We’ve all heard the saying about change being the only constant. If anything, the past 18 months have proven that to be true.
Here’s a reminder of a few areas that have had significant changes in the past 18 months:
Business needs – from COVID closings to hiring issues, it’s safe to say that your business has experienced some dramatic swings in the past year.
Employment issues –From being furloughed, to working from home and back again, the employment dynamic has severely shifted. Plus, the days of businesses having a wide pool of candidates to select from are over (for now) and businesses now find themselves competing with higher wages, sign-on bonuses, flexible schedules and more.
Customer needs – When products and services became scarce and when #WFH became a thing, consumer needs shifted. Brand loyalty was quickly replaced by availability and convenience.
Let’s talk about changes to NM GRT
Not all recent changes have been pandemic-drive.
Given that we are a New Mexico-based accounting and bookkeeping firm, we’d like to take a moment to focus on a big change in the New Mexico tax world that became effective in July 2021.
If you are a New Mexico-based business, you have likely heard of the changes that are taking effect this month to Gross Receipts Tax. In summary, you will no longer pay taxes on where your business is based, but rather where the service you provide is performed. This is a rather significant shift as you will no longer be paying one tax rate, but potentially many different tax rates, depending on the work you do and where you customers are located.
Of course, there are many details involved, so we advise you to work closely with your accountant/bookkeeper on this change as you get ready to file your July GRT.
You can also get more info and access some great tutorial videos at the New Mexico Taxation & Revenue YouTube channel here.
Successfully Managing Change
Trying to manage so much change on your own can be overwhelming. While you cannot prevent the unexpected, you can set your business up to manage turbulent times and change. How? By building a knowledgeable team you trust. By creating a team of subject matter experts around you, you gain the confidence you need to make informed decisions on how to move forward.
If you need knowledgeable guidance for your business in accounting and bookkeeping, give us a call – 505-850-3908. We’d love to help you confidently move forward in your business and manage the changes that will come your way.