Business Finances Blog Posts
Preparing Your Business for Q4 Sales Tax
This has been a big year for remote retailers. The Wayfair ruling handed down by the Supreme Court in June upended how many people collect and report sales tax in states that previously had laws pending. As we enter the heart of the busiest retail month of the year, it’s imperative that you are prepared not only for the changes Wayfair represents in sales tax collection, but for your Q4 sales and tax withholdings in general. Let’s take a closer look at the steps you can take right now to ensure you end the year ready and organized for the… Read More
Surviving a Sales Tax Audit
There are few five letter words feared by small business owners as much as “audit”. Especially for business owners who have been careful in their processes, recording all sales, logging everything, and maybe occasionally forgetting to document something, it’s frustrating and terrifying to get that notice. But with the right preparation, and a keen understanding of why sales tax and use tax audits occur, and how to prepare for and address them, you can tackle the issue with hopefully a bit less stress. While avoiding a sales tax audit completely is ideal, having a good plan in place can help… Read More
Selecting the Right Business Structure for Your Small Online Business
Few decisions will have as big of an impact on the taxes you pay and regulations you must follow as the business structure of your online company. When starting an online business, you should strongly consider consulting with a lawyer for advice as to the best structure. However, you can do some in-depth research beforehand on the topic to get a better feel for the options. Remember, the following information is not to replace legal advice, merely to help you better understand your options in advance of the decision making process. Sole Proprietorship Many small online businesses opt for a… Read More
How to Avoid a Sales Tax Audit
Regardless of the size of your company, there is always the possibility that you will face a sales tax audit at some point. This is certainly a hassle that you’d rather avoid, and while there are no ways to guarantee you won’t be audited, there are a number of steps you can take to make that eventuality much less likely. Nexus Considerations One of the easiest ways to run afoul of state sales tax laws is to fail to register with the appropriate jurisdictions when you have a nexus there. While the broad outlines of what constitutes a sales tax… Read More
Funding Sources for Small Businesses
No matter what kind of small business you run, access to funds is likely the major impediment you face when it comes to your ability to grow. Whether you need that money for marketing, product development, purchasing real estate, or any other purpose, there are a number of avenues to explore that can enable you to get the funds you need without taking on an outsized risk. Small Business Administration One of the greatest resources for accessing funding for your small business is the Small Business Administration (SBA). The SBA operates a variety of programs geared towards helping small companies… Read More
What Ecommerce Retailers Wish their Accountants Understood
All businesses need advice from a variety of professionals. One of the most important professionals that guides a business owner is their accountant. This relationship determines a lot of the financial success of the business. A good accountant providing solid advice can help an ecommerce business succeed where otherwise they might struggle or fail. Why do businesses often hire an accountant? Online services and the growth of the Internet have made it easier for companies just starting out, to approach their finances with a do-it-yourself approach. But eventually, almost everyone in business has a relationship of some sort with a… Read More
12 Awesome Ways Your Business Can “Go Green”
With Earth Day fast approaching, now is a good time to look at some of the ways your business can Go Green in an effort to help preserve the environment. This may seem like a massive undertaking, but the truth is that there are many small steps you can take, each of which will lead to a substantive reduction in your company’s contribution to global pollution. It’s also important to remember that you don’t have to implement these changes at once. As long as you keep environmentally-friendly concepts in the back of your mind, however, you’ll find ways to integrate… Read More
Price vs. Value: Communicating Value to Your Online Customers
Warren Buffet is quoted as saying, "Price is what you pay. Value is what you get." Retailers need to understand the difference between price and value – and ecommerce retailers need to know how to communicate that to their customers without the benefit of face-to-face interaction. How does value affect a purchase? Consumers may think they make purchases strictly based on their needs or desires as well as their budgets, but retailers should understand that the psychology of “seeing value” comes into play as well. A prospective buyer will spend more if they believe that the product they are purchasing… Read More