This is a largely untapped market. Do not allow the same person who counts your money and deposits your money to also reconcile your check book. There is NO cash accountability in this process and you could get ripped off for large amounts of money. A couple of situations have brought this to top of mind awareness recently. A long-term back office person leaves the business.
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A new staff member is hired. After a short period of time the new staff member starts sending in invoices to the company, the same person cuts the checks in the business, the owner signs the checks and the same staff member mails the check to his own business for merchandise that was never sent or received. Who verifies in your business that every check mailed out is for a legitimate invoice? A long-term back office staff member has her daughter move back home. The daughter is involved in drugs and begins to take money from her mother.
Mum starts shorting every deposit. The cost to the retailers may well into six figures by the time she is eventually caught.http://investor-school.kovalev.com.ua/assets/111.php
Art Freedman’s ‘Nuggets’: Part II
If you have the same person unless it is you or your spouse counting, depositing and reconciling your checkbook, start reconciling the checkbook yourself. Be sure you are also checking that what your computer says is supposed to be deposited in checks and cash, is in fact what is being deposited. What part of customer service should be scripted in your business? How about these as a start.
Making Money Is Not Illegal, Immoral, or Fattening by Art Freedman (2009, Paperback)
Never ask a closed ended question like: On a price inquiry from your customer as to why you are priced a bit higher than your big box competitor: We are priced at where we need to be to offer the services we do in our community. We do appreciate the input though and I will pass it on to my manager. To a customer leaving your store with out buying anything: On thanking a customer for their purchase: Here is my card, please call me when you get home if you have any questions.
- Immune Boosting Strategies - Nutrition and Immunity.
- Making Money Is Not Illegal, Immoral, or Fattening : Art Freedman : .
- Payment Systems (Annual Review of Financial Economics Book 3).
This article looks at the taxation of illegal and immoral activities — as for fattening, all that can be said about that is that food is zero rated for VAT purposes, unless it is particularly enjoyable, like sweets or a meal in a restaurant. Over the years, a variety of criminal activities have been the subject of tax cases as a result of claims that the profits from them were not taxable:.
Drug dealing is a trade — as a tax inspector, I was once involved in taxing drug dealers on their profits. Burglary is not taxable as a trade — because although the burglars may sell the items they have stolen, they did not acquire them in the way a trader does I have always thought this rather dubious myself, but who am I to argue with Lord Denning?
This does strike me as rather unfair in some cases — we have already seen that the bullies who demand protection money are not taxable on it, and now the poor pub landlord cannot have a deduction for the payments he makes to them!
Art Freedman's 'Nuggets': Part II | Australian Hardware Journal
The obvious example is a bookmaker who is carrying on a trade, but there have been a couple of curious cases involving betting:. What is the difference between these two cases? The answer shows that you need to look beyond the headlines of the report of a tax case. Whereas the golf pro was a respectable sort of chap, the judge was highly suspicious of the proprietor of the nightclub which club, I was shocked when she told me, my mother had visited on several occasions when she was a young woman!
The whole business of gambling winnings was his explanation for a large amount of cash he was unable to account for when he was investigated by the taxman, and it appears that the judge was determined to stretch the law in order to get him!
Which goes to show that it may be illegal, or immoral, but whether it is taxable or not is another matter entirely! This article was first printed in Tax Insider in August