How-To Articles

Tagged in Research

How To Actually Generate Customers On Professional Networks: Part 1

Asked by Julbert Abraham from AGM - LinkedIn Marketing & LinkedIn Training

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If you're wondering if you can get clients from a professional network such as LinkedIn or Alignable (or any... Read Full Answer

Data & Insights

Tagged in Engineering & IT

10 Actually Actionable Benefits Of List Building

Asked by Juan Manuel Colome from Top Response Marketing

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What is List Building all about?

List building refers to a continuous process of adding new and updated subscribers to your list.... Read Full Answer

Local Business Stories

Tagged in Local

Celebrating Small And Locally-owned Businesses With Bill Brunelle of Independent We Stand

Asked by Alan Belniak from Alignable

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Today's special edition of the Local Business Stories by Alignable podcast highlights... Read Full Answer

Accountants and Finance Experts, Do You Have and Suggestions on How We Can Trim Company Expense When It Comes to Payroll Taxes?

By Andrew Canary · Posted on Monday, May 15, 2017 · Tagged in Taxes

We are an electrical contracting group that prides itself on doing things the right way.....we are getting hammered each month on fed/state tax expense. We are a small business of about 13 people, and we are a very efficient crew. We don't have any down time when it comes to our daily operations, we don't have a whole lot of overhead, we don't have a warehouse or office space at this point, and we can't seem to get ahead the way we should be. I'd love to understand how other businesses are so successful turning a profit. Any advice would be greatly appreciated.

Most Engaging Answer

Tracy Bowen from Business Resource Bookkeeping, LLC
2 Locals Recommend Them • Answered on Wednesday, May 17, 2017

If your employees are working efficiently and their billable/non-billable ratios are high (meaning you aren't paying them for a lot of down time or travel time or parts shopping time), the payroll taxes are going to be what they're going to be. There isn't really any wiggle room other than paying them as independent subs and letting them handle their own taxes, etc. Keep in mind that the rules on who is and who is not an employee are very specific. You can't just say a guy was an employee one day and not the next day without any change in the work flow.

... (more)

Linda Rausch from AMT Solutions
1 Local Recommends Them • Replied on Wednesday, May 17, 2017

What an excellent response Tracy. Well written, and easily understood by someone that isn't an accountant. My hubby, who is the actual Accountant in the family, would be very impressed. Good job :-)

Jason Sutton from Law Office of Sutton & Sutton
2 Locals Recommend Them • Replied on Thursday, May 18, 2017

I agree with Linda. Great job, Tracy.

Nhon Do from American Financial Management Group
1 Local Recommends Them • Replied on Thursday, May 18, 2017

What Tracy said is about cost accounting. Make sure you trace all costs and allocate them to the cost of a project!

Anna Mandell from Optimal Health and Wealth
0 Locals Recommend Them • Answered on Thursday, May 18, 2017

Subcontract them all. Have them be their own companies.

Start discounted meal service for them with isagenix.

Mary Fletcher from Grace Bookkeeping and Tax Service
1 Local Recommends Them • Replied on Monday, May 22, 2017

Anne, please look at the law concerning employee/contract labor.

Peter Osbourne from Pete's Taxes & Accounting
0 Locals Recommend Them • Answered on Thursday, May 18, 2017

Your problem could be easily solved by breaking up your job assignment and staffing resources so as to have less W2 employees and more contract laborers, being very careful not to treat them as employees who are contract workers and abiding by the rules of engagement of a contractor.

Tom Ferkinhoff from Mackey Advisors
1 Local Recommends Them • Answered on Thursday, May 18, 2017

Andrew - Some of the key things are to have a budget and goals and to understand the data you are collecting and to collect the correct data. With 13 employees you are large enough that you should be able to turn a healthy profit. One thing that we commonly see is that the owner spends too much time working in their business and not working on their business (ie they are trying to do work that brings in revenue like every other employee rather than managing people and doing strategic planning). It is key that you establish key financial indicators (KFI's) and... (more)

Dave Robinson from Driven Insights
0 Locals Recommend Them • Answered on Thursday, May 18, 2017

Would echo Tracy's point on payroll taxes and instead suggest you consider your focus. By focus, I mean study your work over the past twelve months and segment it. For example, in your world, maybe you have commercial and residential projects. Look deeper into each of those categories and challenge yourself to further segment each into 3-5 project types. Then turn your attention to margins and compare margins between project types. I suspect you'll identify some particularly profitable projects along with those that are less so. Layering on customer... (more)

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