When you work in the service industry it is common to have to spend money in order to deliver the service to your client. In many cases you may be able to charge these expenses back to your client. This practice goes by many names, including Reimbursements, Recharges, Billable Expenses, Disbursements etc. The issue comes when you are spending money that you then need to be reimbursed for by a client. This is complicated when there are multiple sales taxes involved and expense deduction limitations (such as on meals and entertainment). The question is who claims the sales tax back and…
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Managing Expenses on behalf of Clients
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Typical problems contractors have implementing our Profit First Cash Management System (PFCMS)
You’ve Got Problems? Whoa, Dude (or Dudette), We need to talk!! Last month we started talking about how our “Profit First Cash Management System” can help you better manage your contracting business. Now it’s time to show you some of the snakes hiding in the grass. Oh yes, there are snakes… While it sounds simple to create a few extra bank accounts and start allocating cash into them, that doesn’t mean it’s easy. There is a big difference between simple and easy, you know. Simple means that it’s doable. But sometimes it takes a lot of work to get to “simple’” And…
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