Automated Invoicing For Your Business | Omnichannel Payment Processing | B2B Vault: The Payment Technology Podcast | Episode 101

Hey, what's up everybody? It's Justin live from B2B Vault, the payment technology podcast with your host Allen Kopelman, and we'll be providing you educational information about business payments, fintech, decentralized finance, and the technology businesses use in today's world. And in today's podcast, we're going to be talking about automating your invoicing within your business, how you could do so, kind of going back to the traditional ways, the old school ways people used to write letters, send it by carrier pigeon, they'd fly, land there, shoot.

That's way before my time. The carrier— what are you talking about?

Used to ride a pterodactyl.

I'm just kidding.

Anyway, yeah, so I mean, there's lots of different ways of getting paid, um, especially now. I mean, text messaging, uh, invoicing through, uh, you know, messages, emailing. I mean, there's just tons and tons of ways to get paid. Uh, so yeah, we're gonna touch on all the, the new cool ways to get paid.

Yeah, the new cool ways to get paid. You know, getting paid today can be a challenge. We're in a very rough time in the economy. And also, you know, I always talk about— and we've talked about before in the podcast— I called it the consumerization of business payments. And it's important that businesses start taking into account how their customers want to pay their bills and how that's changing and how you could maybe lose a client if you don't do what the client wants you to do.

Well, that's absolute— I definitely, uh, leave shops online if they don't have certain ways of paying. Um, I'm not going into a store and, you know, I mean, I guess sometimes you do, or you're forced just to pay cash, but, you know, I mean, there's— right, if there's, if there's more options, you have better options of ways of getting more clients to you, right?

So customers, yeah, so, you know, the old way of doing business, mailing out the invoice, has changed to emailing the invoice. And then some companies still sitting around waiting for the check to come in the mail, and that can take time, especially today. Businesses are shorthanded. So, you know, if you can collect electronically, you know, and I just wrote a blog about this and about how the prime rate has gone up. And if you have to borrow money to run your business, You could be spending 6 to 8% on borrowing, you know, on your, on your line of credit at your bank, right? You know, because the prime rate is going through the roof, is going up and up and up. There's going to be another raise by the Fed again, probably. They want to raise it again. They just raised it, put the 50 basis points. Yeah, yeah. Now they're talking about another raise. So, you know, that affects your line of credit. Take— if you're paying 6 to 8%, why not take a credit card, take the hit for 3%, get your money now, let the customer float it for 30 days or more on their credit instead of you accessing your credit, you know, and then waiting to get paid. Every day you wait costs you money, you know. So I like to tell stories about like clients like that. So we had a client—

we get—

we have quite a few companies who do like heating and air conditioning, so, and plumbing, like all together. And they deal like with a lot of businesses and some consumer, you know, like homes, but they deal with like a lot of apartment complexes, commercial stuff. Yeah, commercial buildings, things like that. Some homeowner stuff, but you know, you know, but usually it's sizable type of opportunities for them. So we had hooked up a few of those companies with our payment portal. Yeah, there was one guy, he didn't really want to do it, he thought it was too complicated. And they had, um, someone that they do business with requested that they must have a way for them to go to the website and make their payment, or they were going to lose the contract. It was a big contract.

Nice.

So the guy called me on the phone and then we got all the paperwork done, got them approved for the credit card and ACH, and then we got them on, scheduled the time to go through the portal and how to make the link to stick it on their website. So I'm training them. Mm-hmm. And then after about 10 minutes, I go, okay, we're done. The guy goes, what do you mean we're done? He goes, that's it. He goes, I thought this was going to be so much harder to accomplish. He goes, I can't believe that it's actually that simple.

Oh, it's really easy.

And he was, he was, he was literally like shocked. He gave the link to his website guy, and within an hour it was up. You know, the guy, the payment portal was working. Yeah, the payment portal was working, and the guy couldn't believe it. And then their customer was like super happy.

Well, yeah, I mean, it's easy, right?

Right, it's easy because now the customer was a big company. They could just go to the website. So they can put the link in there on their invoice, the email to them, the customer can click the link, go to the website, make the payment and be done. They were done. And then that guy couldn't believe—

pretty standard today, right?

