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  • Use the historical cost principle to record long-term assets in your books.

    What Historical Cost Is, and Why it Matters

    posted by Amanda Cameron
    Newest Article
  • What Historical Cost Is, and Why it Matters

    When you buy assets for your small business, you need to account for them in your books. Recordkeeping for assets doesn’t need to be difficult. The cost principle is a simple method for managing the value of your long-term assets.

    How to Start Accepting Credit Card Payments for Small Business

    According to a recent survey, 75% of consumers prefer to pay with a credit or debit card. As a small business owner, you might be put off by the cost to accept credit cards. But, accepting credit card payments for small business can open the door to more customer traffic, increased loyalty, and larger sales.

    You might wonder, how can my small business accept credit card payments? Though there’s a setup process, accepting credit cards for small business might not be as difficult as you think.

    What You Need to Know About Small Business Invoice Factoring

    If your business needs short-term capital, a small business loan might not be the best option. Instead, look for funding solutions that are geared toward fast cash and low rates. Invoice factoring could help you manage cash flow during slow months without committing to long-term debt.

    How to Start a Loyalty Program for Small Business

    Small business owners continue coming up with new ways to attract and keep customers. To encourage loyalty, some companies create programs designed to reward frequent customers.

    Because attracting new customers is at least five times more expensive than retaining current ones, customer loyalty programs for small businesses can lead to increased profits. Continue reading to learn how to start a loyalty program at your small business.

    How to Create a Discount Pricing Strategy

    As a small business owner, you need to find new ways to attract new customers, keep current ones, and compete with other businesses. One way you can do these things is by using pricing strategies, which help you determine how to price your products or services. To increase cash flow, try a discount pricing strategy.

    The Cost of Accounting Software for Small Business

    Accounting software offers many advantages to small business owners. You can accurately record transactions and create reports without a full-time bookkeeper. Software also frees up more time to work on your business.

    A Basic Guide to Go from Sole Proprietorship to LLC

    When a business owner is starting out, operating as a sole proprietor often makes sense. As the business grows, switching from sole proprietorship to LLC could be a wise choice. Learn how to convert from sole proprietorship to LLC.

    How to Tell If Money Is Fake

    As a small business owner who accepts cash payments, you need to protect your business from counterfeit money. There are millions of dollars in counterfeit bills in circulation. Learn how to tell if money is fake before you accept counterfeit bills.

    Once you receive counterfeit bills, they are valueless, which results in unnecessary profit losses. When you know how to tell if money is real, you can make sure your business doesn’t lose hundreds of dollars from counterfeit cash.

    Is managing your own accounting stressing you out, but you don’t want to hire a bookkeeper? Try Patriot Software’s online accounting for small business to save both time and money.

    How to Record a Journal Entry for Income Tax Refund Money

    Taxes can be a big burden on a small business bank account. But sometimes, you can receive a refund on your tax liabilities. If your business pays more taxes than owed, you might need to record a journal entry for income tax refund money.

    Fixed Asset Management for Small Business

    No matter what kind of business you run, you probably own property that helps you provide products and services. Your company’s assets are a valuable part of your operations and need to be carefully maintained. Use a fixed asset management system to organize information about your business property.

    What Historical Cost Is, and Why it Matters

    When you buy assets for your small business, you need to account for them in your books. Recordkeeping for assets doesn’t need to be difficult. The cost principle is a simple method for managing the value of your long-term assets.

    How to Start Accepting Credit Card Payments for Small Business

    According to a recent survey, 75% of consumers prefer to pay with a credit or debit card. As a small business owner, you might be put off by the cost to accept credit cards. But, accepting credit card payments for small business can open the door to more customer traffic, increased loyalty, and larger sales.

    You might wonder, how can my small business accept credit card payments? Though there’s a setup process, accepting credit cards for small business might not be as difficult as you think.

    What You Need to Know About Small Business Invoice Factoring

    If your business needs short-term capital, a small business loan might not be the best option. Instead, look for funding solutions that are geared toward fast cash and low rates. Invoice factoring could help you manage cash flow during slow months without committing to long-term debt.

    How to Start a Loyalty Program for Small Business

    Small business owners continue coming up with new ways to attract and keep customers. To encourage loyalty, some companies create programs designed to reward frequent customers.

    Because attracting new customers is at least five times more expensive than retaining current ones, customer loyalty programs for small businesses can lead to increased profits. Continue reading to learn how to start a loyalty program at your small business.

    How to Create a Discount Pricing Strategy

    As a small business owner, you need to find new ways to attract new customers, keep current ones, and compete with other businesses. One way you can do these things is by using pricing strategies, which help you determine how to price your products or services. To increase cash flow, try a discount pricing strategy.

    The Cost of Accounting Software for Small Business

    Accounting software offers many advantages to small business owners. You can accurately record transactions and create reports without a full-time bookkeeper. Software also frees up more time to work on your business.

    A Basic Guide to Go from Sole Proprietorship to LLC

    When a business owner is starting out, operating as a sole proprietor often makes sense. As the business grows, switching from sole proprietorship to LLC could be a wise choice. Learn how to convert from sole proprietorship to LLC.

    How to Tell If Money Is Fake

    As a small business owner who accepts cash payments, you need to protect your business from counterfeit money. There are millions of dollars in counterfeit bills in circulation. Learn how to tell if money is fake before you accept counterfeit bills.

    Once you receive counterfeit bills, they are valueless, which results in unnecessary profit losses. When you know how to tell if money is real, you can make sure your business doesn’t lose hundreds of dollars from counterfeit cash.

    Is managing your own accounting stressing you out, but you don’t want to hire a bookkeeper? Try Patriot Software’s online accounting for small business to save both time and money.

    How to Record a Journal Entry for Income Tax Refund Money

    Taxes can be a big burden on a small business bank account. But sometimes, you can receive a refund on your tax liabilities. If your business pays more taxes than owed, you might need to record a journal entry for income tax refund money.

    Fixed Asset Management for Small Business

    No matter what kind of business you run, you probably own property that helps you provide products and services. Your company’s assets are a valuable part of your operations and need to be carefully maintained. Use a fixed asset management system to organize information about your business property.

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