasonable considering its 30-year payment schedule too. So it shouldn't hurt the bank account of small businesses too much if you’re getting ready to book a loan repayment. 

In this episode, you will hear:

• Requesting an increase in your EIDL loan as a second loan
• How to check your balance on your SBA EIDL loan
• When to start making payments
• No prepayment penalty for EIDL loans
• What happens if you miss a payment
• Getting other loans when you have an SBA EIDL loan in place

Subscribe and Review

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

SBA EIDL Loan

Check your balance here: Capital Access Financial System

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.

If 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 can help your kids build wealth with IRAs. Find out what they need to do to set up their own retirement account, how much they need to contribute, and the benefit of doing a Roth IRA. Finally, take a look at the compounding effect of a Roth IRA that will hopefully inspire your kids to start investing today.

No age is too young and no amount of money is too small. You can make a big difference in your kids’ lives by encouraging and empowering them to build wealth through IRAs. No matter your kid’s age, it’s important you get them started now. It has to start with the right education and mindset. Learn how you can help your kids build their future today!

In this episode, you will hear:

• Qualifications
• Amount of contribution
• How to set up an individual retirement account
• The benefit of your kids getting a Roth IRA
• Some scenarios showing the compounding effect of a Roth IRA
• Ways to access the money before the age of 59 ½ 

Subscribe and Review

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

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.

If 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 basics under our belt.

One of the things we found out is that merchants utilizing crypto for payment are paying less in fees. As you're learning more about crypto, you could be saving money in merchant fees, which can quickly add up.

So far, there are no brokerage crypto statements coming out yet. And if you're planning to play in this digital field, you have to have the checks and balances you need to properly report because that reporting piece is loose at best right now. It depends on which coin you're dealing with, which platform you're dealing with, or how well-formed it is because there is no clearly defined regulation right now. Frankly, it’s all being built. 

If you're going to play in the wild, wild west of cryptocurrency, make sure you have the right controls and tools in place to stay organized. You have to represent your data well when it comes to tax time because you don't want to overpay in tax, and you want to be able to rely on data. 

In this episode, you will hear:

• What is cryptocurrency?
• Why people are leery of crypto
• Is crypto legitimate?
• An example of how the transaction works
• How cryptocurrency impacts your taxes
• Tax implications of cryptocurrency

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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.

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

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Never Lose a Customer Again by Joey Coleman

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.

Whether 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 you’re hiring a new person into the company or moving an existing employee to another department, failing to plan on your onboarding and considering what type of situation the person will be in is going to have a huge impact on your strategies and objectives.

In this episode, you will hear:

• Why should people care about the new hire experience
• Designing a value-driven onboarding process for the first 90 days
• Designing a culture-focused onboarding process
• Designing a recognition-based onboarding process
• The STARS model
• Why you need to identify early wins

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Visionary and Integrator 411 Gift Exchange Blog 

Visionary and Integrator 411 Gift Exchange Podcast 

The First Ninety Days by Michael Watkins

Find EOS Communities here: The EOS Pulse

The STARS Model

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.

Oftentimes, 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 yourself up for success. 

In this episode, we're going to talk about five things you can do to prepare for your summer success. We specifically look at what you need to do when it comes to your data, outcomes, goals, tracking, strategy, and capacity.

Start learning to become proactive because what you build today creates what you own tomorrow!

In this episode, you will hear:

• Why you need meaningful data
• Crafting your vision of the future
• Setting SMARTER goals
• Tracking informational data vs. actionable data
• Strategy: Visibility and outreach
• The capacity piece of the conversation

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

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.