It's pretty standard. But you know, he was resisting it. But now they had to do that. We have another company that's a company that— and it's crazy with the car shortage, right? Right. They're super, super busy. This company's super busy, and they move— so they work with a few car dealerships. And sometimes, let's say Justin decides he wants this certain Mustang and they can't find it anywhere, but they find it at another car dealership in another state. So they're the company that actually goes and make— makes the arrangements to get the car moved for them. Oh, nice. So either on a big carrier or in a small carrier, what— however it needs to get moved depending on the speed. And they get the car from point A to point B. Like somebody needs a car moved from Ohio to South Florida, They, they're the company and they work for several, excuse me, very large car dealerships to, to get that done. So the, uh, car dealership sent them a letter and they sent it to me and I said, well, all they really want you to do is they want you to provide them a link to make the payment. And the guy was like, they were not happy because the company was paying him with a check, like him once every 2 weeks, and now they want to pay him with a credit card. Okay. I said, what are you going to do? You're going to lose— like, it's a huge client.

So take the money, man.

So they're taking the credit card.

I bet you they are.

So we showed them how to do it, and they couldn't believe it was like that easy. Oh yeah, they were like, are you serious? And I was like, yeah, that's it. It's not that big of a deal. Like, you guys are— you guys are overcomplicating, overthinking. Yeah, you're overthinking the whole thing of just how easy it is.

Yeah, we've, we've, we, we went through all the, the heartaches so you guys wouldn't, because like literally for the past 10 years I've been dealing with sending invoices and getting paid online, dealing with every obstacle, every— oh, you have to wait 30 days, blah blah blah. I mean, there's just so many different issues that come about, you know what I mean? Like, from— not anymore, back in the day I'm saying, right? You know, now it's just simple. Even if you get a check mailed to you, you just take a picture and you— and you're done, you know, for the most part.

But yeah, take a picture with your app and it's deposited to your bank account.

I mean, there's definitely more— way more, you know, advanced ways of getting paid today. Yeah, and why not utilize them, right?

And then we had another company and they basically said to me, they go, well, we use QuickBooks and we send out the invoice and then the person has to call us on the phone and then we put the credit card number because QuickBooks, the rates are so high that they use our regular merchant account. So I said to him, I said, listen, you know, you could spend just a little bit of money, right? And then make all your invoices in QuickBooks and then you put them in this other software, and then it sends it out to the people all automated, right? And then if they don't pay, you can set it up in there. So like, oh, if the person hasn't paid it in 48 hours or 24 hours, it'll resend the invoices out. And then let's say you have some invoices that are 30, 40 days old that haven't been paid to— like, as they sell to a lot of wholesalers, okay? And retailers because they make, um, custom parts for like, uh, motorcycles and four-wheelers and different kind of stuff like that.

Interesting.

You know, like, yeah, they— accessories and accessories, but like they customize it for people, right? Oh, they want— they have this—

they see this rim, but oh, they want it blue with their name in it.

Yeah, or they want their name on it. They do all that stuff. Or they want it— they want the VIN number etched into the inside of the rims or whatever they want, right? So they deal with a lot of companies who resell these products, and so they sell it to them. Then I showed the guy the— first he tried to use a few other different services because you don't want to like exactly listen. Then I showed how to run a demo of the service. The guy's like, I can't believe, like, it's actually that easy. And he called me a couple of times since. He's like, wow, that's like the greatest thing I ever did. I should have done it like over a year ago. He goes, in fact, it's helping collect older invoices faster because they get this, their invoice, they get a link, they just click it and make the payment.

I mean, a lot of people have been waiting for, you know, ways to pay. I mean, Sending an invoice via email and then waiting to get paid via check has got to be the slowest process ever.

Yeah, and people like— I hardly ever write a check anymore. When someone wants to have any checks, yeah, when they ask me to write them a check, I'm like, really? Like, I have to send you a check? I'm like in shock, right? No, but, but we have integration. So what, like, how do we do this? So some of it is, you know, accomplished through the Gateway, has the features that can do that. And then like for the QuickBooks, so there's QuickBooks, you have Xero, there's a couple of other ones, and then we have basically like a little— I call it a widget, you know, that links where you link those two things together. And then that's how you can send out— you send out the payment links through the third party. Software, it imports all your invoices in there, and then you can disperse— we talking about what we were talking about earlier? Yeah, it disperses them out. And then if you have people like this guy, he told me he had customers that hadn't paid in a while, right, right? And they're calling them, and he's like, yeah, it goes a few people, they paid over the weekend at night. Yeah, because now you're open for business 24 hours a day. If I'm shorthanded all day and then all of a sudden like I'm at home at 8:30 and I go, man, I got to pay the city of Fort Lauderdale, or oh, I got to pay this bill, or I got to pay that bill. And if you go to their website and it's easy to make a payment, boom, you just make your payment, you're done. You know, you make your payment and you're done. And we've done this with all sorts of different businesses. We just linked up a doctor's office. So the doctor's office was losing business because a lot of the people from the doctor's office were calling the insurance companies telemedicine, you know, and then they pay the telemedicine fee. So the doctor signed up with a bunch of the insurance companies, so they got approved as a telemedicine, right? And they could do their own telemedicine.

