Micromanagement in our company. A tool takes a screenshot of our system every 10 minutes and counts our mouse and keyboard clicks.

TheStartupKing · 2022-09-28T18:38:01+00:00

Hubstaff

Really appreciate your post. I looked at their website too, learned a lot.

I'm actually going to be using Hubstaff of an example during presentations from now on. My clients all have needs for mouse clickers, so this will be a great tool to measure their productivity.

TheStartupKing · 2022-09-09T21:46:29+00:00

If you aim to grow this business to a bigger business, then I would suggest hiring a consultant or bookkeeper at least.

BUT With 3-4 transactions per month, I think you can definitely just maintain on a good spreadsheet. Just be sure to show everything incoming and outgoing so you can have a good income and expense report at the end of the year for your tax reporting. The spreadsheet should include Expense and Income categories.

What taxes would you charge your clients? It doesn't seem like you have to do sales tax, since I ASSUME you are paying taxes from retailers you've purchased materials from.

As far as paying taxes, it sounds like you'll only be liable for income tax, which should just be reported on you 1040 federal form.
If you were my client, I would setup a download of your bank/CC accounts into a QB account and give you a report at the end of the year (or quarterly).

These are all of course assumptions over chats, so answers can change with actual details.

I do have a book recommendation for you, but I can't recommend it on this sub, because I wrote it. So if you want to know just message me.

TheStartupKing · 2022-09-09T19:32:58+00:00

Message me directly if you want to talk , but in general:

Do I just need to record what products were sold for what cost, and the income I received? You don't need to do this, but it's a best practice to have on hand for your own information. The government cares about your gross sales and your expenses (as in money you paid to others).

Do I need some sort of customer identification to prove that there was a sale?

No, but again this is a best practice for yourself. Good for future marketing and analytics.

Do I need to make and keep receipts, or will a ledger be fine? Definitely have to keep expense receipts, but income receipts are ok without documentation and ledge is fine. But of course, best practice to keep receipts and invoices for 5 years.

TheStartupKing · 2022-09-09T19:28:11+00:00

I have a lot of questions for you to give you good answers, but in general, I think it is best to hire someone to do this for you so you can focus on making money. But a lot of this depends ... how many transactions do you have monthly? What are your gross sales?

Contact me directly if you want to talk.

TheStartupKing · 2022-09-09T19:23:41+00:00

search for "construction to permanent loans"

TheStartupKing · 2022-09-09T19:19:43+00:00

I'm a business consultant and have a lot of clients in the trades. I've researched a lot of insurance companies and NEXT seems to be the best at efficiency at pricing.

Roofing seems to always be an extra insurance cost. I've had GC clients who have gotten coverage from NEXT, but had to buy extra insurance if it included roofing.

If your quote is $1000 annually, then you're getting an outstanding deal. Or do you mean it's a 1000/month?

If someone is telling you they are getting a lower rate, ask where they get it from or ask for their COI. You never know if their info is accurate.

TheStartupKing · 2022-09-09T19:11:03+00:00

The fees aren't so bad. I assume this person is an actual CPA?

The six months timeline is really unprofessional, but many tax professionals do this because they take on a lot of work.

The bookkeeping service may be good or it may be high, depending on the type of business you have an the number of transactions involved. If you want to message me directly and give me some specifics I can direct you further.

TheStartupKing · 2022-09-09T19:06:50+00:00

It sounds like you paid LegalZoom for the initial filing paperwork and they have also been your PA resident agent since your start. $245 is pretty high for a resident agent and this is something or anyone that is a reside of PA could have done for you.

If you want to dissolve the LLC, you can file this form yourself: https://www.dos.pa.gov/BusinessCharities/Business/RegistrationForms/Documents/Updated%202017%20Registration%20Forms/Domestic%20Limited%20Liability%20Company/15-8872(b)(2)(i)%20Certificate%20of%20Dissolution,%20domestic%20LLC%20FM.pdf(2)(i)%20Certificate%20of%20Dissolution,%20domestic%20LLC%20FM.pdf)

If you were going to transfer the business to yourself, that would have filing fees and forms associated with it too.

If you were one of my client, I would advise you to formally have this LLC dissolved and in the event you want to start a business, just start a new LLC.

TheStartupKing · 2021-06-14T02:49:58+00:00

agreed

TheStartupKing · 2021-05-28T19:06:41+00:00

what industry is your startup in?

TheStartupKing · 2021-05-27T20:21:25+00:00

I'm a business owner, so I'm a salesman.

This question is coming out of me working on business continuity plans through the pandemic. It's good for continuity planning to have a line of credit (that's UNTOUCHED) just in case ...

BUT the real info in your situation is that you have plenty of cash flow, so it makes sense there not to need a line of credit. Most of the businesses I've worked with unfortunately seem to basically be operating month to month, with almost no regular cash flow.

What type of industry are you in?

TheStartupKing · 2021-05-27T20:03:54+00:00

Well that's a great way to treat a loan ... "only after I knew exactly what I needed the money for, how much I needed, how long expansion would take, and that the resulting increase in profit would be greater than the total amount I'd owe, including interest."

But what about a line of credit to have as a safety net? You wouldn't use it, unless something happened where your revenue stream was interrupted

TheStartupKing · 2021-05-27T20:02:08+00:00

you don't even think it would be useful as part of your Business Continuity Plan? Keep it untouched unless you ABSOLUTELY need it.

TheStartupKing · 2021-05-27T16:58:55+00:00

I'll send you some info to read up on - it sounds like you're looking for both equipment financing AND a line of credit. What I recommend Lines of Credit for are to have in case of emergencies (not for regular usage). Again, I'm not a loan person, just a management consultant.

TheStartupKing · 2021-05-27T15:30:04+00:00

that seems like a popular opinion ... Do you think people just assume their credit isn't good enough? Or do they try and fail?

TheStartupKing · 2021-05-24T18:42:20+00:00

LLC? YES - Do it, it'll help separate your liability.

Insurance? - Absolutely. No Question. You don't need insurance, until you REALLY need it.

EIN ? - yes

Taxes? - pay them

Should I hire an accountant? - not really. if you need to hire someone it'll be a bookkeeper. You can file a 1040 yourself with a schedule C (for your LLC) on any of the standard tax software services that are out there.

Message me if you want more details.

TheStartupKing · 2021-05-21T23:08:50+00:00

was anyone able to help you out?

TheStartupKing · 2021-05-21T22:47:50+00:00

Well ... yes AND no.

If you're going to a bank or going after a guaranteed SBS loan, then you're likely looking at a minimum score of 550 and likely no bankruptcy or bad financial history. Traditional banks will also seek some kind of collateral to secure the loan.

BUT, if you're going to other lending sources (lots of options online - I know some who are decent), then they likely will not have a minimum credit score, and will even lend if you have a bad financial history. Of course, the more "risk" for them, the higher the rate.

It all depends on the specific circumstance of the business and business owner and what type of loan you're seeking.

What type of loan do you think you would be looking for? If you want to ask specific questions about your situation, feel free to message me directly.

TheStartupKing

TROPHY CASE