Lightspeed customers can now enjoy a fully automated, hands-off sales tax management solution, freeing up valuable time while also being protected from large late payment fines from the state.
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When I opened my first restaurant, a wise friend said to me “It’s not how much you make, it’s how much you keep. If it doesn’t contribute to your bottom line, you have two choices: ditch it or do it as efficiently as possible." Sales tax falls into the “do it as efficiently as possible” bucket. Mismanagement of sales tax can be disastrous to your bottom line.
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Should bars still include sales tax in the price of their drinks or are they actually subsidizing part of the drink for all of their customers and giving up revenue?
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This chart shows brick-and-mortar merchants’ daily sales revenue since early March and then a rolling 7-day average of those sales. The high point of the red line was on March 5th, 2020 while the low point of the red line occurred on March 31st, 2020. At that point, sales revenue had crashed by over 58% in just a few weeks. Now it’s down by 26% and steadily improving to a busy Memorial Day weekend.
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As a restaurant owner during COVID-19, you are probably relying heavily on 3rd party apps (3PAs) such as Grubhub, DoorDash, and Uber Eats. With delivery likely being the vast bulk or possibly only revenue stream available to you, it’s vitally important that you understand who is responsible for collecting and remitting sales tax through these 3rd party orders.
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In these unprecedented times, it’s a real possibility that many small-to-medium-sized businesses will, despite every effort, be forced to close their business and declare bankruptcy. If these businesses had used the sales tax collected prior to closing their doors to sustain their business for a time, what will happen to that debt?
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Many of you have pivoted to offer take-out, delivery, and maybe even online sales during the COVID-19 crisis. If you are new to these services, we want to remind you that you need to check how the items you are selling are taxed in your state. It’s not as cut and dry as it may seem.
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We are now a few weeks into the full swing of the COVID-19 crisis in the U.S. At this point most small business owners have worked through the difficult short-term checklist of considerations to ensure that their business endures. But with no definitive end to the crisis in sight, it's time to think longer-term .
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Prior to starting DAVO Automated Sales Tax, I owned a successful restaurant called the Blue Sky Cafe in northern New Jersey for many years. I want to tell you about my experience when we closed down for a short period after 9/11.
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The uncertain business environment brought on by COVID-19 has businesses struggling to hold onto as much cash as possible. Many business owners are asking whether they should stop remitting sales tax and instead use it as working capital.
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