So we set them up with telemedicine. Is what, like, so like, I'm Zoom calling, I'm telling you, hey, Allen, you got strep throat, you need to go take, right?

So there, yeah, so you're doing a Zoom with the doctor So instead of you— so the people feel more comfortable, like they— I could talk to my doctor instead of just some random doctor, right? So you can— so now that the doctors can set that up for themselves, and then they do the telemedicine copay and collect it. And we get— we set them up with a form, and they basically just send the link to the patient. Patient fills it out, they get the money, and then they do the telemedicine call through Zoom, and then they can basically, you know, they, they did the— they did— they have to do it through some special portal that's, I guess, linked to the insurance company or something. It's verified, and then boom, done. But this way, the doctors can get the money instead of they're sitting in their office and half their patients are calling telemedicine because they're sitting— they don't want to go to the doctor's office because they're afraid of the COVID That's pretty cool. Yeah, so we hope, you know, car dealerships— there's a lot of car dealerships that have, you know, where they're doing, you know, self-financing, right? You know, so they're self-financing, let's say, commercial vehicles, or they're self-financing cars, or they, they rent cars out, you know what I mean? Like, they have their own, like, car rental for Uber drivers. And people who do delivery and stuff like that, or even just luxury car rental. Yeah, or even luxury car rental. And we hooked a few places up like that that have those kind of, those kind of deals where people can make their payments online. So that's another, you know, another example. Parts companies with invoices, you know, companies taking orders over the phone. That's another like difficult thing, right?

Right?

You're taking a phone order, and then how do you— you want to collect the payment. A lot of times people are not comfortable giving you the credit card number over the phone.

Most of the time, no, right?

So you can basically shoot them over a payment link with the amount on it, and then the customer— you can send it over to them by email or text. And then we also have another program where they could have a conversational text and be texting with the person back and forth through the portal and put the link in for the payment. And then that's, you know, a way— and that can be used for all sorts of different, different types of companies who need— who want to incorporate like their customer service into texting, you know. And if you have the right type of clientele, right, a younger clientele— I mean, if you're dealing with people that are probably 70 and above, they're probably not going to text you or email you. But if you're dealing with a, you know, a younger type clientele, and they're going to be more into the text messaging, right? And then you can take advantage of that by, by doing that.

Before you get into the next subject, man, we just want to— we just want to say thank you to everybody who entered the giveaway for the 100th episode tomorrow. We'll be going live at 3 PM to announce the winner. Please follow us on Facebook, TikTok, Instagram, Twitter, LinkedIn. What, sir?

I think this episode is going to air after the contest.

This episode will air after the contest, right? We said thank you. Oh, thank you to everyone who entered. Okay. What's going on? Anyway, yeah, man, thanks for everyone who entered the contest. We'll be announcing the winner tomorrow. It'll come after obviously this podcast, but whatever. Follow us on Facebook, Twitter, Instagram, LinkedIn, and YouTube. Don't forget to like the community page on Facebook, the B2B Vault. Check out the website, B2BVault.info.

Send us a question.

Send us some questions. We still got a, you know, there's only one question. What is a couple of people— digital—

there was no, no, don't announce the question. Okay, 2 or 3 questions that have been posted. And there's a couple of questions on LinkedIn and my profile that people sent to me. There's a few questions.

We got a question this afternoon too.

Yeah, we got a few questions that came in.

So yeah, so head over to B2BVault.info, submit your questions there. Or you can go to the Facebook page, and put them on our wall. Um, please like and subscribe the YouTube channel. We're trying to get those numbers up. Uh, yeah, man. So thanks to everybody who entered, entered the, uh, giveaway. Yeah, congratulations to the winner, right?

