What should you look for in a good tax preparer? Since there are so many to choose from, it only makes sense that you know what you need before making a decision.
Frankly, I don’t understand the policy of a BP paying to sell someone else’s system when the BP is a 100% commission sales rep. If you are going to charge a fee, I have seen them range from several thousands of dollars up to tens of thousands for a small to mid-market HRIS application. The advantage I can see with charging a fee is that a partner who does so may end up being more committed to selling a system for which they have made a larger up front investment.
If you decide to use an online payroll service, then you could find that you are able to save your company plenty of money. There are more and more businesses moving towards this payroll service model. You are still going to have to have employees who run the abacus payroll service part of your company, but you are going to find that they are able to do their jobs more effectively. If that is happening, then you are saving your company money right off the bat.
Become a freelancer. You could do freelance advertising or writing, depending on your skills. If you have experience as an accountant then you could offer freelance financial services including bookkeeping, payroll services, taxation etc. for small businesses or even individuals. If your skills include cooking, makeup, interior design or landscaping, just to name a few things, then you could set up a business on your own.
Bank Statement: Request a bank statement from your bank with a month-end-cut-off date. This will save your time while reconciling your records with the bank statement every month.
Be sure to have at least two people on the financial team. Be sure to document each procedure in writing. This way you are imposing structure, accountability…and a system of checks and balances. You will protect your assets, and keep your company safe from embezzlers. And, you will keep your financial team safe from suspicion.
They knew that there was demand for H1-B visas. Dozens of foreign born candidates were lining up for each visa slot. Jobs were still there and they knew they could get them placed in a reasonable position. They used the opportunity to apply for multiple visa slots for the same candidate. For this, they would accept a flat fee from the candidate. If they were hired, they would further take a cut out of their pay usually a pretty big cut around 40% – for doing absolutely nothing beyond the initial visa processing. They would take it one step further. If they could not get the candidate hired quickly, they would resort to fabricating resumes, or even not paying them while on bench with the visa. Most of these practices were clearly illegal.
As the business owner/operator, you have to make the decision about what is right for your business in this situation. There are some that are willing to take the risk and will put everything on the line. However, if they do, then they need to be prepared if things don’t turn out well.