San Francisco Bay Area SMBs

How San Francisco Bay Area Small Businesses Should Handle A Crazy Customer

ranjan.254 / June 20, 2025

We’re keeping our powder dry over here at ONeill & Bergado, as it relates to the “American Rescue Plan” proposed by Biden. There’s plenty of talk about it … but as of yet, nothing has passed. I prefer to live in the world of what *is* — instead of speculation. When something gets passed, I’ll have more to say to my San Mateo small business tax clients. In the meantime … it’s tax time. If you need to get on our calendar, NOW would be a good time to do so:(408) 241-4100 The March 15th deadline for San Francisco Bay Area corps is coming, and while extension is always an option … it would feel great to get things handled. Clean up your 2020 books, and let us dive in on your behalf. Now … last week I wrote to you about some of those struggles, specifically as to when you and your team are dealing with angry customers over some sort of problem. And I gave you a framework for that which involves hearing the customer and making things right. However … sometimes that’s actually not enough because you are dealing with a customer who has completely lost control. (Sadly, I’ve heard from some San Francisco Bay Area business owner clients who deal with a large volume of customers that this kind of behavior has increased over recent years; which I find concerning for our culture.) So, here are some ideas for that particular circumstance… How San Francisco Bay Area Small Businesses Should Handle A Crazy Customer“Being deeply loved by someone gives you strength, while loving someone deeply gives you courage.” – Lao Tzu Last week, I wrote about handling upset customers, and I laid out a simple four-step method: 1) Hear the customer and don’t interrupt. 2) Mirror back (empathize) with something like: “I can understand why you’re upset. I would be upset too.” Or, “I’m really sorry that happened to you.”3) Ask: “What can I do to make this right?” 4) Resolve – Unless the request is absolutely ridiculous, DO IT! But what happens if the customer in your San Mateo business is completely ridiculous? It starts here: as the owner or general manager of the business you’ll need to decide just how much empowerment you’ll give your staff to resolve an issue. Let’s assume you have 3 levels of personnel in your business — front line, manager, and you. You might give the front line person the authority to give $100 worth of satisfaction (credit, whatever) when the customer isn’t just being ridiculous — and up to a $50 credit even if the request is ridiculous. You might then give the manager the authority to give up to a $300 credit even if the customer is ridiculous — and a $1,000 credit otherwise. Notice that the ridiculous requests still get handled, just … not as generously. Credits over this amount may need your personal approval. You’ll need to determine where these levels are and put them in writing. But just as important as where the levels are, is how everyone is trained to handle the ridiculous customer. If your people think the client is being ridiculous, or the amount is more than they are comfortable with, they should be trained to pleasantly stall for time and refer it to you later with something like, “I’m sorry, I’ll need to talk with my supervisor about this. I’m sure you’ll be hearing back before noon tomorrow. And if we can’t, I’ll be sure to call you.” Then be absolutely certain to get back to the client before your associate said you would. When you have a PLAN in place, you can handle just about anything in your San Mateo business. No matter how crazy. We’re here to help. Let me know if you have any business tax or financial questions. Use this:(408) 241-4100 I’m grateful for our partnership and for your referrals. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado Feel free to share this article with a San Francisco Bay Area area (or beyond!) business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.

