Oops: Do You Owe Sales Tax and Not Realize You Do?

Posted on June 26, 2014 by Jay Mercer

One of the side effects of our last economic slowdown was in state government budgets; states searched hard for new income, and many of them found a great source by cracking down on sales tax collections.  Their new hot buzzword:  nexus.

Nexus means a connection that a business has with a state, and it has to do with a form of presence.  In the sales tax world, you owe sales tax to a state if you have nexus in that state and you are selling taxable items.  The scary part for small businesses is what makes up nexus.

A Small World

Globalization and technology together have produced dramatic shifts in the way businesses can look today.  Not only can we access a pool of local talent to staff and grow our businesses, we can employ almost anyone around the world to work for us. Hiring employees or contractors located in other states can stretch our nexus to include that state.

As an example, if your company is located in Illinois and you hire an employee that works from her home in Nevada, you might have nexus in Nevada and Illinois, and you might owe sales tax in both places.  Sales tax nexus is not the same as state income tax nexus, but the presence of a worker in another state is a possible trigger for sales tax nexus.

Taxable in One State, Not in Another

The taxability of services has grown rapidly as states look to balance their budgets after Federal cuts and other shortfalls.  Not all services are taxed equally across states.  Web design services are taxable in Texas, but not California, as one example.

Some states have smaller jurisdictions such as counties and municipalities, making for a total of 10,000 jurisdictions in the U.S., not just 50.  Alabama, Colorado and Arizona, for example, have statewide rules as well as taxability rules for localities within the states.

Innocuous Survey Can Trigger Audit

You might receive a form that looks like a survey and asks innocent-looking questions such as how many employees do you have and what state do they work in.  The surveys don’t look like they are from a state government but they might be.  It’s their way of getting you to admit nexus.    Please do not let a worker fill these out; it could expose you to a huge liability.

Minimizing Sales Tax Audit Risk

Because of the high dollar impact on the profitability of your business, it’s best to get a sales tax professional involved in helping you determine the taxability of your items as well as interpreting nexus.  Many states are hiring auditors and aggressively pursuing businesses, so due diligence in this area is prudent.

If we can help in any way, please reach out and let us know.

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Seven Profit-Boosting Entrepreneurial Habits

Posted on June 12, 2014 by Jay Mercer

As an entrepreneur, you are responsible for shaping your business success.  Any habits that sabotage your success in your personal life can often carry over to your business.  Becoming aware of these is the first step to success.

Here are seven success-boosting habits to double-check against your own.

  1. Being able to say “No.” 

    Do you say “yes” to too many things that don’t serve your life purpose, help your family, or move your business forward?  If so, you’re not alone.  Saying “yes” in a weak moment when you feel like you can do it all can be a downfall for many entrepreneurs.  It can also distract you from success if you are not working on the right things for you.

    You may need to re-evaluate the value of your time and your priorities.  Practice making smart decisions by having a structure and a higher purpose that helps you decide what you should and shouldn’t do with your time, money, and life.   And if you tend to be one of those who says “yes” to everything, you may need to practice saying “no” in front of the mirror to break your habit.

  2. Hiring fast and early.

    The best time to hire is just before you need your new team member.  It can be easy to put off hiring if you fill with dread when you think about large stacks of resumes and endless phone calls.  Not hiring soon enough can cost your business in reduced service and sales.  The smartest entrepreneurs stay ahead of the game in this area.

  3. Strategizing proactively.

    How much time do you spend in reactive mode versus proactive mode in your business?  Reactive mode includes answering emails, fighting fires, serving clients, and managing employees.  Proactive mode includes developing new products and services, creating and implementing your revenue plan, and training employees.

    Sometimes we have to really push ourselves to look beyond the daily fires.  One way to do that is to plan time every day for proactive activities and be ruthless about keeping that time slot on the calendar.

  4. Setting tight scope and polite boundaries with customers.

    Successful entrepreneurs set clear boundaries when it comes to delivering their products and services to customers.  Especially in service companies, it’s not always clear to the client what’s included in a fixed fee contract unless it’s clearly spelled out.

    If you are asked to do something that’s not included in the contract, you now have a choice.  Do you give it away for free, or do you have a change order process where you can easily provide an estimate for that extra work?

