Question for the Guys....

[heatherstouch]

Im looking into a Moneris machine. This way I can take Visa MasterCard Amex and Debit.
I obviously will not have Heathers Touch on the receipts or show up on the statement. The question is, should I just use my numbered company or make up a name of a restaurant so if anyone sees the statement it is a good cover?? What are your thoughts to use as a good cover for a business name ? Also , would you use this machine? Thoughts and Ideas please!!!!!! xoxoxo Heather

 

[FTWWTF]

Making up a name of a restaurant is not a good idea. What if a SO sees it and wants to go and try it out, and cant find it anywhere. That would be trouble. A numbered company could also throw up red flags, and questions. How about using an existing company and adding an extra letter. Like Canadiian Tire, that way the guys could say they had work done on thier vehicle, and thats how come the transaction was xxx amount of dollars.

 

[heatherstouch]

Making up a name of a restaurant is not a good idea. What if a SO sees it and wants to go and try it out, and cant find it anywhere. That would be trouble. A numbered company could also throw up red flags, and questions. How about using an existing company and adding an extra letter. Like Canadiian Tire, that way the guys could say they had work done on thier vehicle, and thats how come the transaction was xxx amount of dollars.

I like that! I already have a numbered company as a catering biz... I could change it to anything so if it was researched it would still be legit. I like a the idea of a hardware or home reno store ...that way you could write it off and tell s.o it was for renos or house stuff , etc....thanks!!

 

[doggee_01]

personally CASH is king..........anything else is just asking for trouble, then again if you are single then i guess i can see a use but then again cash!!!!!

 

[raspberries]

With percentages coming off for each transaction on your side are you going to charge a fee to cover it (some small businesses do that, MDG did when I bought a computer there). And speaking from experience, watch Amex rates. But I like the idea of using amex to collect airmiles while visiting Heather's place. Hahaha

 

[Curious36]

Couple things come to mind. If you take income, you have to declare it on your end Heather. While the flip side of being able to write off expenses (as a business owner) is very appealing for a client.
BTW I think hardware type store is best bet for confidentiality as us guys are always shopping for something in that dept.

Cheers

 

[heatherstouch]

Awesome imput!! I already have a declared income any way so its not a problem from my end. It may make it easier for you guys though

 

[Curious36]

Ok...one more thing. If you decide to go ahead with a debit machine, it would make sense in terms of confidentiality to not imput round numbers. For example if service is $200 imput $201.34 etc. I cant remember ever buying anything retail where bill was exactly rounded off to the dollar and penny. The additional could also be used to offset card usage fees which range between 1.5 - 2.4 percent of transaction total.

 

[aussie9]

personally CASH is king..........anything else is just asking for trouble, then again if you are single then i guess i can see a use but then again cash!!!!!

I agree with cash. Just commenting from the sidelines these days; but, I preferred not to leave any kind of paper or electronic trail. That's just me. If its a business builder for you Heather-go for it!

 

[Curious36]

TBH I might come out of hobbying retirement if Heather implements this. Seriously love the idea of chalking it up as a business expense. Who wouldnt want the taxpayer subsidizing their fun?

 

[richaceg]

I'd say cash...no paper trails at all.

 

[Curious36]

She isnt saying she wont take cash....this is just another payment option for those that would appreciate the convenience.

 

[maxwellsmart]

TBH I might come out of hobbying retirement if Heather implements this. Seriously love the idea of chalking it up as a business expense. Who wouldnt want the taxpayer subsidizing their fun?

And there you go, Heather, with the problems that can be generated for YOU with a paper trail. Let's say Curious does submit his Visa bill from "Chez Heather's Dine-In Buffet" and his accounting company starts to dig around. Curious will have to do some fancy dancing and you may end up with all kinds of headaches.

I agree with the other guys....pay cash and only accept cash for hobbying.

 

[peter4025]

Will you be adding HST to your rates?

 

[heatherstouch]

Will you be adding HST to your rates?

still same prices

 

[zigzaw joker]

TBH I might come out of hobbying retirement if Heather implements this. Seriously love the idea of chalking it up as a business expense. Who wouldnt want the taxpayer subsidizing their fun?

yes cash is king, is king is king !.... and almost no paper trail if done correctly ...the trail credit cards would obviously create would be risky for most I would imagine ( myself include currently )... however being able to expense it really intrigues me as im starting my own small business and "catering " expense would be absofuckinglutely perfect in my case !

Heather i'll be in touch... & oh yea I almost forgot,.. Heather I miss you

 

[heatherstouch]

yes cash is king, is king is king !.... and almost no paper trail if done correctly ...the trail credit cards would obviously create would be risky for most I would imagine ( myself include currently )... however being able to expense it really intrigues me as im starting my own small business and "catering " expense would be absofuckinglutely perfect in my case !

Heather i'll be in touch... & oh yea I almost forgot,.. Heather I miss you

Thanks so much for all the feed back!!!To be honest I miss you guys tooo!!!xoxoxoxo

 

[FirstCaveman]

I suspect that a mere credit card voucher will not be sufficient evidence for a business write-off - at least under audit circumstances. There should be an actual transaction record, official invoice marked paid etc. which clearly shows the name of the company and it's HST number. I really don't think that you punters want to go there, and I doubt if you, Heather, want to get into that level of detail / record keeping, etc.

Cash is still KING!

 

[taker2ez]

Heathers dishes!

 

[Mr. Piggy]

Muffins Inc.

Cash only is the best way.