Who is Charles?
Payroll, HR & Timekeeping solution for small businesses
Key Takeaways
1. Taxes are complex and complicated and ever-changing. Business owners - Unless they're in the industry, they're not up to date, they'll never be up to date.
2. your wife may forgive you, your children may forgive you, your parents may forgive you, the Internal Revenue Service will never forgive you.
3. if you take a businessman, a chef, a mechanic, a manufacturer, an artist, a doctor, whatever, and you say, Okay, now deal with the IRS. They're totally lost. So that's where it goes wrong. They don't know what they don't know.
Valuable Free Resource or Action
The resources page at getpayrollbook.com
discount code PODCAST
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Transcript
Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast)
SUMMARY KEYWORDS
payroll, charles, business, clients, discount code, book, irs, paper bag, tax, small businesses, market, question, stuart, listen, slash, entrepreneurs, problem, person, podcast, bear mug
SPEAKERS
Charles Read, Stuart Webb
Stuart Webb 00:23
Hi and welcome again to It's not rocket science. Five questions over coffee, I have my my favourite bear mug with me today with my drinking. I'm here today with Charles Reed who is a compliance and tax experts from get payroll, and we're gonna have a chat about some of the issues associated with compliance within small businesses. Hi, Charles, how you doing?
Charles Read 00:48
I'm doing well, Stuart, thank you for having me.
Stuart Webb 00:50
No problem at all. So Charles, let's start with my first question, which is, you know, what is your ideal client? Who is it you're trying to help and, and give us a short description of them.
Charles Read 01:04
Our basic clients are employers with under 50 employees that need they'd have employees, I mean, we do payroll. So they have to have somebody that works for them, or they have to be their own corporation. And we handle one Z's all the way up to several 100. But our target market is under 50 employees.
Stuart Webb 01:28
And one of the problems that you find that those those employers have gone into trying to handle sort of payroll, or sort out some of those issues without getting help from somebody like yourself.
Charles Read 01:41
Yeah, I mean, they don't, they don't know what they don't know. Taxes are, are complex and complicated and ever changing. And so unless they're in the market, like we are, unless they're in the industry, they're not up to date, they'll never be up to date. They can't be they've got their own business to run. They're specialists in their business. They're successful. And they're driven. They're entrepreneurs, for the most part, but they're not tax people. It's a whole different world. And it's something we do for our clients inexpensively, and provide, you know, a level of compliance that they're not going to get on their own no matter what.
Stuart Webb 02:23
And the last thing you want to do is fall foul of the tax authorities don't don't no matter which, no matter which jurisdiction, you're in, the last person you want knocking on your door at any stage of the day or night is somebody from some sort of tax office,
Charles Read 02:35
your wife may forgive you, your children may forgive you, your parents may forgive you, the Internal Revenue Service will never forgive you.
Stuart Webb 02:44
I had a conversation with an accountant only this morning that went something along the lines of my engagement with my client started with the tax people knock on his door, because they hadn't filed properly for two years. And it took two years to sort out but it was two years, he does not wish to relive
Charles Read 03:01
more when we first started in business. I started with my wife some 30 years ago. And we would get certified letters from the IRS. And it would upset her to know when she would call me she'd be worried about clients because we got copies, because we take a power of attorney. So she'd get these I said no, no, no, don't worry about it. There's nothing like a certified letter from the IRS to bring clients out of the woodwork.
Stuart Webb 03:30
I hate to think they're your recruiting system. But okay, if that's the way it works. That's marvellous news. So Charles, I get from the from the link that we've got scrolling across the bottom of the screen here, that you may have some really interesting help that you can provide to small businesses along the lines of a book, possibly by the looks of things.
Charles Read 03:52
This is the payroll book a guide for small businesses and startups published by Wiley just recently, it's 30 years of wisdom distilled down to 95,000 words. And if your listeners go to the website that scrolling underneath, and in the discount code and our podcast, we'll send them a free book.
Stuart Webb 04:11
That's fantastic to do is how do we get hold of that discount code?
Charles Read 04:17
Discount Code is podcast.
Stuart Webb 04:19
The discount code is podcast, I will make sure that that discount go goes in the notes chars so that they get a copy of that free book. So if you're listening to this, the discount code is podcast. And the link that you need to go to is the payroll book.com. That's pretty simple. Just the payroll book.com discount code podcast. You'll get a free book out of that.
Charles Read 04:42
Yep, we well, we wrote the book on payroll.
Stuart Webb 04:47
Somebody did, I'm very pleased somebody did. So so. So Charles having having given us given us that valuable free, free insight into that. What's the thing which has most driven use some concept or or programme that's really inspired you to that you want to pass on to his wisdom to the people that we're talking to today.
