Home Office Finances from the Road

I have this uncle. We’ll call him Sam.

The 15th of every month, Sam wants a little scratch — whether I’m at my home office in South Florida, or playing road warrior somewhere along the Eastern Seaboard. Sam doesn’t really ask for his money. He doesn’t have to. I know to pay him — or else he’ll sic his business-suited henchmen on me. I’ll get a letter saying, “Mr. Zbar, You’re Delinquent.” The mere thought of raising his suspicions is enough to make any home office worker toe a very straight line.

Truth be told, I try to be a stickler about the money owed me, too. I want my money so I can pay myself, my vendors — and the Good Uncle.

Thus, making these two spokes in the money wheel of business spin in sync are core to running a successful enterprise.

Collections are no laughing matter. And tax payments are nothing to mess around with. And just because I’ll be on the road for three weeks doesn’t mean Uncle Sam won’t expect his estimated payroll tax payment, or I won’t expect my clients to pay me.

So, when it comes to tax payments, I have a few options. I can…

– Pay early at my bank branch.

– Bring a tax payment coupon and find a Wachovia branch somewhere along the tour route (been there, paid there).

– Pay by the IRS’s Electronic Federal Tax Payment System (EFTPS).

– Hire an admin — even temporarily — to receive my mail, endorse and deposit checks, and pay my taxes.

Getting clients to pay on a timely fashion — especially during summer and especially during a recession, can be downright tough. I cajole, beg, harangue and harass my clients for payment in hopes of getting money before I depart. I inquire about direct deposit, and offer to drive over and fetch a check if mailing will take too long. I asked one to deposit a check — if I mailed him a deposit slip. He agreed.
The EFTPS option is the best solution. I can log on or call it in, and make or schedule my payment from anywhere. No searching for a bank branch, and no making payments early. My money is mine, at least until I had it over to my uncle…