article there. There will be a link where you can download the spreadsheet. In the Figure 1 Excel spreadsheet file, each column heading includes a mouse-over flag note explaining what should be listed in that column. Some columns list a new total every day that replaces the previous daily total. Other columns feature a stand-alone new daily number. Each day is incremental and will be combined with other days at the bottom of that column in the model. Input cells are in a blue font, and formulas and headings are in black. Only two days of data have been illus- trated. For any days without activity (such as Sundays), the row should be leſt blank. In other words, day five of the template should reflect and coincide with the fiſth day of the calendar month being tracked, irrespective of whether there was any business activity that day. 941 Payroll Trust Funds When I took over managing that troubled retail chain, one of the many ugly discoveries was that they had not been paying (depositing) their payroll trust funds. In other words, they had been using the payroll withholdings (known as 941s) to enhance the company’s cash flow. In business, there are ordi- nary mistakes, and then there are catastrophic mistakes. Not depositing 941 trust funds in a timely manner is an absolutely huge mistake to avoid at all costs. As Mr. Rodriguez (IRS agent in charge) said to me, “I know you were not the one who caused this mess, but I am required to put you through this process.” You need to be very aware that 941 is the only section of the U.S. tax code that carries penalties up to 100%. That’s right: up to 100%, and it could potentially lead to an all-expenses-paid vacation (no, not a Carnival Cruise… try again) in a small room with bars and lots of lonely eHarmony candidates with face tattoos. As the responsible manager, you can also find yourself having a delightful chat with the criminal division of the IRS and reviewing much of your personal financial information while involuntarily auditioning for a part on Law and Order. It’s probably also a good idea to add the “Bad Boys” theme song from the Cops TV show to your playlist on your phone. OK, sure, if it helps, you can also add “Looking for Love in All the Wrong Places” from Urban Cowboy too! Conclusion Dealing with economic business storms is no laughing matter. So, on a more serious note, I sincerely hope that at least some of the information discussed here will be of value and assistance to you, especially if you are among those who find themselves prepar- ing for or navigating through their first major economic storm. WWW.ALOA.ORG Take a deep breath, manage your emotions, try to keep your sense of humor, avail of any government assistance programs and act like the captain of a ship at sea in a bad storm. Al- though you may feel scared and helpless at times, it is likely that you can take some meaningful steps to at least improve the situation. Good luck, best wishes, stay safe and let’s hope that we can all return to some semblance of normal before too long. In our next article in this series, we will discuss the role, content and issues associated with an employee handbook. Noel Flynn is a degreed business management consultant with global senior leadership experi- ence, including more than 20 years in manufactur- ing, wholesale distribution and consulting sectors of the security industry. Noel has been a senior executive, officer, board director and adviser to not-for-profit and for-profit companies in numerous industries worldwide. This includes being an ALOA board member since 2011, and he is also an ACE instructor, developing and teaching business management. Residential. Commercial. We have you covered. Great customer service | Quality products Same-day shipping | Competitive pricing Educational seminars Tel: (800) 225-7405 www.stoneandberg.com Fax: (800) 535-5625 JUNE 2020 KEYNOTES 23