  5. Measuring results.   

    Only what can be measured can be improved, and smart entrepreneurs know this.  Track — in real time, not a year later — what’s important to you.  New customers, new leads, closed sales, revenue per day, sales per day, monthly net income, certain costs, profit margins, profit per customer, profit per job, and profit per location are just a few of the many metrics you can choose to track for your business.

    Once you measure it, you can now set goals to improve it.

  6. Curbing irrational spending.   

    Invest in things that will last, such as your own education, great systems, team training, and assets that you really need.  Avoid spending on items that are used up quickly, such as elaborate entertainment expenses that don’t generate significant revenue, excessive utilities, and stopgap equipment.

    This area can be a tough one to evaluate objectively because there can be emotion and attachment involved in the spending.  Let us know if you need help in this area; we can help you look at your spending with fresh eyes and provide a new perspective.

  7. Maintaining focus.

    Great entrepreneurs have clear focus.  If you have too many projects going on at once, you end up delaying all of your project completion dates, and nothing gets finished.   Ask yourself, what’s the most important thing I can do today?  And work on that until it’s done.  Then ask yourself the same question again, and wash, rinse, repeat your way to success.

Seven Habits

Which of the seven habits are you best at?   Celebrate your natural gifts while keeping an eye on the habits you need to work on.  That will move you to the success you deserve.

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Five Essential Components of an Entrepreneur’s Compensation

Posted on May 29, 2014 by Jay Mercer

The two major ways entrepreneurs can take money from their business is through draws or by receiving a paycheck.  The type of entity in which their business is set up will determine which method can be used. In either case, entrepreneurs need to be careful not to shortchange themselves.

Especially if you’re running a service business, it’s easy to initially think you can do well with a similar hourly rate that you earned as an employee.  Here’s a quick list of five elements that should be included in the compensation of every entrepreneur:

  1. Competitive pay 

    If you were doing the same work for a company that hired you, what would your pay be?  Are you making at least market equivalent or better?  A lot of times, as entrepreneurs, we tend to focus only on this piece of our compensation when we set our pricing, and that’s a big mistake. It’s only 75 percent of what our total pay needs to be.

  2. Profit.

    As an entrepreneur, you take extra risk when you own your own company, and you should be compensated accordingly.  Your capital is tied up in your business and should be earning a good return in addition to your reasonable compensation.

  3. Benefits

    Employees get vacations, health insurance, and bonuses; and you should too.  This should be part of your compensation package as an entrepreneur.

  4. Taxes.

    Although our individual taxes are not deductible as business expenses, we need to compensate for them so that we’ll have enough cash for our living expenses.  It’s a huge chunk too.  We work about three and a half months every year, just to pay for our taxes.

  5. Retirement plan

    When you work for yourself, no one is going to fund your retirement for you.  Although the Social Security program helps a lot of seniors, it’s up to you to set additional money aside for a comfortable future.

Complete Compensation

Your compensation should include all of these components.  If it doesn’t and you feel like you can’t afford to pay yourself that much, then your pricing might not be reflecting all of these items correctly, you might have a volume problem, or your business model may need some adjusting.

It’s normal to take a smaller paycheck the first few years as we’re building our businesses, but if you’re still doing it after several years or constantly having cash flow issues, then something may be wrong.

If you’d like our help in this area of your business, please reach out and let us know.

Make sure your future is bright and financially secure by including all five components in your entrepreneur compensation.

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Is It Time for Spring Cleaning Your Business Files?

Posted on May 15, 2014 by Jay Mercer

How much time do you spend each day looking for information about orders, customers, vendors, or employees?  If it’s a lot, a little spring cleaning might pay off.  Here are five quick tips to assess and improve your information access.

Your Librarian

Large companies often have a librarian on staff that is in charge of stored documents, both physical and virtual.  It’s not a bad idea to have this function in your small business, although you certainly don’t want to devote an entire headcount to it.

Today, a company librarian might be in charge of the company’s document portal, which is a very secure area where company documents can be stored.  It might be on the company server or in a secure area of the cloud.  There are companies that offer secure file storage, accessible through document portals.

