Pay Play Profit

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

S2 EP203: Navigating The Stellar Brands™ Acquisition and What's Next For TBL® 07/10/2025

S2 EP203: Navigating The Stellar Brands™ Acquisition and What's Next For TBL® In this special roundtable episode of Pay Play Profit, host Jessica Mae Stafford, former Visionary of TBL and now Head of Sales & Partnerships at Stellar Brands, is joined by key leaders from both organizations to share the story behind TBL’s acquisition by Stellar Brands and what it means for the future. Marilyn Adkerson, CPA, Founder of TBL, reflects on her transition into retirement and the journey that led to this pivotal moment. Bobby Hoyt, Founder and Visionary of Stellar Brands, shares why acquiring TBL aligned perfectly with Stellar’s mission and long-term vision. Ariel Bash, Integrator™ of Stellar Brands, speaks to how she is balancing the preservation of TBL’s culture while ensuring alignment with Stellar’s growth vision. Ashley Travis, Head of Finance/HR and TBL Operations at Stellar Brands, offers insight into the smooth integration process and the stability it has brought to both teams. Jessica Mae Stafford leads the conversation and adds her own perspective on legacy, leadership transitions, and the heart behind choosing Stellar as TBL’s new home. Together, this leadership team reflects on the past, shares behind-the-scenes details from the transition, and casts a shared vision for the future of TBL within Stellar Brands. 🔑 Key Takeaways Marilyn reflects on her retirement and passing the torch. Bobby discusses the organic nature of the acquisition and its alignment with Stellar’s mission. Ariel highlights the importance of cultural integration without losing identity. Ashley emphasizes operational alignment and new energy for the future. Jessica shares the leadership transition from TBL’s Visionary to her current role at Stellar. The team shares a united vision of growth, client care, and meaningful community building. 📍 Chapters 00:00 – Introduction to the Stellar Brands Acquisition 02:43 – Marilyn’s Transition and Reflections 05:41 – Bobby’s Perspective on the Acquisition 08:53 – Integration Process and Team Dynamics 11:43 – Ariel’s Approach to Culture and Integration 17:46 – Client Experience and Future Improvements 20:41 – Vision for Success in 12 Months 26:44 – Closing Thoughts and Reflections 💬 Soundbites (By Speaker) 🎙️ Jessica Mae Stafford “Even though it was an acquisition, it felt like combining forces.” 🎙️ Marilyn Adkerson, CPA “It was just the right time.” “Where there is no vision, the people perish.” 🎙️ Bobby Hoyt “I didn’t feel like it was a business I needed to fix. I knew it was already a great business.” “It just made so much sense.” 🎙️ Ariel Bash “How do we protect what TBL has built while staying true to Stellar’s vision?” “When people care this much, it means you’re doing something right.” 🎙️ Ashley Travis “We’re not sacrificing or changing our soul—it’s like we’re building on it.” “Everything went smoother than I imagined—and the team didn’t feel the weight of it.” 📞 Ready to Take the Next Step? If you’re a business owner looking for clarity, confidence, and a true partner in your back office success—we’d love to connect. Book a Discovery Call with Jessica Mae Stafford and explore how TBL powered by Stellar Brands can support your next big move. 👉 Let’s build something brilliant—together. /episode/index/show/payplayprofit/id/37356465

S2 EP202: CPA, EA, Bookkeeper, Tax Preparer... Who Does What — and Who Do You Really Need In 2025? 06/26/2025

S2 EP201: Profit Clarity in 2025 - Small Business in a Complex Tax & Trade World 06/21/2025

S2 EP201: Profit Clarity in 2025 - Small Business in a Complex Tax & Trade World Summary In this episode of Pay Play Profit, Jessica Mae Stafford discusses the complexities small businesses face in today's tax and trade environment. She emphasizes the importance of adaptability, strategic planning, and the role of technology, particularly AI, in enhancing business operations. The conversation covers various topics including tax strategy, the impact of tariffs, sales tax shifts, and the resilience required to thrive in uncertain economic times. Jessica encourages entrepreneurs to leverage tools like Profit First for better cash management and to maintain a human touch in their business interactions. Takeaways It's essential to stay flexible and adapt to changes every two weeks. Small businesses are crucial to the economy and should not be overlooked. Tax strategy involves planning and compliance, and it's vital to have a knowledgeable partner. Tariffs are a significant concern for many small business owners today. Understanding sales tax shifts is crucial for compliance and business operations. Resilience in business is intentional and requires grit. AI should be used as a helper tool, not a replacement for human interaction. Profit First is an effective cash management strategy for small businesses. Every decision made in business should be viewed through the lens of profitability. Maintaining a strong client experience is key to successful marketing. Sound Bites "Tax is strategy, planning, and compliance." "Tariffs are hurting small business owners." "Resilience is intentional." "Your client experience is your marketing." "AI is a helper tool, not a replacement." "Don't remove the humans from your business." "Every decision is a profit decision." Chapters 00:00 Welcome Back to Pay Play Profit 03:01 Navigating Small Business in a Complex Tax World 05:54 Understanding Tax Strategy and Compliance 09:11 The Impact of Tariffs and Trade on Small Businesses 11:50 Sales Tax Shifts and Economic Nexus 14:57 Resilience and Opportunity in Uncertain Times 18:04 The Role of AI in Business 21:08 Tactical Playbook for 2025 and Beyond 23:58 Final Thoughts and Call to Action Call To Action with The Bottom Line® today - yes, Jess actually hosts the calls with our client prospects to ensure we have the best fit. /episode/index/show/payplayprofit/id/36957635

