• Home
  • Services
    • Cash Flow Forecasting
    • PPP Loan Forgiveness Assistance
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks
    • Cloud Accounting
    • Business Formation Services
    • Business Compliance and Filings
  • QuickBooks Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Blog
  • About
    • About
    • Send Us Your Referrals
  • Contact
(770) 777-4115
info@evolbussolutions.com
March 1, 2018

Making Deadlines Can Save You Big Bucks in Your Business

Rosalind Fletcher Business Development, Profitability Tips

Tweet
Share
Share
Pin

There are a lot of deadlines that come with running a business. Missing some deadlines can have serious financial implications to the health of your business. Let’s take a look at how much you’ll save by being on time with the following deadlines.

Payroll

One of the toughest deadlines of all, making payroll, is essential to keeping employees happy. Making payroll tax deposits on time is even more crucial. You’ll save the following in penalties by staying on time with payroll deadlines:

  • If you’re 1-5 days late with payroll tax deposits, the penalty is two percent of the payroll.
  • If you’re 6-15 days late, you’ll pay five percent in penalties.
  • If you’re more than 15 days late, the penalty goes up to 10 percent.

And that’s just the federal penalties, not your state penalties.

Income Taxes

Everyone knows about the April 15th deadline to file your taxes. Some people file an extension and have until October 15th. However, we need to remember that the best estimate of your tax liability needs to be paid by April 15th even if an extension is granted. Failure to correctly estimate and pay income taxes leads to a penalty that is calculated by multiplying the number of days the tax is late by the effective interest rate.

Paying Vendors

If we’re slow to make our accounts payable payments, our vendors may tack on a penalty, but the larger consequence is the effect on our credit score.

Business Goals

It’s so easy to let internal deadlines slide, but they may be the most important of them all. To move your business forward, set goals with deadlines so that you can measure your results.

Mastering Deadlines

Here are a couple of tips to master your deadlines so you can avoid the above consequences:

  1. Keep a list of deadlines, or hire someone to help you with them.
  2. Make a mental commitment to yourself that the deadline is important to your business.
  3. Set aside the time you need to prepare for the deadline.  Block time on your calendar and stick to it.
  4. Remind yourself of the consequences of missing the deadline.
  5. Try not to overcommit. Delegate other tasks when possible.
  6. If possible, automate or systematize the processes around the deadline so that it’s met automatically.
  7. Stay up late if you have to in order to meet your deadline.
  8. Celebrate when you meet your deadline!
Tweet
Share
Share
Pin
Is Your Workplace Female-Friendly? How to Evaluate Your Marketing Spend

Related Posts

Blog, Business Growth, Business Tips, Profitability Tips

Ten Places to Look to Find More Profits

Business Development, Business Tips

18 Small Business Opportunities in 2020

Business Development, Business Growth, Business Tips

Three Essential Business Roles for Success and Balance

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • May 2017

Categories

  • Accounting (24)
  • Accounting Software (3)
  • Blog (8)
  • Bookkeeping (1)
  • Bookkeeping Tips (5)
  • Business Development (13)
  • Business Growth (9)
  • Business Tips (67)
  • Cool Tech Tools (13)
  • Cost-Saving Tips (1)
  • Customer Service Tips (6)
  • cybersecurity (1)
  • Decision-Making Tips (2)
  • Expense Reduction Tips (4)
  • Finance Management (1)
  • Management Tips (9)
  • Marketing Tips (1)
  • Money Management (1)
  • News (5)
  • Payroll Tips (3)
  • Personal Development (5)
  • Profitability Tips (10)
  • Profits (1)
  • Tax (6)
  • Technology (1)
  • Time Management Tips (4)
  • Uncategorized (16)
  • Home
  • Services
  • Products
  • Industries
  • Resources
  • Blog
  • About
  • Contact

Contact Us

Tax Services, Accounting Services and Services for QuickBooks®

EVOL Business Solutions LLC.

Serving the metro Atlanta, GA area

(770) 777-4115

info@evolbussolutions.com

5174 McGinnis Ferry Rd #183
Alpharetta, GA 30005


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
Copyright EVOL Business Solutions LLC. 2021 | Site Design by Accelerator Websites