The librarian will also be in charge of creating recordkeeping policies and procedures.

What’s in a Name

One such procedure that brings order to chaos is setting naming conventions for client files and folders.  Set consistency by using a naming standard such as having a client file name always start with the last name of the client followed by a birth date, or something else unique.

It will save time each time you look up a file because you’ll always know where to look.  Even if it’s only seconds saved per lookup, that time will add up to minutes and hours saved over a year.  That will save you labor costs.  A naming standard will also look professional in front of the client.

Permanent vs. Transactional

Get uber-organized by separating your important long-term legal papers from your transactional documents.  Long-term papers such as your corporate by-laws and tax returns should have a special place away from your day-to-day invoices and receipts.  Also keep major purchases such as settlement documents from real estate transactions in a special file that you’ll keep for many years.

Your daily transactional files should be batched up by month or year and stored accordingly.  You’ll be able to delete these files after their retention period is up, while you’ll want to keep your long-term legal papers almost forever.  You still won’t be able to throw away your annual documents too soon – some agencies require you to keep transactional documents for as long as 11 years.

Paper or Paperless

What percentage of your business documents is scanned and stored online?  If you’d like to increase this percentage, then make a plan to convert your paper into scanned documents you can access online.  So that it’s not such an overwhelming task, break it down into smaller chunks:   start with one area of your business at a time or one vendor at a time.

Purchase a scanner for everyone in your office, and you’ll soon find your office getting more and more paperless by the week.  You can also have fun taking pictures of receipts on your cell phone and uploading the documents to your document portal.

A Backup Plan

So that you don’t lose your documents to a catastrophe, theft or any other disaster, make sure you have a backup of all of your documents so you are able to recover them.

This is where paperless shines over paper, because there is always risk of fire with the latter.  It’s also where a secure document portal beats your company server anytime because of the elaborate layers of security that are required for secure commercial data centers.

After you implement these five tips, you may not even need to do a spring cleaning.  You’ll be organized and efficient, and that’s good for business.

Posted in Bookkeeping Tips, Management Tips | Comments Off on Is It Time for Spring Cleaning Your Business Files?

Nine Tips to Dazzle and Retain Your Top Customers

Posted on May 1, 2014 by Jay Mercer

Your top customers are your most important customers in your business, and it’s important that you hang onto them if at all possible.  It’s much more cost-effective in most business models to retain repeat customers than it is to find new ones.   Here are nine tips you can use to dazzle and delight your top customers:

  1. Know who they are by name. 
    Do you know which customers generated the highest sales for you last year?  If not, let us run a Sales by Customer Summary sorted by descending revenue for you to be sure.  Your top customers will be listed on the first lines of this report.  These are the customers you should be contacting at least once a month, having lunch with periodically, or doing a few extra things for.
  2. Know who sent the most business to you. 
    Do you track referrals?  If not, you may want to consider adding a field to your accounting system if there’s room.  At the least, you can use the report generated above and add a column to it labeled referral source.  Drop in the person’s name that referred the customer to you.  Once you’ve completed the field, you can re-sort it to total up the dollar value of each referral source.

    You should be in monthly contact with these folks, just as if they were your top customers and even if they’re not a customer at all.  Make a plan to lunch with these individuals and/or do something extra for them periodically to let them know you appreciate their referrals.

  3. Ask customers how they would like to be contacted. 

    Do your customers prefer to be contacted via email?  Phone? Text? In person?  If a customer hates being called on their cell phone, wouldn’t you want to know?

    Everyone is different, so find out by asking, and make a note in their file.  Also find out how often they’d like an update.  Some worriers might want to know daily, others prefer a short monthly email.  The best time to do this is during customer onboarding or at the time of the first sale.

  4. Find out what customers need from you.

    At the end of each project, ask your customer two things:

    a. How could we have served you better?
    b. What else can we do for you?

    Then empty your mind and really listen.  Take copious notes, don’t defend yourself, and thank your customer.   Think about what they said, and implement what makes sense.

  5. Provide a customer service contact and great support. 

    Does your customer know who to call when they need to talk with someone in your business?  If the customer has a follow up question on their purchase or service, let them know what to do ahead of time so they won’t feel lost.  This will make the customer feel at home and will have them coming back because of your great support experience.

