Education Center

Manage All Those Crazy Receipts!

“Receipt management is the worst!”  This is something I hear from my clients all the time.  If you are in the construction, transportation or any industry where your employees work offsite, you have probably encountered this problem.

We have the same problem when it comes to getting our clients to give us receipts, so we can record them.  We used to give our clients neon green bags to keep in their trucks, and each time they come in we would trade the full bag for a new bag.  Let’s imagine this for a minute, you get a bag of receipts from your drywall contractor client…you reach inside… and find all the receipts stuck together with drywall mud.  Seriously… what am I supposed to do with this??

Luckily, we have found a much better solution with Hubdoc!  Hubdoc is a receipt management software designed to solve just his program, and it is so easy to use!  Why is this software awesome?  Just look at what it can do for you!

  1. It stores all your financial documents in one place.  From bank statements and check copies to receipts from all your employees, Hubdoc makes it easy to store and find all your documents.  Hubdoc will even automatically categorize your receipts by vendor for you!

 

  1. Your employees can upload their receipts to your account with ease!  You can either add them to your account (be careful, if your bank statements are linked to the account, they will be able to see them) or they can email 1 customized email address.   There is even a mobile app that makes it easy to snap and upload with the click of a button!

 

  1. It syncs directly with your Quickbooks Online account.  Simply fill in the receipt details (if it hasn’t already been done for you!).

Map it to the correct accounts, class, and customer you want it to go to in Quickbooks Online and hit “Publish.”  You can even split the transaction between multiple accounts if you need to!

  1. Once a receipt is published to Quickbooks Online, there is a copy of the receipt attached to that transaction.

 

It’s that easy…just snap, upload and post a financial transaction to Quickbooks Online!

 

Hubdoc has been a gamechanger for our clients in the lawn care, construction and transportation industries.  We have seen a more than 70% increase in the number of receipts we actually get from the client, and we can read them!  The days of the old neon bags is gone for us!  If you are struggling trying to get receipts from your staff or your tired of your accountant always asking you what a purchase was for… I would highly recommend Hubdoc.  You will not be disappointed!

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A New Era For Sales Tax

With the final verdict coming down in South Dakota vs. Wayfair, it’s time to start preparing for a change in the sales tax world.

On June 21st, 2018, the Supreme Court handed down a verdict that many of us predicted. With the rise of online shopping, this change was almost inevitable. The Supreme Court sided with the state that a physical presence does not need to be present in order for a state to mandate a seller to collect and remit sales tax.  What does that mean for small businesses?  It means it’s time to understand the impact this will have on your business.

If you are an Amazon Seller Central company, an Etsy seller, an Ebay seller or even sell goods from your website, you could not be subject to sales tax in every state you sell/ship goods.  Under the old rules, you were only required to collect and remit sales tax in those states where you actually had a physical presence.  This could mean inventory held, a storefront, a salesperson, etc.  Now, states can base their requirements on shipping/sales into their state whether a physical presence is there or not.

If you own a retail business, contact your accountant now and start a plan. We recommend that you make a sales tax matrix for the sales tax compliance rules.  This matrix should list the states in which you do business and what their sales tax laws are.  Many states have new requirements for online sellers that begin in the next few months.  The matrix should help you determine where you need to focus, get registered, and set yourself up to start collecting sales tax in these states.  Be aware!  This matrix will likely be changing frequently in the next several months as states analyze this decision and make changes to their own laws.

For those who sell on Amazon, Amazon collects and remits taxes for you in some states already (WA and PA).  Amazon does have the option to add states in which you need to collect sales tax and they will ensure those customers are charged sales tax and you are given this money.  However, you will be required to remit the taxes yourself.  We will be keeping tabs on Amazon as well to see if they add other states for whom they will collect and remit for you.

After you make your matrix, start researching software that will help you keep track of all your states, the amount of sales, and the amount of sales tax collected.  There are even ones that will file your returns for you!  There are several options out there from Avalara to TaxJar to TaxJoy and so many others.  Find the one that is right for you and your business.  It will take a huge portion of the compliance tracking off your plate!

We are just beginning to see a new era in sales tax.  As online sales continue to gain traction, the sales tax compliance confusion is only going to continue.  Find a great consultant/accountant/tax firm to help your business navigate the murky waters!