Business Tax Planning

Year-End Business Tax Strategy for San Francisco Bay Area SMB Owners

ranjan.254 / June 20, 2025

There are many of our clients for whom this time of year is like their version of the Super Bowl. Some San Francisco Bay Area businesses are earning 30-50% (or more) of their yearly revenue in this one month. Others … well, this is a normal month — except of course for all of the holiday craziness. But for ALL of our clients, this is a time where you can bring home some serious bacon. And one way you can do so is by making some tax moves before the clock strikes 12 on New Year’s Eve. Now I get it … the rush of customers and clients, strange hours, extra errands: It’s a tough time of year to think about tax. But the calendar waits for no business, and time is getting short to plan your moves. If you want to talk all of this through and get ahead of the game while you can, we’re right here: (408) 241-4100 In the meantime, let’s dive in. Year-End Business Tax Strategy for San Francisco Bay Area SMB Owners“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill Get your tax documents together to back the tax moves we talk about here and any others you might take. Consider temporary bookkeeping help through the end of this year and the beginning of 2022. Year End Business Tax Strategy #1: You’re the boss. If you have employees, you have some special tax preparations to think about concerning tax preparation this year. For one, if you have employees who worked remotely, you should find out ASAP if new laws in the states where these employees worked will create reporting and payment requirements for employment taxes. The end of the year is also a great time to make sure you’re getting the biggest tax bang out of your company’s retirement plan, anything from a SEP IRA to a Solo 401(k) to the combination of a 401(k) with a defined-benefit pension plan. Believe it or not, you have until the extended due date of your 2021 federal return to establish a qualified retirement plan and fund the plan for this year. And oh yeah: If you took advantage earlier this year of deferring payment of your portion of Social Security payroll tax liabilities that would have been due from March 27 through Dec. 31, get ready to pay half that deferred amount by the last day of 2021. Year End Business Tax Strategy #2: Timing’s everything. While we’re on the subject, wringing the most out of the business tax system often comes down to two things: deferment or acceleration. If you think you’re going to be in a higher tax bracket next year, do all your billings soon and collect on as many as you can before the end of 2021. You want that money sooner so you can be taxed on it in 2021. A much higher rate on long-term capital gains is also making its way steadily through the catacombs of Washington lawmaking – and since gain on the sale of a business or investment property is generally taxed at this rate, closing such a sale before year’s end might be the safest call. Year End Business Tax Strategy #3: You bet your assets. There’s no sign that this goody is going to change, but you should know that 100% first-year bonus depreciation is available for qualified new and used property acquired and placed in service in calendar 2021. You might be able to write off the entire cost of assets that you add this year. Regarding vehicles, passenger cars that your company puts into service in 2021 have limited deductibility, but SUVs, pickups, and vans don’t. What a deal. Or is it? This brings us to a key concept of tax planning. Examine tax breaks for whether they’ll continue: Will they be around next year? Will your tax rate be higher in 2022? You may want to wait and get the break then to lower your 2022 taxable income. Year End Business Tax Strategy #4: It’s your loss. The pandemic might have made this … well, let’s call it a “robust” area of activity for some businesses in recent years. Hope you weren’t one of them, but if you did get dinged on a few deals there are definitely some ducks you want to get in a row regarding losses. Did you have bad debts in 2021? You can get a write-off if that debt is wholly uncollectible by the end of the year. Damaged or abandoned property can generate ordinary losses for specific assets; so can some insolvent subsidiaries. Also, make sure that your business has filed claims for all net operating loss (NOL) carrybacks. You still have until Dec. 31 to file for NOLs originating in 2020. Year End Business Tax Strategy #5: Credit due. The taxman isn’t completely without heart, and the feds, along with a lot of states and local governments, offer a lot of tax credits for things like research and development, innovation and technology, renewable energy, and investing in low-income communities. Stroll back through your 2021 memory lane to make sure you’re claiming all the tax credits you might have coming – and, just as important, begin eyeing possible tax credits for your activities planned for 2022. This is just a sample of business tax strategy to help you save before the end of the year. We can also discuss if your San Francisco Bay Area company is the right kind of business entity for the best tax leverage or how our good state’s taxes might influence your moves between now and New Year’s. Give us a buzz. We’d be happy to talk more about the details – and about you. Happiest of holidays. (408) 241-4100 To more holiday bacon staying in your pocket, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Small Business Accounting Software: A San Francisco Bay Area Owner’s Guide

