What are your company’s most valuable assets? Many claim on their balance sheets valuable assets including office buildings, parts, machinery, crates of product ready for sale, brains and know-how. Well, all that is true, but I believe our PEOPLE are our most valuable assets. It takes a lot of investment to care for these precious assets, and we should never take the responsibility lightly.
“People” assets come in two different types… employee and contractor. If you have valuable contractors in your business, don’t miss the IRS deadline of January 31, 2020 for sending an IRS Form 1099 to each contractor and to the IRS representing what you paid them in 2019. If you happen to use Quickbooks Online (and I highly recommend you give this product a try), the following article provides clear instructions for how to very efficiently comply with this IRS requirement. Let me know if you need any help!