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Did You Know? Get Control of Your Taxes Easily one of the most important aspects of keeping your business healthy is maintaining strict compliance with your local and federal taxing authorities. While Abacus does not represent itself as a tax expert, the company wants to make certain that its customers do not risk any financial exposure. The Aloha system can meet the needs of virtually any taxing jurisdiction. For example, Abacus has seen some customers have issues calculating taxes using a flat rate as opposed to tax break points which are set up to be utilized in a tax table. Break points calculate on the penny instead of a straight percentage. Inclusive taxes do not allow breakpoints; however, you can set a higher rate if your tax professional advises you to.  The
following are some important tax options.» Goods and Services Tax (GST) » Inclusive taxes » Exclusive taxes » Smart tax » Vendor taxes » Secondary taxes » Comp and Promo taxes For an extended list of Aloha tax features and descriptions, click here. In order to keep your business sound and secure, Abacus strongly recommends that you consult periodically with a qualified financial expert to ensure that your business is protected from any potential tax liability. Based on those recommendations, contact your Abacus representative to implement any required changes to your business. Let us show you how we can save you money and give you peace of mind. Just call (727) 524-0177, then press 3 to speak with a trained professional.   Make More Money Tip Refund—Recover Your Expenses Aloha allows you the ability to collect a percentage of tips left on a credit card to assist you with the fees you pay. Tip Refund Percent specifies the percentage that you can recover from employee credit card tips to cover transaction costs, such as credit card processing fees. The percentage can be configured per card type. This is a small percentage for the server but as a whole can represent a large amount for your business. For example, suppose you have all credit card tenders set to 2%. On average you have a combination of ten servers and bartenders working per shift and each averages $100 in credit card tips per day. Each employee would tender $2.00 in their credit card tips and the business would receive $20 per day. Based on 364 days, this amounts to $7,280 a year.  Aloha Tips and Tricks to Build Stronger P&L'sThe Recycled Check Maneuver In this scam, waiters take a previous order receipt with the same items requested for a new customer and pass the receipt to the new customers for payment. As example, a waiter has a previous ticket for two burgers, two salads, and two ice teas. Another table orders the exact same thing. The waiter only rings in what they cannot get themselves: the Burgers. The waiter serves the self service items without ringing them in. The waiter drops the previous check pocketing the excess cash for the ice teas and salads. Read the entire article Abacus. You can count on us. |
The information
contained here regarding taxes is intended solely as a guide for use with Aloha
software. Consult state and federal regulations
regarding the collecting and reporting of all taxes by your
establishment. Abacus Business Solutions does not provide
professional legal,
accounting, or tax law advice.
The above information is
provided by Abacus for our customers as a courtesy only. If you require further
advice regarding standard legal,
accounting, and tax laws, please consult a
professional with expertise in that particular area.
 If you have a question or comment about this
eAlert,please contact Abacus at info@abacuspos.com. |