Mistakes You Should Never Make
sethbannon.com
Mistakes You Should Never Make
1–10 of 348 posts
Re: Mistakes You Should Never Make
#2Despite the amount of similarly titled articles that appear on HN weekly, this one is really, really good.
Don't miss out on it.
Re: Mistakes You Should Never Make
#3Wait, so are you telling me that in 3 years no one noticed that taxes weren't being deducted from their pay?
Re: Mistakes You Should Never Make
#4Taxes! It is never too early to setup something like xero.com and bring outside expertise.
Knowing how much money you really have is the most important thing to know when you run a business.
At ConferenceBadge.com I spent a few days automating our accounting process with Xero API and brought some help from Xenaccounting.com (Montreal firm) to manage our books. It really helped us bootstrap the company and manage or tight budget month to month.
Accounting dept (not knowing where you are) is really dangerous and stressful.
Re: Mistakes You Should Never Make
#5Wait, so are you telling me that in 3 years no one noticed that taxes weren't being deducted from their pay?
I suspect that it was deducted from their pay but didn't end up getting sent to the IRS.
Re: Mistakes You Should Never Make
#6Wait, so are you telling me that in 3 years no one noticed that taxes weren't being deducted from their pay?
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Re: Mistakes You Should Never Make
#7Wait, so are you telling me that in 3 years no one noticed that taxes weren't being deducted from their pay?
[deleted]
Re: Mistakes You Should Never Make
#8Wait, so are you telling me that in 3 years no one noticed that taxes weren't being deducted from their pay?
Employees probably paid their half automatically, but the other half is on the employers' books.
The employer's half is what is commonly referred to as "payroll tax."
Re: Mistakes You Should Never Make
#9> In the early days I would often let potential customers think we already had a feature they wanted
What. How is this even remotely acceptable? If discovered it destroys your credibility. Among your employees it destroys your credibility. If I was an employee and found out that this was happening, I'd be extremely upset. I wouldn't trust a thing you say. If you'll lie to customers, you'll lie to me.
Re: Mistakes You Should Never Make
#10Wow - "Oops, we forgot to pay payroll taxes for three years" isn't good. How does nobody notice that?
But lessons learned and all that. I can't stress enough (at least from having run a small business) that accounting is the number one thing to get correct from the get-go. It saves such an immense amount of time, money and stress later on.