If you let it sneak up on you, sales tax can be one of the most difficult and confusing administrative aspects of running an eCommerce business. But once you get the hang of it, handling sales tax is just like any other administrative task. This post will take you through the fundamentals of sales tax to help you get going.
One of the most common problems we see from startup founders that are first moving off from DIY accounting is a wide range of “personal transactions” being made with the business accounts. This is known as “commingling your books” and is a huge no-no as well as one of the most common ways businesses find themselves on the barrel end of an IRS or state audit.
You’ve already built your business around quality products and services, but all too often owners make the mistake of believing these will sell themselves. As a result, marketing efforts, whipped up after-the-fact, tend to be disjointed and poorly executed.
Every day your business is inundated with calls trying to sell you on some new tool or technique guaranteed to generate more business. How do you sift through all the noise to determine which marketing tactics are best suited for your business and clients? Creating a comprehensive, goal-oriented budget will ensure you stay on track and don’t end up throwing money at the wrong distractions that provide little or no value to your business.
Recently, I had the pleasure of hearing from a group of successful founders on what they wish they knew before starting their businesses. Amongst the valuable and actionable how-to’s for today’s business owners, I came across one piece of advice that might actually allow them to breathe a sigh of relief (as opposed to adding another item on their to-do lists!):
Feel like you’ve seen a lot of content around here recently about selling your business? You’re not imagining things. We’ve been writing a three-part series on mergers and acquisitions.
If you’re a regular inDinero blog reader, you’ve learned which signs indicate that you and your organization might be ready for a merger or acquisition (part 1), as well as the indispensable role of an accountant during the sale of your business (part 2). You may even feel ready to embark on the next phase.
But first, let’s zoom out for a moment and address a few pivotal questions about what’s ahead:
Harry Stebbings is the founder and host of TheTwentyMinuteVC, a podcast on a mission to inspire and guide entrepreneurial listeners with insights and advice from successful venture capitalists on the rise.
In this episode he speaks with inDinero co-founder and CEO, Jessica Mah about how she has grown inDinero from zero to multi-million dollar revenues with over 100 full-time employees and has been featured in the Forbes and Inc 30 Under 30 Lists.
This podcast recording and blog post were recently featured on Harry’s website, TheTwentyMinuteVC.com.
Listen and enjoy!
Let’s say you’ve decided to sell your business. After determining that your company is fit to be offered for sale, your team is ready, and you’re mentally prepared for the months ahead, you have four primary objectives:
- Make as much profit as possible,
- as quickly as possible,
- while saving money and
- keeping the deal secure and problem-free.
On paper, it seems simple. Straightforward. In reality, mergers and acquisitions (M&A) are anything but. From pricing your business and finding a buyer to conducting due diligence and drafting contracts, the road ahead is laden with obstacles of serious financial weight. As a seller, you’ll probably never engage in a larger deal at any other point over the course of your life.
Doing it yourself is not an option: you need to have the right accounting partner by your side. Take a look at the major facets of an accountant’s role during M&A to understand exactly why.
If you’ve applied for a small business loan before, you might already be dreading the never-ending process and the unforgiving amounts of paperwork that come with loan applications. And this is to not even mention having to wait months for a decision back from the lender with no promise of funding on the other end!
Before you go panicking about the trials to come, there is good news. If you’re revisiting financing options and business loans after several years, you may notice a few key changes in the lending atmosphere.
Whether you’re bootstrapping your business, launching through joining an incubator, or you intend to seek help from a VC or angel investor, it’s not an easy task to raise money for a startup in any industry.