May 18, 2009 | Shipping Sales Out of State: What You Need To Know |
This edition of The Centurion What Jewelers Really Think Newsletter Shipping Sales Out Of State Wade Downey, Downey, Smith & Fier
First, said Downey, make sure you have all of your information ready: --Was the tax collected remitted? --For every claimed exempt sale, do you have a resale certificate or shipping documentation, and customer statements regarding use? --Is there information maintained by you that could result in additional questions or scrutiny of claimed exempt interstate commerce sales? (Customer profiles, which address is maintained? shipping address information). “Make sure that you get all the documentation to support a claimed exemption at the time the customer is standing in front of you,” said Downey. “After the fact, it becomes extremely difficult to get support.” Downey discussed state and local excise taxes (sales and use tax), administration of tax (taxable presumption, exemptions, sales for resale and interstate sales -- in-state verses out-of-state customers). Downey noted that taxes should not be a cost, but an administrative burden. “Sales and use tax should be a customer cost,” he emphasized. “If you do it wrong, it becomes an operating cost of the business.” Downey also spoke specifically about sales in interstate commerce. He gave an overview and requirements of exemption: For example, if a customer requests physical shipment of property to another state or country, the exemption is based on goods being place in continuous stream of commerce. Delivery to a customer in-store is taxable even if it is exported by the customer. Holding the property after Title Passage may nullify exemption. For exemption support, Downey said: --Sales ust be supported by shipping documents (Fedex or UPS shipper copy may not --Customer’s residency may impose additional requirements (Customer statement that Downey also gave some examples of common audit questions to prepare for: --Is insurance sufficient to cover value of property that was shipped? (Purchased insurance from carrier or Sellers general policy; Lack of Insurance creates additional scrutiny) --Why is delivered to name different from purchaser? --Why is property being shipped to temporary location, such as a hotel or resort? --Is customer a resident of origin state (purchaser known to be resident)? --On face of invoice, what address or phone number is noted? --What is customer's address in customer database or profile? Downey concluded his presentation with his final points: anyone who stands to be Click below for Wade Downey's Centurion session presentation and handout: DowneyHandout.pdf DowneyPresentation.pdf Wade Downey: Wade Downey, a founding partner of DSF, has over 16 years of experience serving client’s state & local tax needs. At DSF, he is responsible for leadership and management of all sales and use tax recovery projects. He has extensive training and experience in methods used by States to audit. Wade began his career as a tax auditor for the California State Board of Equalization. He is a California Certified Public Accountant and member of the AICPA and California Society of CPAs. | |
Monday, May 18, 2009
The phone call announcing that you are about to be audited can often be an unsettling one, even if you have everything in order. Wade Downey, tax expert from Downey, Smith & Fier, offered tips and advice to Centurion attendees on how to avoid a troublesome situation if you are audited, specifically with regard to shipping sales out of state. 
Monday, May 11, 2009
May 11, 2009 | Luxury Meets The Internet: 97% of Jewelry Designers Have Web Sites and Much More from a New Ray Stroup Survey |
This edition of The Centurion What Jewelers Really Think Newsletter offers a close Luxury Meets The Internet... By Ray Stroup A recent survey of jewelry designer web sites indicates virtually all designers The level of sophistication varies widely as indicated by the development stages shown Development stage Percent of designers Billboard sites consist of a single page and may include product pictures and contact information. Others simply state the site is “coming soon” or display a company logo. Nearly 90% of sites allow email communication with the company. A few sites only list an Half the sites allow consumers and retailers to contact them by email without ecommerce. But nearly 40% conduct some type of business transactions on line. In most cases, designers use authorized retailers to market their jewelry to consumers. A quarter of the sites have password-protected sections to conduct business with these retailers. Other designers allow consumers to buy online and a select few sell consumers and include a password-protected section. Two other interactive features utilized are a retail locator and a subscription to a periodic newsletter or company news. The retail locator is much more popular with nearly 80% of sites offering this feature. Newsletters or company news feeds were available on 41%. Some sites included unique features that have a positive impact on site effectiveness. - - - Virtually all jewelry designers serving the luxury segment of the industry include the Ray Stroup currently teaches marketing at the | |
Thursday, April 16, 2009
April 16, 2009Customer Service Roundtable Discussions
Terry Chandler, Diamond Council of America
Customer service is a central focus for Centurion retailers – so much so that three days were dedicated to it at the popular “Meet the Expert” roundtable discussions at Centurion this year.
Terry Chandler, president and CEO of the Diamond Council of America, lead the discussions.
A primary benefit of these roundtable discussions is the sharing of experiences between Centurion retailers from around the country. Attendees compared successes and failures with regard to customer service issues. They analyzed what worked and why – and what didn’t work and the results.“The groups focused on all aspects of the service arena, including their definition of quality service,” said Chandler. “They talked about employee empowerment to solve issues immediately and the dynamic of serving customers armed with much more information about the industry’s products than ever before.”