Charles Read 05:09
Well, one of the books that really made my business was the E Myth Revisited by Michael Gerber, I bide by the dozen, and give it to my clients, I have every new employee read it as part of the hiring process. To me, it teaches people how to work on their business, not in their business, which is a mistake that most of us entrepreneurs make is we work in our business, not on our business. And that's, that's really changed my life when a friend of mine gave that to me, some 25 years ago,
Stuart Webb 05:45
I'm gonna have to agree with you chances are obviously as a business mentor, who makes most of his living from working with entrepreneurs who have found themselves forgetting that they actually need to spend some time thinking about what their business is about, and getting some clarity on that. The most important thing, most important lesson I can ever pass on to people, is just take a little time, I say daily, weekly, where you just book an appointment with yourself to clear the diary. And have a little think about what your business is about not trying to chase that latest action that you've got to get done or chasing somebody to get into that thinking time is the most important thing. For me. I don't first thing in the morning. I don't know about you.
Charles Read 06:24
I do it first thing in the morning, also, and I'm with you. I agree that what you're saying is, literally you should do it every day, you should think about your business, and where you wanted to go and how you wanted to get there not your to do list for today. You need to do that, too. I do that every evening. But you need to think about your business every day.
Stuart Webb 06:46
Absolutely. Absolutely. So, you know, this has been interesting to hear even somebody that has the experience of 30 years in payroll or stills needs to do that. But But what's that? What's that one question? You're sitting here at the moment thinking to yourself, I'd love Stuart to ask me this, but he's not got around to it yet. What's the question you most would like me to ask him? And what would the answer be?
Charles Read 07:09
Well, why do people get into problems with the Internal Revenue Service? What What, what, what causes businesses to have that problem? And it's again, back to them not knowing what they don't know. The analogy I use is what I grew up. Paley was the world's best soccer player, maybe best soccer player of all time. Wonderful athlete. But if you put him in a New York Yankees uniform at second base, he's lost. Okay, he doesn't know the game, the rules, the equipment, are he still a great athlete. So if you take a businessman, a chef, a mechanic, a manufacturer, an artist, a doctor, whatever, and you say, Okay, now deal with the IRS. They're totally lost. So that's where it goes wrong. They don't know what they don't know, again, and wow, betting,
Stuart Webb 08:06
you know, something, I think I got a steal that matures, if you don't mind, I am going to steal that because it's not, it's something which I find is really dear to my heart. I love working with people who are technically very, very good at their job, they're very good at what they do. But unfortunately, they don't understand how running a business is different to doing what they want to do. And I constantly reach out to them and say, Do you know, and this is why this is why I got into this. It isn't rocket science, what we do as a business person, but it is it does need some external thinking it needs you to suddenly sit down and say I need some help with something because actually, I'm not the expert at understanding marketing or payroll or anything else. Just get the help. And too many of the other people I work with, try to use what I call the path of least assistance, because they'll go it's gonna be too too much effort for me to explain. Actually, it kind of isn't.
Charles Read 09:03
One of the biggest mistakes I made my business was I thought I could market Okay, and I could market my services and so on. And then as we got bigger, I find it hard a marketing person to take over the details that I didn't have time to handle. And it only took about two weeks for me to realise I can't market my way out of a paper bag.
Stuart Webb 09:23
I love that story. I love that story. I'm thank you so much for that. I really appreciate that that is worth the 10 minutes we spent alone and that that was a great quote for love it. That one is going to be the headline of this talk. I'm going to I'm going to remember that for forever. You can't work your way out of a paper bag. Charles, thank you so much for spending a few minutes with us. Listen, I'm going to make sure it goes on to the notes but it's the payroll book.com The payroll book.com offer code podcast you can get a free book a free book as a wonderful offer. I can't believe somebody is giving away free books. That's brilliant. Charles, thank you so much for being with us. Really pretty. It's
Charles Read 10:01
my pleasure, Stuart, thanks for having me.
Stuart Webb 10:03
Listen, if you would like to get on our mailing list so that you hear about upcoming talks with people as interesting as charts so that you could get on and speak with them and ask questions if you need to get onto the subscription list at HTTPS, colon, forward slash forward slash the way I always do this, but that's the way it's set out https colon forward slash forward slash TC a dot FYI, forward slash subscribe, that's TCA dot FYI, forward slash, subscribe. And please come and listen to really interesting people like Charles talk, Charles, it sounds like you have got a great book, great business. They're really looking forward to getting into that book and listening. Listening to to what you've got to say in it. I should be I should be on there later on with my free offer code, podcast to the payroll workflow. Just put that on backup to make sure that everybody's got it. So that's a payroll book.com Get on and get yourself a free copy. Charles, thank you so much for for being with us this afternoon. Really appreciate it. My pleasure.
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