  6. Practice “consumption marketing.” 

    Consumption marketing is helping the customer fully consume their purchase from you.  The more likely they are to get benefits from your product or service, the more likely they are to come back for more.

    Help clients use your products and services to their fullest by creating a consumption marketing program that includes tips sheets, educational aids, how-to videos, instructional blog posts, and the like.

  7. Develop multiple relationships.

    If your customers are from large companies, strengthen that business by meeting multiple buyers within the company.  If one employee leaves, it won’t be such a crisis to your account if you know multiple people in the company.

  8. Say thanks promptly. 

    Send a thank you note to a new customer or referral source within a week of their purchase or referral.  Acknowledge their action quickly and generously so that you make a great personal impression.

  9. Create and implement a client retention plan.

    Be proactive about customer retention by planning touch points throughout the year and systematizing the contact process with your top customers.  This can be as simple as taking your top 12 customers out to lunch, one each month, or as complex as planning some kind of touch point – a newsletter, email, or thank you note – once a month for each of your top clients and referral sources.

    Try any of these nine tips to dazzle your top customers and boost your customer retention for stronger sales.

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Do You Know Your Weakest Business Link?

Posted on April 17, 2014 by Jay Mercer

You’ve already built a solid business that you have great pride in.  Yet, if you’re like most entrepreneurs, you’re on a constant search for how to make your business better.   One way to focus your search is to look for the weakest link in your business.

From a return-on-investment standpoint, working on and fixing your weakest link is the highest payback thing you can do.  It lifts your entire company up and makes it stronger.   The key is to look as objectively as possible at what might be holding your business back from being even greater than it already is.

Here are four major areas where you can look for your weakest link:

  1. Client-facing interactions

    A great area to start looking is where you have interactions with clients.  These include things like phone greetings, email, websites, your storefront, your presence at networking meetings, client service interactions, your proposals, invoices, and thank you notes.

    What jumps out at you as the weakest link when you look through the above list?  Perhaps it’s as simple as recording a more friendly voice mail greeting or as complex as getting your website redone.  Don’t get overwhelmed if a lot of these items need attention; instead focus on the one weakest link.  That’s the place that needs your attention.

  2. Your team 

    The toughest area to have a weakest link is when it involves people.  If you have an underperforming employee or contractor that is undermining sales or service, you’ve got a tough decision ahead of you.  If it’s your weakest link, don’t bury your head in the sand like we all want to do.  You need to act so that the person does not drag down your entire business.

  3. Internal systems

    If you feel stymied at the lack of information in your business, you might be in need of better internal systems.  As your business grows, this is the area that changes the most over time.

    Businesses that are newer or smaller need a great accounting system as well as a good point of sale or billing system.  As the business grows, it might need better inventory systems, a good CRM or customer relationship management system, a project management system, or more specialized systems depending on the industry it’s in.

    As the business matures, the functionality of the accounting system should expand to meet the growing data demands.   Integrating the accounting system together with the company’s other systems can become important to control costs and improve margins.

    If you feel like your weakest link may be in your systems, we’re happy to help.  Please reach out and let’s have a conversation about your needs.

  4. Skill set

    No one was born an entrepreneur; it has to be learned.  What keeps it more exciting is that new skills are required at each level you master on the entrepreneurial ladder.  Some of the skills that you need at the entry level include client service, delivery of your service or product, and sales and marketing.  As your business grows, you’ll need to master financial skills, negotiation skills, hiring, and supervisory skills.  Leadership and strategy skills will serve you well when your business is mature.

    Which skill set do you consider your weakest link?  If it’s finance, you’re not alone.   Let us know how we can help.

    5. Focusing on the Payback

    The good news is when you’ve improved your weakest link, you end up improving your entire company and lifting it up to a new level.  Once you’ve fixed your weakest link, congratulate yourself.  Give yourself a reward, and wait a little while.

    Your old weakest link is no longer the weakest area in your business, but something else is.  Since you’re on a constant search for improvement in your business, you can repeat this formula over and over again to keep lifting your company up using this low risk, high payback approach.