Roundtable attendees also discussed how sales associates can create and maintain customer service at effective levels, how to address a belligerent and unreasonable customer, whether the retailer has ever “fired” a customer, drawbacks of arguing with a customer, the true cost of poor customer service, the rewards of quality customer service, customer service and the derailed “be back” train and service as the final differential for the independent jeweler.
“I think the participants were able to walk away from our conversations about customer service with the understanding that quality service and taking care of their existing customers is vital in the current environment more than ever,” added Chandler.
To download Terry Chandler's informative Customer Service Handout, please click here or copy and paste this link into your browser address window:
http://www.h2consult.com/MTE-ChandlerHandout.pdf
Attendees also left with a list of “Must Visit” websites from the Diamond Council of America:
1) http://www.tompeters.com/ Tom Peters
2) http://www.marcusbuckingham.com/ Marcus Buckingham
3) http://www.hellomynameisscott.com/ Scott: The Name Tag Guy
4) http://www.brandedservice.com/ Branded Service Newsletter
5) http://www.gitomer.com/ Jeffrey Gitomer
6) http://www.sethgodin.com/ Seth Godin
7) http://www.davidmeermanscott.com/ David Meerman Scott
8) www.ex-sell-ence.com/articles Shane Decker
Tuesday, March 24, 2009
Centurion Newsletter-March 24, 2009
It Starts With a Ring
• There are two million engagements each year
• Brides are also buying: Watches are the #1 groom’s gifts
• Most couples, however, don’t return to the bridal jeweler when making future purchases
Additional Gift Giving Occasions
• “Push Presents”/New Mom Gifts
o There are four million opportunities each year
o The tradition is growing in popularity and retailers are taking notice -- some even have registries for push presents
o Over half of women say they want a gift when they give birth
o Celebrities are leading this trend
• Vow Renewals
• Weddings Jewelry Upgrades
• Anniversaries
• This is a huge jewelry market to tap into
Introducing the New 4 C’s: To help leverage that initial relationship into a lasting one
Customer Service
• Revitalize the in-store experience
• Have inspiration on hand (magazines, internet access, etc)
• Create an in-depth customer profile, take their picture
• Offer promotions for ring cleaning at 1st anniversary, etc
• Make insuring simple and easy
• Consider their budget
Communication
• Create a Facebook page, include your clients
• Send cards for occasions throughout the year
• Be their reminder for important dates (birthdays, anniversaries)
• Offer special promotions during a birthday or anniversary month
• Create an e-newsletter with links, ideas and promotions to keep customers ‘warm’
Collaboration – with media/ad partners for more impact
• Take advantage of all value-added / merchandising opportunities partner offers
• Tap into partners’ subscriber lists for quick e-blast / newsletters for reminder messaging
• Feature tear sheets / issues of editorial mentions
• Consider partnerships with fashion designers, retailers to communicate the ‘complete look’
Celebrity
• Stay in tune with celebrity trends
• Research/share similar styles within the customer’s budget
Thursday, March 12, 2009
Volume 8, Number 3, March 12, 2009You’ve Ever Had with Your Banker
And Getting The Financing
You Need for Your Business
Speaker Gary Gordon
Gordon talked retailers through reports, financial statistics and strategies developed over years of practice, many of which are considered daring by some retailers.
“The whole spirit is that you can get away more with honey than you can with vinegar,” said Gordon. “If you give your banker more information than they ask for and pay them faster than what they ask for, then they are much, much more inclined to be on your side.”
He also explained how retailers could create a summary of monthly financial activity to better work with bankers; how to always put their best financial foot forward with honesty and integrity; when to give their banker more information; and the simple tests that a bank performs – and a retailer can perform – to let them know where they stand.
“Retailers tend to treat their bankers like they’re playing a game of poker,” continued Gordon. “We want to eliminate that ‘us against them’ feeling, to get them on our side, to meet the needs of our business.”
Gordon offered many his own personal techniques in the seminar that have worked for him over the years to build a solid and beneficial relationship with his banker. The attendees of the seminar responded well, and many stayed later to approach Gordon with more questions.
Gordon said that he could tell some were hesitant about his techniques but still very interested in how they work, and walked away with quite a bit to think about. The bottom line, he said, is to get the banker to want to help you. To do this, you have to help them.
7 Forms Available for $25 Donation to Jewelers For Children
You can get the seven special financial forms Gordon uses to ensure the best possible relationship with his banker. Click the headline to this paragraph to get the form to make a $25 donation to JFC and fax it to Centurion at 413-683-1333. Centurion will mail you the forms. Those contributing up to $125 will receive the forms as well as a phone consultation with Gordon. Gordon has served on the Board of JFC, and was Chairman of the Jewelry Information Center.
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