139: REPLAY: Multistate Income Tax: Understanding It and How to Get Prepared for It 06/27/2023

139: REPLAY: Multistate Income Tax: Understanding It and How to Get Prepared for It 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/27192999

138: REPLAY: Key Areas to Consider When Dealing with High Inflation for Goals-Based Planning 06/20/2023

138: REPLAY: Key Areas to Consider When Dealing with High Inflation for Goals-Based Planning 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 . 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 Let them know we sent you. /episode/index/show/payplayprofit/id/27169362

137: REPLAY: Direct Costs vs. Expenses & Why You Should Care About Knowing The Difference 05/30/2023

137: REPLAY: Direct Costs vs. Expenses & Why You Should Care About Knowing The Difference 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 . 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 Let them know we sent you. /episode/index/show/payplayprofit/id/26734827

136: REPLAY: Discovering How to Live Your Ideal Entrepreneurial Life 05/23/2023

136: REPLAY: Discovering How to Live Your Ideal Entrepreneurial Life 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/26724177

135: REPLAY: How To Attract New Clients & Set The Right Expectations From The Start 05/16/2023

134: REPLAY: How to Help Kids Build Wealth with IRAs 05/09/2023

134: REPLAY: How to Help Kids Build Wealth with IRAs 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 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 . 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 Let them know we sent you. /episode/index/show/payplayprofit/id/26682588

133: REPLAY: Your Ideal Teammate with Trivinia Barber 05/02/2023

133: REPLAY: Your Ideal Teammate with Trivinia Barber You’ve probably mastered knowing your customer avatar, but have you taken the time to really figure out who your ideal teammate is? Imagine, this is somebody you’re going to spend 2 to 10 hours a day, depending on the season of life you're in with this person. You’ll perhaps engage with them more than you do your partner or your children sometimes. And yet, people make these decisions on who they're going to hire based off of a 30-minute interview. In today’s podcast, Trivinia Barber, founder of Priority VA, talks about the value of an executive assistant, and how we, as business owners and entrepreneurs, need a right-hand person in our life. It's a great profit decision that will have a return on in terms of time, energy, and money. Trivinia Barber is the founder of Priority VA where they match executive assistants with entrepreneurs all around the globe. She started the company as a result of her own problem as a former executive assistant herself. Now, her company is focused on executive assistants and helping them get placed with high-level clients who understand the value of a team member and that they can only get as far as they can go with a team they can trust. In this episode, you will hear: Building your team is an investment, not a cost Finding your ideal teammate and characteristics to look for A sample demonstration of the Ideal Teammate Avatar training Your needs change so be willing to revisit the roles Why an executive assistant should be your first hire The 3 things an executive assistant can provide How to get yourself prepared on the financial side 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 . 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 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 /episode/index/show/payplayprofit/id/26057463

132: REPLAY: Identifying & Overcoming Limiting Beliefs 04/25/2023

132: REPLAY: Identifying & Overcoming Limiting Beliefs Are you quick to say phrases like, “I won’t,” “I can’t,” or “I shouldn’t?” If so, that's a good sign that you're tapping into a limiting belief. We all have limiting beliefs as a result of our past experiences, family backgrounds, and spiritual or socioeconomic backgrounds. Oftentimes, these beliefs were instilled in us in childhood and we carried them with us as we got older. In this episode, we talk about identifying and overcoming limiting beliefs because that is what will set you free. This is a very powerful conversation to have because a lot of us are stuck in prisons we don’t even know we’re creating. The key to getting out of your prison is identifying your limiting beliefs. You can overcome your limiting beliefs by retraining and rewiring your brain. Growth and freedom start in your mind. Ultimately, it's all about the power of the mind and what you choose to believe. That means you must unlearn what you think you know. This is one of the most powerful things that you can personally work on to make sure that your 2021 closes strong and that you're setting yourself up for success in 2022! In this episode, you will hear: What limiting beliefs are Instances where limiting beliefs show up Tips for overcoming limiting beliefs Signs you’re tapping into a limiting belief How to turn your limiting beliefs into liberating truths An example of a negative money mindset 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 . 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 /episode/index/show/payplayprofit/id/26034372

131: REPLAY: Discovering Who You Are As An Online Entrepreneur with Katie Chase 04/18/2023