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Five Browser Productivity Tips

Posted on April 3, 2014 by Jay Mercer

Most of us spend a lot of time browsing the Internet, and that means using browser software.  Google Chrome is the most popular browser with roughly 40 percent market share.  Internet Explorer follows with about a 30 percent share and Firefox is third with less than 20 percent.

Since most people use Google Chrome, we’ll use that browser to describe our five productivity tips.  If you don’t use Chrome, you can still look for the features we list on your browser of choice.

Better with Bookmarks 

Do you have a half dozen or so sites that you like to visit every day?  If so, bookmark them on a toolbar so that you have one-click access.  In Chrome, click the icon with three horizontal lines that is located on the web address bar at the top of your browser.  We’ll call this the Chrome Commands button from now on.  Mouse over “Bookmarks,” and make sure “Show Bookmarks Bar” is checked.

Type in your favorite site URL.  To add it as a bookmark on your bookmarks bar, click the star on the right side of the web address box.  It will turn gold, and then you can name your page as well as select whether you want it more prominently in the bar or simply in your list of bookmarks.  Repeat this for each of your most visited sites.

Now that all of your sites are listed on your bookmarks bar, you can visit them in one click.

Enlarge the Page

If a page is too small and you want to enlarge the entire thing, you can do so with your mouse wheel.  On your keyboard, hold down the CTRL key and roll your mouse wheel away from you while you’re on a web page.  The page will get larger.  Roll your mouse wheel toward you to reverse the effect and make a page smaller.

You can also customize your fonts by going into Chrome Commands, Settings, Advanced Setting, and Web Content.  You can find your font options there.

Download Redux

Do you need something you downloaded earlier today and forgot where you put it?  Access it again here by typing this into the web address box or selecting “Downloads” from the Chrome Commands.  Hey, even better, if you need this a lot, make it a bookmark.

chrome://downloads/

If you’re a history buff – that is, if you closed a browser screen and find you want to re-visit that page, then look for the History command under the Chrome Commands button.  It’s super-handy and will save lots of time when you need to backtrack.

Autofill

Tired of filling out forms?  Chrome will do it for you by remembering certain fields and matching them up with their form fieldnames.  You can have Chrome remember addresses and credit cards; however we can’t really recommend the latter for security reasons.  Manage this feature and its settings by clicking the Chrome Commands button and Settings.  Scroll to the end and look for Advanced Settings, then look for the Autofill area and Manage Autofill Settings.

Instant Dictionary

While browsing, have you ever come across a word or phrase you don’t know or want to know more about?  If so, highlight it right there on the web page and then right-click.  Select “Search Google for “the phrase you highlighted” to bring up the information you want.

Most of us have never had a formal class on our browsers, but it’s not a bad idea.  Hopefully, until you can get to that class, these tips will help you discover a little more about the browser you use every day.

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How Painless Is Your New Customer Experience?

Posted on March 20, 2014 by Jay Mercer

Is your business easy to do business with?  Or is it difficult?   The answer could impact your revenue as well as your reputation for service.  Here are a few tips to help you stand in your customer’s shoes for just a few minutes to answer those questions.

First Impressions

What is the first image of your business that your future customer sees?  Is it your website?  A sign in your office window?  An ad?   Whatever it is, take a look at it with fresh eyes, like you’ve never seen it before.  You may have several images to consider if clients approach your business in many different ways.

What do you notice first?  Is the website simple or cluttered?  Is your sign rusty and crooked or new and cute?  Do you need to make any changes based on what you see?

Voice Time

If a customer calls, how many times does the phone ring before it’s picked up?  Does the voice sound inviting and excited that someone called, or is it as if you were just interrupted?  Or worse, did they get a recording?

If they walk in face to face, how are they greeted?  What does your waiting room look like?

Service

What is the interaction like with you?  Are you able to answer the prospect’s questions?  Do they feel comfortable with you or are they intimidated?    What do you suspect it’s like for your clients?

If the prospect becomes a client, what do they have to do?  Are there lots of forms to complete?  How organized are you in getting the client started and serviced for the first time?  Are you respectful of their time if they are in a hurry?

Mystery Shoppers

You’ve probably heard of mystery shoppers who are hired to give their opinions of what their client experience was like for them.  They go through a similar process, evaluating every client touch point and suggest ways to make it a smoother experience.