Watch it, look on social media and check out who won, who won prizes. You know, we, you know, we— what we try to do with customers when they come to us and they say, hey, we want to have a better way to collect our invoices. So what we do is we sit down with them and we go over like, what are you doing now? Like, what kind of software do you use? You know, and then we figure out how to, how to piece it together. We don't just come up with like, oh, here's your solution, right, right, you're done. You know, we do that like somebody called—

everybody's different, right?

Everybody's using something different. And then we basically work, show them what we can, how we can make it work for them.

E-commerce store isn't going to go for a non-card present type of— I mean, a card present type of situation, right?

They're not gonna have somebody walk in the door and do stuff. Although there's— we've had some clients where, you know, we'll go ask them some questions like, do people ever like come to your warehouse? And then the answer is yes. And we're like, well, you should have a credit card machine. Right, to accommodate the people who come in. Like, we had somebody contact us the other day and we were working with them, and basically they had this very complicated— the guy tells me on the phone, he's like, we have this very complicated inventory system that we use. And he's, you know, he goes, I don't really think that you can help me. And I said, well, you know, What— why do you think that? And he's like, well, I don't know, this sounds really complicated. So I said, okay, what's the name of the software? And so he told me. I got on Google, looked it up, found their documentation. I said, okay, we can help you. He's like, what do you mean? He goes, how do you know? I said, well, I looked through their documentation. Your software works with this particular gateway, so we have access to that gateway. And you can process all your payments through there. It was an interesting type of software situation because they were selling— they're selling to a big company, and the big company told them that they need to institute this type of payment, which they're not too thrilled about because the company wants to pay them with a credit card and they've been mailing them checks.

Yeah, huh, another one of those.

Another one. So it's a big huge company making hundreds of thousands of dollars in purchases every month. But the way it works is the— that company has access to their inventory, so it's all linked together. And then the purchase orders can be generated, you know, based on their inventory. Like, so if they only have 5 bottles of something left, it knows, oh, it's time to order 2 cases. So They place the order and then they want their accounting department to go into this software that they're already interacting with for ordering, be able to click the invoices, which ones they want to pay, put in the credit card, make the payment. And we can do that. We can do it. So we told them, I explained to the guy, it's very easy, we can do it. Boom, boom, boom, boom, boom. This gave them a quote, how much it's going to cost, explained everything to them, said, you know, if you want to set up a demo, we can set up, show you a demo of how it what that, what that looks like, but it's the recommended gateway from your software companies. Nothing special, right? Right. Wasn't like I didn't, I didn't go and like invent something. Oh, you got to take an API, right? Do this and a bunch of integration, pay some guy $5,000 to link it in. No, it's already built in. That's what most people don't realize. There's already like solutions that are inside of your software that can be linked up. You know, they link up to all— there's, you know, dozens of gateways.

If you're running WordPress, we can link into WooCommerce. If you're— I mean, like he said, there's dozens of different ways.

Like somebody came to me the other day, they had a Wix website, so I looked it up and I said, oh, they have an integration to this one gateway, we have access to that.

And because you got a Shopify site, you're SOL.

Yeah, we can't help anybody. Well, you could do it, you can, but Shopify made it that way.

So I mean, I have bought I'm the web developer here. And I have always been the guy that suggests to not use Shopify. So yeah, or Wix. Do it yourself. Save money in the end anyway.

So yeah, we have—

right.

Yeah, that didn't go down right. But we have a way to link into, like you said, WooCommerce. And WooCommerce, we have a way to link into WordPress sites. Wix sites, we can do some of those. Shopify, you can put in an outside gateway, but you have to pay extra fees, right? So that's usually not economically feasible for most people unless you have the highest, like, Shopify account. Then they don't charge you the money. Or let's say you have a product that they won't support. Okay, which that comes up quite a bit, and then people usually get very frustrated when they find out that Shopify won't give them Shopify payments and they're selling like CBD or some vitamins or something that they don't like.

Yep.

So that's, you know, that's not good. But, you know, there's always, you know, I always try to like work from where the customer is and not try to create like more, more work for them to do. So, oh, you're using software A? We'll go look up the documentation, figure out how you can link up to a payment gateway, and then match you with a bank that's going to be friendly to the ticket size you're going to have. Because especially like if you're doing, you know, B2B or large payments of $10,000, $20,000— we had somebody contact us today that some company buying from them and they want to put, uh, almost $40 grand on a credit card. And that's— and you're going to see more of that as we're in this economy because people, people are going to try to stretch their, their cash.

