1099 Reporting.  If any payments to vendors over $600,  you must issue a 1099.  Failure to do so can result in a fine per violation.  This reporting is going to cause a lot of headaches and wasted hours filing reports.  These are the requirements from the IRS website.

IRS FORM 1099 REPORTING REQUIREMENTS

The Internal Revenue Service (IRS) requires businesses (including not-for-profit organizations) to issue a Form 1099 to any individual or unincorporated business paid in excess of $600 per calendar year for services rendered. This is required whether these payments are spread out over the course of the year ...

The great news is that the factor rate of merchant cash advances continues to come down.  A merchant cash advance is like a loan, but based on your businesses future sales.  The industry is unregulated so the advances are made much quicker without all the paperwork, and financials.  The advances are unsecured.  Those are the advantages. 

The disadvantage is that the factor rate is higher than a bank loan interest rate.  Only a few years ago, the factor rate was around 1.35.   Now, the factor rates have come down through market competition.  It is possible to get a 3 ...

The Groupon phenomenon has grown like wildfire.  If implemented correctly, a Groupon campaign or a living social campaign can significantly transform your business and increase your bottom line.   Let’s be honest, a successful Groupon campaign is not cheap.  Groupon wants you to give at least 50% off to its members.  Then Groupon splits the upfront money.  So you are giving away 75% of your product and service.   If you have a 50% margin, then the campaign will cost you 25% of the wholesale price minus the percentage of no shows which is usually around 10%.  

For a Groupon campaign ...

Top 10 Keys to Lower your Credit Card Processing Costs

1.     Switch to Interchange Plus Pricing

2.     Know your Business Type

3.     Get set up under the correct Visa/MasterCard Program

4.     Know your card mix and average transaction

5.     Use Latest Processing Technology

6.     Review your statements (at least every 6 months)

7.     Accept All Card Types and transaction methods

8.     Be in Contact with your account executive

9.     Get multiple bids for card processing service 

10. Buy value – not price

Introduction

Blindbid is conducting a series of whitepapers to empower small business merchants to save on their processing ...

Credit card payment has become commonplace nowadays, which is why most retailers are now using credit card processing services in order to provide this payment option for their customers. Some even went beyond that and turned to wireless credit card processing. How exactly does wireless or online credit card processing work, and how will this benefit your company? This article discusses all the information you will need to know about this payment option.

How does wireless credit card processing work?

Wireless credit card processing works essentially the same way as ordinary credit card processing, in that a customer can use ...

The retail and business industry today continues to challenge itself by providing merchants with technology that can help them, no matter if they are considered to be small business, to run with the bigger corporations and companies.

One such technology that these businesses can use are credit cards. However the problem with credit cards is that it would require people to get the necessary affiliation before they can accept credit card payments on the fly. This is why there are a lot of new businesses that are called credit card processing for small business or better known as merchant services ...

Successful payroll system can be deployed for a business which is properly organized and wherein due and careful attention is paid to all the aspects including adherence to local, state and federal rules and guidelines. The process can be simplified by using computerized software payroll package. There are packages which keep a track on the employees’ sick leave and earned leave. This provides an insight into actual working time that an employee gives to the business.

Apply to Internal Revenue Services (IRS) for employees identification number (INS), for this use IRS form from SS (Secretary of state). This can be ...

Payrolls for small businesses are very essential. The efficiency of small business is directly proportional to the payroll for the business.

Here are a few attributes to look for when evaluating the usefulness of these programs:

User friendly: For avid users, accounting software need to be user friendly. The purpose of these tools is to help make it easier for the beginners.

Good Customer support: Any company can offer an instruction manual or post FAQs (Frequently asked questions) to their website, when it comes backed up by a live person. It proves to be very useful.

Ease of Paycheck printing ...

One of the most difficult and time consuming aspect in running a Restaurant effectively is managing the inventory. If inventory management is not done in a systematic way and is done manually it is a huge task and is difficult to manage. You can end up spending hours each month just counting condiments.

Modern ‘Restaurant POS System’ can reduce considerable time in managing inventory and can ensure better control in running a Restaurant.

At some point of time you need to replenish an item which has been consumed. The hardest part of managing the inventory is the initial set up ...

A great and effective POS (Point of Sales) system serves as a tool and an in-built mechanism device which ensures effective and controlled running of a Restaurant. If you have bought or researched point of sale (POS) systems within last five years and have analyzed it in detail, you might have undoubtedly encountered a problem which has frustrated so many Restaurant owners. That is a market flooded with products, but few if any unbiased, third party reviews. Fully featured POS system which could maximize profits is not assured by simply going through vendor brochures. Some more aspects more than ordinary ...