My dental hygienist (a co-worker’s spouse) makes about $200,000 annually, in large part, due to her ability to up-sell products and procedures. Based upon her salary, I’m unsure if there are serious ethical considerations based upon the sales volume required and profit margins.
IMO too many dentist offices have rude, indifferent front desk and administrative people that regardless as to the doctor’s abilities, the support people will ruin the business.
I’m foreseeing plenty of sub $600 laborers/handymen who have died coincidentally during the tax year as part of your reportable accounting.
You’re the small business version of Jessica Fletcher in the “Murder She Wrote” fame, where large number of people died unexpectedly.
I have known people who have done that… they learn of some handyman/laborer dying and then cash expense things in their name with an invoice. IRS going to call a dead guy to verify work?
I’m foreseeing plenty of sub $600 laborers/handymen who have died coincidentally during the tax year as part of your reportable accounting.
You’re the small business version of Jessica Fletcher in the “Murder She Wrote” fame, where large number of people died unexpectedly.
I have known people who have done that… they learn of some handyman/laborer dying and then cash expense things in their name with an invoice. IRS going to call a dead guy to verify work?
File a report with the police as a formality as they are unlikely to do anything, but your bank and the USPS may require proof.
Inform the vendors whose checks were stolen and cashed fraudulently to contact their bank, and consider those accounts to be unpaid. It’s not your responsibility to contact THEIR banks for THEIR accounts for which fraud/theft has been committed.
File a report with the USPS, as Uncle Sam takes a very dim view of those who mess with his mail.
Watch your employees like a hawk. Most will pilfer, steal, lie and cheat while not giving a damn if you go bankrupt. And if you must trust a few in charge, then really watch them!
Been there… 14 years barely getting by and years with not enough business income to pay myself. Took part-time side gigs to pay my bills at home. Finally sold business for less than half of what I paid during Great Recession and considered myself lucky.
Over a decade lost of when I could have made much more money with a fraction of the stress.
Figure what are your routine weekly expenses, figure a bit more for unforeseen stuff and with the extra cash open an brokerage account (I use Schwab) to purchase Treasuries with very short maturities. APR’s are 5%, no fees and very safe.
That’s where I park money for a week until I see the next stock to pick.
Every business could be different situations. I owned and operated a business for 14 years and never accepted a credit card or debit card. If someone didn’t have cash then there was an ATM on the premises. It made my accounting much simpler.
I could see a business such as a doctors office which makes most of it’s revenue through insurance billing and the small co-pay amounts.
My auto mechanic is cash only as his “credit card machine is broke” for over a year now, but that’s cool with me as he does great work at a reasonable rate.