Yeah. And people are starting to learn about business credit too. We're starting to understand that, right? They can get a line of credit to their business and they don't have to do it to themselves, but—

and they could pay through, right? But they'll get it, but they'll get a credit card right now. So a lot of businesses will do this. This is like a big thing going on now. Credit. I go out and I want to buy 10 ATM machines, but I don't want to use my cash right now because I want to buy them, and then I'm going to go either sell them or I'm going to place them somewhere. And I'm— and I— and I'll have 30, 40 days, right, depending on where— if you time it just right, you could have maybe 40 days before you have to pay the bill, right?

Right.

So if I time it right and I buy the machines and then I get them and I get them out in the field, they could already start to be producing income before I have to start paying for that. So the same thing, you have a lot of companies now, they want to buy— let's say someone has a smoke shop and they say, and they want to buy a lot of inventory, they need to buy like a bunch of cigars or whatever, the vapes or whatever from the supplier. So instead of using their cash, they'll put it all on a credit card. And we're seeing more and more companies who are in the B2B space, their credit card processing go up because people are trying to hold on, hoard the cash. Well, yeah, I mean, you know, that builds your credit, right?

Yeah. I mean, you're just going to spend your money out of the bank or your business bank account, that's not helping your business credit or your personal credit, right?

You want to—

if you got a line of credit that's $100,000 on a American Express card for your business, go and buy your office supplies, go buy your, you know, some of your inventory if you can, because, you know, a lot of places don't let you buy those types of products on credit, right? Like you said, you know, imagine the $40,000, uh, product, you know, somebody just put in an order for $40K and then they get it, then they're doing a chargeback for that $40K saying they didn't get it, right?

Well, you want to make sure you know who you're doing business with when you're when you're taking a large payment like that, because the underwriting department's going to contact you, go, oh, we want a copy of the credit card authorization form and the invoice, you know, who's the customer. They're probably going to call them on the phone, hey, did you get this order? Yep, I got it. Then they're going to say, okay, no problem, we'll clear the transaction, right? But they're going to check it. I mean, we've had people do orders for a couple hundred grand before on a credit card. I mean, we have some companies that sell cement, building supplies. It's nothing for someone to go to one of those places and put $200,000, $300,000 on a Visa.

Oh right, for sure.

Yeah, they'll do it. And the comp— and that even those companies have told me, they're like, man, why are these people doing this? I'm like, they're getting miles, they're getting points, they're getting cash back, and they got 40 days to pay it, right? They got 30, 40 days before they have to cough up the money.

They're waiting. $300,000 in their bank is getting interest.

Well, they might not— interest is nothing.

Yeah, right.

But I'm saying they're usually waiting for their customer to pay them.

True.

They want to take their cash and use it for their payroll and their basic expenses. And then this expense, they're waiting to get paid. This way, you're taking the credit card and they're waiting to get paid. Why should you wait to get paid, right, and float somebody? Because what ends up happening is 15 days turns into 30, 30 turns into 45 or 60, 60 turns into 90, 90 turns into, uh, you might never get paid. So you have to make sure, you know, hey, what are our payment terms? And look at that, you did the same thing. Oh, Rocky's checking on you, make sure you're okay.

That was nuts.

That's nuts. I did it, now you're doing it. No, but you want to make sure, like, what are your payment terms? And, and, and you don't want to have to carry, you know, a lot of debt on your books. You know, you want to collect. Sometimes it's better let people put it on a credit card, right? Let them, let them deal with paying, figuring out how to pay for it instead of you, because you could get yourself in trouble. You have a big customer and they're not paying you, and then you invoice them, they don't pay, you invoice them again, then you're down 2, 3 invoices. You're in there for 3 invoices. Now, now the guy doesn't want to order from you, right? Because you want to get paid. And then if you took credit card, you wouldn't have to worry about it. If the person's rolling the dice, let them roll the dice on their dime, not on your dime. So taking credit cards, I think a lot of businesses need to open up to being more open to taking credit cards and not work— like, if you need to raise your prices, especially in today's economy, everybody knows the prices are going up.

The price is the price, and yesterday's price is not today's price, ladies and gentlemen, right?

And, you know, raise your prices. And because prices are going up because of everything— gasoline, the price you have to pay for your goods has gone up, Everything is going up. So sometimes it's an option to increase your cash flow. Take credit card, take ACH online through payment portals and things like that so that you can get your money into your bank account faster. That's what it's— that's what it's all about.