Almost every business could benefit from periodically reviewing the client experience to discover where the weakest links are and how they can be fixed.  Ask yourself these questions to see where you can improve your client’s experience and make it easy to do business with you.

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Five Ways to Go Green with Your Accounting

Posted on March 6, 2014 by Jay Mercer

With St. Patrick’s Day and spring arriving, March is a great month to have “green” on the mind.  There are green shamrocks, green beer, the green of new vegetation, and there’s even green accounting too.  Here are five ways to make your accounting a little more green.

Business Receipts     

When you spend money on your business, ask for an emailed receipt rather than a paper one if you have an option. More and more vendors are providing this option.   Then when the receipt comes in your email, you can forward it to your bookkeeper and/or upload it to your accounting system.

Smile for the Camera

If the vendor does not offer an emailed receipt, do the next best thing:  take a picture of the receipt with your cell phone.   Some accounting systems allow you to upload the receipt right from your phone, and if you don’t have that feature, you can always email it or upload it to your PC.

PDF Invoices

If you invoice customers, send a PDF invoice via email.  More and more businesses are abandoning the snail mail and getting it to customers faster via email.  They’re getting paid faster, and speeding up your green is usually a good thing.

Online Banking

Many people adopted online banking about a decade ago.   If you’re still getting paper statements, you can get those stopped and download your statements once a month from your online account.  It’s better not to get your statement in the mail anymore; it reduces your risk of identity theft from stolen mail.

Software and Supplies

When possible, purchase your software online and download it rather than making a gas-guzzling trip to the store and purchasing a box.  You can also order your office supplies online and have them delivered.   As long as you buy local, it should be a green purchase, and it will save you tons of time too.

These five ideas will help your accounting become a little more green.

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How to Avoid Seasonal Bumps in Your Cash Flow

Posted on February 20, 2014 by Jay Mercer

Many businesses operate with seasonal peaks and valleys.  Retail stores just completed their busy holiday season.  Construction contractors are busy when the weather is good.   Accountants are very busy from January through April, but also experience a quarterly peak in July and October.

Your business many have its own calendar of busy and slow times.  If your business goes through slow times, then your cash flow may suffer at certain times of the year.  But having seasonal sales is only one of the reasons for a bumpy cash flow.

You might also have a business where annual payments are made for many items such as equipment purchases, software licenses, insurance renewals, and other large costs.  On the revenue side, it could be that your clients pay you annually, which can be hard to predict.

There are many solutions that can help to smooth out the seasonal bumps, and here are a few ideas for your consideration.

Plan for Prosperity

When income and expenses go up and down and up and down, it’s really hard to know if you have enough money for obligations coming up.  Creating a budget can help a great deal.  Consider creating two budgets:  one that shows the ups and downs and one that averages a year’s income and expenses into twelve equal parts.

With both budgets, you’ll be able to see which months will be deviating from average and by how much.  From there, it’s easy to create some forecasts so you can stay on top of your cash requirements.

Cash vs. Accrual Basis 

It might help your business decision-making to convert your books from cash basis to accrual basis.  This is a huge decision that should be made with an accounting and tax expert, as there are plenty of ramifications to discuss.

In some cases, the accrual basis of accounting will help keep those annual payments from sneaking up on you as 1/12 of the payment can be accrued on a monthly basis to a payables account.  This also keeps your net income figure steadier from month to month.

If your clients prepay their accounts on a yearly basis, you can book the income monthly and keep the difference in a Prepaid account.  This spreads your revenues out and recognizes them over time.

“Hiding” Money

If you feel accrual basis accounting is a little too much of a commitment, your accountant can still work with you to help you avoid the impulse of spending too much during the cash-rich busy season.  Perhaps the excess cash can be put into a savings account until it’s needed.  You can draw out 1/12 each month as you need it.  A little planning such as the above suggested forecasts will help you determine how much you can take out each month.   You can even name the Savings account “Do Not Spend!” or “Save for a Rainy Day.”

If it’s just too tempting to have all that excess cash building up in the good times of the year, try one of the ideas above to take back cash flow control and smooth out those bumps.

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