Melissa Hollis

Getting to Know inDinero: Jason Hudson is Mr. July

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It may sound corny, but at inDinero, we go together like chips and dip.

We’re on a mission to move mountains within the financial technology industry. It takes an all-star lineup and kick-ass culture to to accomplish what we’ve set out to do so we have built our team accordingly.

Each member of the inDinero team has an intriguing story and we want to share them with our clients, and readers so you can get to know the individuals that make inDinero a top-notch business and amazing place to work.

Our first featured team member is none other than Mr. Jason Hudson, Client Advocate. Before you dig into Jason’s background, personality, adventures, likes, and dislikes, here are a few words about him from our Chief of Staff, Andrea Tyler:

“For us, Jason has been a trailblazer. He has the hardy spirit of a pioneer and has been a reassuring force with steady positivity, encouragement, and calmness (even in the face of the chaos of joining a growing company). [Continue Reading...]

Ryan Mason

Carpe Per Diem: All About Travel Expenses and Deductions

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If you’re a business owner who is confused about travel expenses and deductions, you’re not alone. Maybe these questions sound familiar:

  • “What can I categorize as a business expense?”
  • “How much should I give my employees for per diem travel allowances?”
  • “Can I deduct this tiki torch as a travel expense?”

We’re here to help you answer all these questions and then some. But before we dig in, you’ll need to know what exactly constitutes a business trip. And to do this, you’ll need to determine your tax home.

Where’s your tax home?

Your “tax home” is your business’ main geographic location (not where you and your family live). This means that if you live in northern New Jersey but commute into New York City for work everyday, New York City is your tax home. This means that if you eat in a New York City restaurant or stay overnight at a New York City hotel, the IRS won’t let you categorize these as “travel expenses”. [Continue Reading...]

Rebecca Wilson

Rah, Rah, Whee! Cheerleaders Are Employees! (at Least in California)

Thanks to the Oakland Raiderettes, every pro cheerleader in California now has employee status. (Photo by Pete Sheffield)

Thanks to the Oakland Raiderettes, every pro cheerleader in California now has employee status. (Photo by Pete Sheffield)

A few weeks ago, we discussed the difference between employees and contractors––and why it’s important for business owners to know the difference. Governor Jerry Brown of California agrees. Yesterday, he approved legislation recognizing California’s professional cheerleaders as employees who are entitled to minimum wage and overtime.

The new law requires California sports teams to treat pro cheerleaders as employees instead of contractors and provide them with sick leave and overtime pay, as well as the standard labor protections that apply to other team employees.

For now, the law only applies to California cheerleaders, but a similar law is pending in New York.

The California bill came as the result of a wage-theft lawsuit filed by the Oakland Raiderettes, who were paid less than $5 per hour (California minimum wage is $9 per hour). [Continue Reading...]

Josh Garrison

Growing into the GAAP: What GAAP Accounting Means for Your Business

GAAP_Blog

You may have asked yourself recently: “What is GAAP and why would I need it?”

It’s hard to make it from startup to successful business in this fickle economy, and as a businbookcoveress dedicated to helping other businesses, nothing excites our abacuses more than when one of our current or soon-to-be clients comes to us with this exact question!

If you’re wondering what GAAP accounting is, congratulations–that’s a pretty good indication that your business is on the verge of big things–securing new potential investors, winning series A funding, going public–and you are focused on getting your finances prepped in the best shape possible.

You may have searched long and hard through the weeds of the internet and found very dense, technical articles on the Generally Accepted Accounting Principles that are full of complex jargon and left you discouraged and even more confused as to why you even need to know in the first place. [Continue Reading...]

Ryan Mason

Client Spotlight: Mist.io

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It’s safe to say that most great ideas spring from necessity, and businesses are no different. InDinero was created because businesses struggled to manage their accounting while juggling the demands of running a business: we corrected this issue by filling the need for modern back-office solutions for businesses. This month’s client spotlight blog focuses on a company that was created in a similar way: what inDinero does for accounting, San Francisco-based Mist.io does for infrastructure management.

The Mist.io Story

screenshot-mist.io 2015-07-13 16-46-24In 2012, founders Chris Psaltis, Dimitris Moraitis, Markos Gogoulos and Mike Muzurakis created Mist.io as a way to ease the complications that arose from having to manage the numerous systems that their firm had built for their consulting clients. The original plan was only to use Mist.io as an internal infrastructure management solution, but it quickly became clear that the software was too good to keep a secret. In 2013, Mozilla picked Mist.io to join their WebFWD accelarator in Mountain View and that’s when the team decided to make Mist.io their full-time focus. [Continue Reading...]