You could take crypto now. I mean, I just don't understand why people are so stuck. I mean, I get it, everybody wants cash, but whatever.

No, but if you're dealing with— let's say you're dealing with an international company right? They want to buy— someone contacts you, oh, I want to buy this from you, and then you're like, oh, well, you're in another country. Okay, take crypto from that person so that you don't have to—

the energy—

you don't have to— well, no, not that. If somebody does a chart— let's say Justin's in Colombia and then he wants to buy something from my company, wants to buy 50 ATMs, ship them to Colombia, he can just charge all that back. I can't do a thing. He's in another country. But if he paid me with crypto, I have my money converted to US dollars. I got— I have the money. I shipped Justin the stuff. He can't call up— there's no 1-800-BITCOIN, I want my money back. It's done. So you got to look at what's the safest way to do business when you're doing business, and, and the way to get your money moving faster by adjusting the terms that you give people. Like, especially now, there's tons of people opening up new businesses. People go Oh, the economy's messed up. But guess what? There's a record number of new businesses opening right now. They have to buy goods and services to run their business. And if you take credit card, they're going to buy from you. If you don't take credit card, they're going to buy from somebody—

they're going to buy from somebody who does, right?

So it's— now's the time to make the move and electronify— electrify your payments, consumerize your business payments.

Whatever word you want to throw in there, make it easier.

Yeah, make it easier for customers to pay you, right? We just said— I just set somebody up today also, and they, they were telling me like, oh, they have to— they, they deal with like some government agencies, they sell them, um, I don't even remember, it's like some really complicated stuff with software development and also some they program like equipment, like drones and stuff to do— like, they program, they make the programming for this, and they have the government. And the guy's like, I got to get a merchant account right away because the government wants to pay me. They only want to pay with a credit card. That's it. I was like, really? He showed me the invoices, you know, he sent it over. We send in—

so with the, with the merchant account, what if I don't have an LLC?

You can be a sole proprietor. You can be an S corp. What does that mean?

So you don't just— all you need is your Social Security number.

Well, no, you can have a federal tax— well, you need your social last— you need your social and you need a federal tax ID, which you can go get for free, right? Federal tax ID, you can get it on the IRS website for free. The thing to do is if even if you're just a one-person business, you want to have a federal tax ID number. So because even if you're a sole proprietor, have a federal tax ID and a separate business checking account for any type of small business.

But does it have to be a business account?

Yes. Get a business account at the bank. Hooked. Don't be cheap. That's linked to your federal tax ID. You listen, it's going to help you on taxes. It's going to help you keep track of your expenses. Get a debit card and/or a credit card linked to that bank account. So that you can, you can run a business the right way and, and, and that you don't get hit with tons of taxes because you would have to pay it if you're just a sole prop proprietor and you're just using your Social Security number. You're going to be in a high tax bracket. You mean a much lower tax bracket, and you just do one tax return because you just have like a one-page add-on to your personal tax return for your business, and it makes it easy. But if you don't do that then the, then the income you make is taxed at a higher rate. I mean, you know, some people—

I just try to explain it, just one of the homies, but they didn't get it. So now he's getting— he's an LLC and whatever.

Yeah, yeah, you have to, you know, do things the right way. Look at, you know, talk to an accountant.

I mean, when I first started, I thought I was an LLC, but then I quickly realized like, oh, it's just me.

We can't be a single member.

Yeah, I know, but there's no purpose than that?

Well, the only purpose is that if you have a business bank account, you can track your business expenses versus your income and only pay tax on the profit instead of paying tax on the whole money that you receive. So there's a difference. Let's say you're receiving $5,000 a month, right? And you just put it in your personal account. That's $5,000 of income. You have no business deductions because you don't have—

that's what I'm saying. I get it.

So if you have a business account, the $5,000 goes in there, and then you had expenses of $1,500, you're only paying tax on $3,500. Some money—

it's, you know, it's a way to show your transactions, right?

And well, the— whatever, you know, the government does and the IRS, and people will say, oh, having a small business is some kind of tax shelter. It's not. You shouldn't pay tax on what you receive. You should pay tax on your profits. That's it. That's the lesson for today. And collect your invoices electronically so you can get paid faster. We have all sorts of solutions. Text the word BOOK to 954-827-9818, and I hope— and you can book an appointment, and we can figure out how to get your payments automated. All right, everybody have a great day. Carpe diem. Peace out. Peace.