ranjan.254 / June 20, 2025

For as long as trade has existed, so has accounting. Goods are sold, profit is made, expenses are accrued, and everything gets recorded (presumably, ha!). And it wasn’t THAT long ago that electronic spreadsheets were considered “a big advancement” in accounting technology. Businesses put away those old ledger books and took to smudge-free financial data entry. Today’s small business accounting software is another thing altogether… minimizing mathematical error, quantifying a business’s financial health, making predictions, creating KPIs – and all done in a matter of seconds. And like any good product out there, there are a multiplicity of options to choose from (even if the process is somewhat painstaking). But before I get into how to make that choice… There are a couple of things you should think about putting on your San Francisco Bay Area business’s spring cleaning list: checking for obsolete inventory or uncollectable debts. Some goods just don’t get sold and some debts just can’t be collected. The plus side of looking into these? Tax deductibility. If you want to talk more about these or any other deductions your business could be taking, let’s chat:Patti (408) 241-4100 Gale 408-775-7800 Now, you might feel like Goldilocks when it comes to choosing the right small business accounting software for your business, but here are some insights to help you decide … Small Business Accounting Software: The San Francisco Bay Area Owner’s Guide “One man’s crappy software is another man’s full-time job.” – Jessica Gaston Nobody runs a small business long before learning the importance of managing and tracking finances. Enter small business accounting software, which can also organize receipts, reconcile your books and talk to us and your bank to take a lot of tax and money-related stuff off your plate – not to mention lower the chances of an expensive mistake. We kick off our series on software breakdowns here with a look at what’s involved in finding the right accounting software. Oh, the choices you have You basically use accounting software to track transactions to or from your business to an individual or another business, whether to customers or vendors or some other A/P or A/R source. If it seems like there’s a bewildering variety of accounting software out there to handle this job, that’s not your imagination: There is. Start by narrowing the offerings according to what industry or industries they can serve best. You want one of those industries to be yours. Most small business accounting software brings you similar advantages. You’ll get a better idea of your outgoing and incoming cash flow from a wide range of reports the software can generate. A lot of the drudgery of accounting will be done automatically, freeing your time for more important jobs. The right software will also synchronize your information for reporting and tax requirements and make it easier to work with us and other financial pros you hire. Size does matter Is this the first accounting software for your small business? A lot of people start with something like Quickbooks, which has an intro price of less than $20 a month (even less if you’re self-employed) as well as discounts and free trials. Is your business at the next level, looking to upgrade from a basic accounting package? Maybe you’re looking for functions such as forecasting, more data storage, or accounts for different staffers or offices of your company. At this stage especially, look for software with experience in your industry. If your business has grown beyond that, you might be nearing an enterprise-class operation that needs accounting software to handle multiple offices and maybe international operations. And if you’re anywhere beyond this level, you’re probably a company looking for truly customized accounting software. The price tag This software comes in as many prices as it does flavors. Most come in a subscription-based, internet-delivered cloud model where you choose your tier and pay monthly (as with Quickbooks above). Prices run from a few bucks a month (even less) to the high double figures and more depending on your needs. Think carefully if you want/need customization, which also drives up the price. Other things that can drive up the price? Support, training, redesign, and upgrades. You can often buy such add-ons as advanced payroll (we’ll address payroll software in a future piece), CRM, HR, and more. One of your first tasks will be getting a price quote from the vendor. At the very least, your accounting software should be able to handle your budgeting and forecasting, inventory, general payroll, financial reporting, and billing/invoicing. Here’s a sample of features you’ll probably see as you start clicking vendors’ web pages: Intuit Quickbooks: Tiers more advanced than what we mentioned are still well less than a hundred bucks a month for this household name in accounting software with features including seats for up to five users, on-demand online training, management of employee expenses and 1099 contractors, and app integration, among others. Xero: The usual suspects on the accounting features page also include multi-currency capability, quick quote generation (to help you secure jobs before the other guy), sales tax calculation, and Gusto payroll interface (an add-on with a monthly extra price). Pricing from about $10 to a few twenties a month for “Early,” “Growing,” and “Established” businesses. Freshbooks: This is a software that is designed for the smaller freelancer, or “simple” business but which offers a bit more power than the final option that I will be sharing with you. It is less expensive than the first two, and perhaps less robust … but might be perfect for the smaller, simpler business. Wave Accounting: Organizes income, expenses, payments, and invoices with 256-bit encryption security and other touted measures for handling credit card and bank account information. It is completely web-based and uses double-entry accounting software. Claims that its most basic accounting package is free – so your first question to them might be, “Why is this free?” Ask, ask, and ask again Do NOT be shy when shopping for small business accounting software. Your good questions include: What’s included in your quoted price? How much consultation