131: REPLAY: Discovering Who You Are As An Online Entrepreneur with Katie Chase Do you feel like you’re a square peg in a round hole as an entrepreneur? Many times, we think we have to get it all figured out right away. Then, we think we have to stay exactly the same as who we were the day we started. If our business doesn't look like it was supposed to look when we set out to start it, we view that as a failure. In today’s episode, Katie Chase shares how her entrepreneurial journey revealed to her where her strength truly lies. Just because you start somewhere doesn't mean that’s where you have to end. It’s not a failure if you eventually realize that the business you've been building is not the business you should be working in. If you, too, feel that way in your business, then it's probably time to do a heart check and let Katie’s story inspire you. In this episode, you will hear: Katie’s origin story from motherhood to entrepreneurship. Her entrepreneurial journey and what she discovered along the way. Katie’s financial journey and her ProfitHero experience. Why make a financial investment in yourself and your business? Her role now as an Integrator. 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 . 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: RocketFuel by Gino Wickman + Mark Winters: Traction by Gino Wickman: Bobby Klinck’s podcast: Episode 36: Visionary and Integrator 411 Gift Exchange: Episode 47: Online Legal Basics with Bobby Klinck: Kolbe Instinctive Strengths Assessment: Xero Accounting Software: Gusto Payroll: 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 /episode/index/show/payplayprofit/id/26020860

130: REPLAY: HR Basics For Your Virtual Team with Tameaka Shelton 04/11/2023

129: REPLAY: 10 Common Bookkeeping Mistakes You Should Know & Understand 04/04/2023

129: REPLAY: 10 Common Bookkeeping Mistakes You Should Know & Understand 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 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/25997181

128: REPLAY: How To Determine Accountable Plan Reimbursements For Home Office 03/28/2023

128: REPLAY: How To Determine Accountable Plan Reimbursements For Home Office 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/25979919

127: REPLAY: Using An Accountable Plan To Create Tax-Free Reimbursements 03/21/2023

127: REPLAY: Using An Accountable Plan To Create Tax-Free Reimbursements If you're a small business owner with employees and you still don’t have an accountable plan, then now is the time to start thinking about it. In this episode, we're diving into using an accountable plan to create tax-free reimbursements – in a legal way. Every decision is a profit decision, and profit is measured in time, energy, and money, and that especially happens around your tax, your tax strategies, and your policies. And if you’re able to hit all three, this means more pay, play, and profit for you and your business! 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 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 . 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: 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 Let them know we sent you. /episode/index/show/payplayprofit/id/25962810

126: REPLAY: Quarterly & Annual Planning EOS Style 03/14/2023

126: REPLAY: Quarterly & Annual Planning EOS Style 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 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 . 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 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 /episode/index/show/payplayprofit/id/25953009

125: REPLAY: Email Marketing for eCommerce with Chris Orzechowski 03/07/2023

125: REPLAY: Email Marketing for eCommerce with Chris Orzechowski 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 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 . 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 /episode/index/show/payplayprofit/id/25938798

124: REPLAY: Setting the Table for a Remarkable Client Experience 02/28/2023

124: REPLAY: Setting the Table for a Remarkable Client Experience 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/25925241

123: REPLAY: Our 32-Hour Workweek 02/21/2023

123: REPLAY: Our 32-Hour Workweek 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 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/25910457

122: REPLAY: Getting Your House In Order Before Something Unfortunate Happens 02/14/2023

122: REPLAY: Getting Your House In Order Before Something Unfortunate Happens 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 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 . 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 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 Let them know we sent you. /episode/index/show/payplayprofit/id/25894923

121: REPLAY: Topics to Discuss During Your Annual Shareholders Meeting 02/07/2023

121: REPLAY: Topics to Discuss During Your Annual Shareholders Meeting 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 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 . 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 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. /episode/index/show/payplayprofit/id/25464597

120: REPLAY: Top 12 Questions When Hiring An Accountant 01/31/2023

119: REPLAY: Our Proven Process and Why Every Business Needs One 01/24/2023

119: REPLAY: Our Proven Process and Why Every Business Needs One 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 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 . 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: Book: Traction by Geno Wickman - 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 . /episode/index/show/payplayprofit/id/25449624

118: REPLAY: Common Retirement Plans for Small Businesses 01/17/2023

118: REPLAY: Common Retirement Plans for Small Businesses 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 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 . 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: 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 . /episode/index/show/payplayprofit/id/25440429

117: REPLAY: How to Master Cash Predictions Through Budgets 01/10/2023

117: REPLAY: How to Master Cash Predictions Through Budgets 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 . 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 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 . /episode/index/show/payplayprofit/id/25433079

116: REPLAY: Top 50 Tax Deductions 01/03/2023

116: REPLAY: Top 50 Tax Deductions 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 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 . 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 /episode/index/show/payplayprofit/id/25420359

115: REPLAY: Scheduling Your Success With Time Off 12/27/2022

115: REPLAY: Scheduling Your Success With Time Off 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 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 . 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 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 . /episode/index/show/payplayprofit/id/25411350

114: REPLAY: Quarterly & Annual Planning EOS Style 12/20/2022

113: Leveraging Your Core Values to Hire, Fire, Reward, and Recognize in 2023 12/13/2022

113: Leveraging Your Core Values to Hire, Fire, Reward, and Recognize in 2023 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: 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 . Let them know we sent you. /episode/index/show/payplayprofit/id/25001466

Pay Play Profit

TOPICS