Can you recognize the sound of money?
Think of the shuffling sound a stack of bills makes when a cashier counts out your change.
Think of the jingling sound coins make when you swish them around in your pocket.
If you’re lucky, you can also think of the clanking sound quarters make as they fall into a slot machine’s metal tray!
My sensitivity to the sound of money goes even deeper than that. A couple of years ago, I had a plumber do some work in my master bathroom. The next day, I heard the distinct sound of money. It came in the form of a slow drip in my dining room!
Turns out, my ears were correct. The dripping sound evolved into a major repair in the bathroom and the dining room below.
That leads me to a sales tax question (SURPRISE!!!). What does money sound like at your company?
“We just won the contract!”
“We found a vendor across the country that can save us a ton of money!”
Those are fairly common sounds of money for companies. Have you heard any of these:
“No, we didn’t factor in sales taxes when preparing our bid.”
“That vendor didn’t charge us sales tax because they’re not located in our state.”
Eventually, you’ll get audited and the state will make you pay. If you pay it upfront (when you’re supposed to), you can build that cost into your pricing structure. If you pay it under audit, that money comes straight out of your pocket. Sure, you can try to go back to your customer after-the-fact, but many people feel as if that’s an unwise business decision.
Since sales tax impacts virtually every aspect of your business, it can be nearly impossible to keep tabs on everything. Keep you ears open and listen to what your co-workers are saying. Your bottom line will fatter as a result.