Business Growth, Business Tax Planning

Three Financial Statements San Francisco Bay Area SMBs Need To Get Right

ranjan.254 / June 20, 2025

If you’re a successful San Francisco Bay Area business owner in this high-pressure time, you’ve learned to master the art of the pivot. Pivot on pricing, pivot on operations, pivot on hiring, pivot on supply, pivot on financials… Successfully pulling it off is impressive – really. As someone who works closely with a LOT of SMB owners, believe me, I know that it ain’t easy. In fact, maybe you’re one of those businesses struggling to come through it all, even with those sweet, sweet pivots. Well, one piece of good news right now: there are (still!) many grants available to small business owners that could bring a little cash infusion to help get you through. Another significant help? A little bit of guidance. (Ahem.) We’d behappyto sit down with you, take a look at those financial statements and see how we can get your business on steadier ground. Patti (408) 775-7790 Gale 408-775-7800 We’ll start by taking a look at the big three financial statements: balance sheet, income statement, and cash flow statement. And so that’s what I want to talk about today… Three Financial Statements San Francisco Bay Area SMBs Need To Get Right “A business that makes nothing but money is a poor business.” – Henry Ford As a small-business owner, you probably spend a lot of time thinking about the ins and outs of your company’s cash flow, A/R, A/P, and so on. Those and other financial categories of your books can show you a lot about where your company is headed… if you know where and how to look for both warning signs and good omens. And that’s more important than ever as small businesses struggle to get their revenues back to pre-pandemic levels. Here’s what you can learn from your books to keep your business on track. The big three financial statements Three major parts make up the basic financial picture of your small business: your balance sheet, income statement, and cash flow statement. These three financial statements seem similar – and they are, at first glance. But digging helps you see the details that combined give you a clear picture of the direction of your small business. The balance sheet The balance sheet presents the financial position of your company – your assets minus liabilities and owners’ equity at any given date – and how the assets are funded either by income, investment, or loan. You’re familiar with most of the terms here, such as accounts receivable and payable. Assets are generally listed in order of liquidity (“cash” is often first, for example). Liabilities are generally listed in the order in which you should pay them. Points to look for: Balance sheets can also quickly show you red flags. Debt, for one. Watch for high amounts when they’re stacked against your company’s overall net worth or cash flows. This can spell special trouble in inflationary times like these. Double-check contingent liabilities – how bad are they and when will they come due? Are you a seasonal business? Check the date on assets and receivables and make sure you’re getting a picture of your company’s year-long strengths. Also, check the sheet for cash,including at-hand, banked, and what comes from short-term investment. Is the level low or high relative to debt? How rapid is the outlay relative to your company’s growth? It should be fairly steady unless you recently went through an unusual expansion. The income statement Your income statement (aka your profit and loss statement) is the barometer of your company. It shows the financial performance over time with a picture of direct and indirect expenses. It starts with revenue from the core operating activities and includes such other revenue as income from dividends, rentals, and other factors. Deducting expenses, of course, show net pre-tax income. A couple points: Some warning signs here are clear, such as if your costs exceed your sales (meaning you may need to lower expenses or increase prices). Also, watch for unexplained drops in sales and marketing expenditures – this can hurt your bottom line down the road – or for jumps in operating costs without a corresponding rise in revenue. The cash flow statement This statement shows where you get your money from your core activities, investing activities, and financing activities. Operating activities should be your biggest category here. Investing activity shows cash flow related to asset costs and sales. Financing activities present the movement in the capital structure of your business, such as long-term and short-term borrowings’ repayments and procurements, payments of dividends, and interest on obligations. A glance at your cash flow statement can show you distinct warning signs. Do you rely too much on big but infrequent payments from just a few clients? Do you have many delayed receivables, maybe from slow-paying customers? Are you paying your bills too slowly? The ending cash and cash equivalents should also match with the cash and cash equivalents reflected in the balance sheet of the entity for the said period. Don’t forget to step back and look at the bigger picture. Do you even have all these financials, and are they complete? Are you the only one who ever looks at them or who seems to care? Those too are warning signs – big ones. These three financial statements just scratch the surface. If you know you need some help to start digging deeper into your business financials, let’s schedule a time to chat. Patti (408) 775-7790 Gale 408-7775-7800 We’re here for you and your San Francisco Bay Area business. On your team, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

San Francisco Bay Area SMBs

How San Francisco Bay Area Small Businesses Should Handle A Crazy Customer

Year-End Business Tax Strategy for San Francisco Bay Area SMB Owners

Small Business Accounting Software: A San Francisco Bay Area Owner’s Guide

Three Financial Statements San Francisco Bay Area SMBs Need To Get Right

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