Amy Wolfenberger

Feature Focus: Five Hidden Gems That Can Make All the Difference

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Photo by Marcelo Cesar Augusto Romeo

Our clients love how our financial dashboard puts their accounting needs all in one place, and we’re always making it better so we can scale as they grow. However, we’ve noticed that a few of our most valuable features are often overlooked. Make sure you are getting all you can from inDinero by checking out these features today!

Taking advantage of these features helps our clients manage their businesses better and get the most from inDinero. Anyone can take a look at our solution on YouTube, but we give our clients exclusive access to customer support. So, if you’re a client, be sure to bookmark the Client Owner’s Manual for future reference or to download a PDF of these instructions!

1. User Permission Settings

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In your settings, select “team access” and then “add user” to get to this screen.

Great leaders delegate but still know what’s going on with their company–we agree, which is why inDinero can accommodate several users per account. [Continue Reading...]

Ryan Mason

Audit-ocalypse Now: How Businesses Can Survive an IRS Audit

Operation_Castle_-_Romeo_001Being audited can seem like a slow-motion nightmare, a nightmare that 33,000 companies experienced in 2013 alone. However, being audited doesn’t have to send you down a rabbit hole of terror. Whether you’re being audited or just preparing for the possibility of an audit, this article will help you understand what to do and how to survive.

If you’re being audited right now, the most important thing to do is…

Try to Relax

I know what you’re thinking: “that’s easy for you to say!” But in reality, being audited is not the end of the world and it won’t be the end of your business (unless you really were egregiously evading paying your taxes.) Also, just because the IRS tells you that you owe a certain amount doesn’t mean you will have to pay the whole thing in the end. If you can prove that your tax responsibility is less than the IRS says it is, you can argue and win by being motivated, assertive, and of course, organized. [Continue Reading...]

Rebecca Wilson

Are Your Workers Employees or Contractors? How Getting This Wrong Could Cost You

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There are a couple of ways to see whether the people you hire are employees or contractors. What we don’t recommend: Crossing your fingers and hoping for the best, closing your eyes and pointing, or drawing straws.

Why you need to know the difference between employees and contractors

In the most famous example of its kind, Microsoft miscategorized thousands of employees over many years. In the end, the employees sued the tech giant for missed benefits, including coverage in the company’s 401(k) plan and a discount stock purchase plan, for the period during which they had been miscategorized. This was after Microsoft paid back taxes and penalties. The case lasted for eight years and went all the way to the Ninth Circuit Court, which determined that Microsoft did have to pay its employees for missed benefits…to the tune of $97 million.

Yuck.

Don’t let this happen to you.

How to tell the difference

A lawsuit of this size happening to you is unlikely. [Continue Reading...]

You Only Have Yourself to Blame — CEO, Hire Thyself

CEO Hire Thyself

This article was originally published on July 1, 2015 via my LinkedIn profile.

It’s not a tough concept to grasp–the best way to avoid turnover is to hire the right fit from the start. Which is why I’m always surprised by how little attention many CEOs give to recruiting. As co-founder of inDinero, I’ve worked hard to build the company in my vision, based on my values, so looking for myself in job candidates is a great way to hire individuals who will thrive. But how do you pick your counterparts out of the pack?

First, look inward

Self-awareness and emotional intelligence are step one. As I started building inDinero (for a second time), I read many books on recruiting and interviewing while personally looking through countless job descriptions to list the attributes and skills that spoke to me. It was this act of writing and picking top traits that allowed me to decipher the criteria for future teammates that were actually important to me (hunger, moxie, and monster work ethic) and outweighed a list of competencies. [Continue Reading...]

Ryan Mason

Bon Voyage to Bon Appetit: IRS Announces Plan to Tax Free Employee Lunches

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From Google’s gourmet cafeterias to trays of cold cuts in tiny startups, Silicon Valley companies have been feeding their employees free lunches for years now. It’s a big part of the reason why tech companies like Google have the fun-loving and employee-centered reputation they currently enjoy. However, the IRS has been watching from afar, hungrily waiting for the opportunity to tax these lunches, and they’ve finally found it.

The IRS is now calling these free lunches a “taxable fringe benefit,” which means that employers now face extra fees for providing free lunches to their employees. This is no small sum, either. Let’s say an employee eats one free meal a day: if a single lunch has a market value of, say, $10, a company may end up paying taxes on an additional $2600 per employee annually. Although big companies like Google and Facebook can easily absorb this additional tax burden, smaller startups may be forced to give up their free lunches–which may spell the end of a Silicon Valley tradition. [Continue Reading...]