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  • How Much Do Small Business Owners Make?

    How Much Do Small Business Owners Make?

    posted by Rachel Gray
    Newest Article
  • Learn how to get out of business debt.

    7 Ways to Get Out of Business Debt

    posted by Kaylee Riley
    Recent Article
  • How Much Do Small Business Owners Make?

    Running a small business takes passion, gumption, and determination. Becoming a small business owner isn’t a fast track to getting rich. In fact, one report found that only one percent of all small business owners have an adjusted gross income over one million dollars. So, how much do small business owners make?

    7 Ways to Get Out of Business Debt

    Taking on business debt can be a good thing. Debt can help you finance your business, purchase more items, and expand your offerings.

    But, there is a dark side to debt. Debt can become too much to handle and overwhelm your business. If your business doesn’t meet sales projections, its debt can get out of control, ultimately destroying your business.

    If your business’s debt is becoming unmanageable, you need to nip it in the bud. Find out how to get out of business debt and save your business.

    Income Statement vs. P&L

    Knowing your business’s financial health is key to budgeting, decision making, and implementing change. You can learn about your finances by using financial statements.

    To find out your company’s net profits during a specific time, use the income statement or P&L. What is the difference between income statement vs. P&L?

    Can a Trial Balance Save Your Business?

    As a small business owner, you might not be an accounting wizard, but your math needs to add up. Sometimes, even the greatest mathematicians make mistakes. To discover and get to the root of errors in your double-entry accounting books, use a trial balance.

    If you use accrual accounting to manage your books, your credits and debits need to be equal. Because there are so many types of accounts and incoming and outgoing money you need to keep track of, it’s easy to make mistakes. Using a trial balance can help prevent mistakes from harming your business. Find out what a trial balance is and how to use it.

    Use a Suspense Account for Questionable Transactions

    Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.

    Learn How to Deduct Travel and Entertainment Expenses

    For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.

    How to Change from Cash to Accrual Accounting

    When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.

    As your business grows, you might consider switching to the accrual accounting method. Accrual accounting offers several perks for financial management. And if your business grows to a certain size, you might be required to use accrual accounting.

    Accounts Payable Process Improvement: 9 Steps to Better Invoice Management

    As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement.

    Profit vs. Profitability

    As a business owner, you need more incoming than outgoing money to keep your company afloat. How much money you have left over after you pay expenses is known as profit. You should measure your business’s profits, which is known as profitability. Understand profit vs. profitability to analyze your company and make financial decisions.

    What Are Overhead Costs? How Do You Calculate Them?

    Overhead costs are necessary business expenses. You need them to run your business. You can never get rid of them, but you can reduce them. Discover types of overhead costs and how to calculate how much overhead you have.

    How Much Do Small Business Owners Make?

    Running a small business takes passion, gumption, and determination. Becoming a small business owner isn’t a fast track to getting rich. In fact, one report found that only one percent of all small business owners have an adjusted gross income over one million dollars. So, how much do small business owners make?

    7 Ways to Get Out of Business Debt

    Taking on business debt can be a good thing. Debt can help you finance your business, purchase more items, and expand your offerings.

    But, there is a dark side to debt. Debt can become too much to handle and overwhelm your business. If your business doesn’t meet sales projections, its debt can get out of control, ultimately destroying your business.

    If your business’s debt is becoming unmanageable, you need to nip it in the bud. Find out how to get out of business debt and save your business.

    Income Statement vs. P&L

    Knowing your business’s financial health is key to budgeting, decision making, and implementing change. You can learn about your finances by using financial statements.

    To find out your company’s net profits during a specific time, use the income statement or P&L. What is the difference between income statement vs. P&L?

    Can a Trial Balance Save Your Business?

    As a small business owner, you might not be an accounting wizard, but your math needs to add up. Sometimes, even the greatest mathematicians make mistakes. To discover and get to the root of errors in your double-entry accounting books, use a trial balance.

    If you use accrual accounting to manage your books, your credits and debits need to be equal. Because there are so many types of accounts and incoming and outgoing money you need to keep track of, it’s easy to make mistakes. Using a trial balance can help prevent mistakes from harming your business. Find out what a trial balance is and how to use it.

    Use a Suspense Account for Questionable Transactions

    Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.

    Learn How to Deduct Travel and Entertainment Expenses

    For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.

    How to Change from Cash to Accrual Accounting

    When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.

    As your business grows, you might consider switching to the accrual accounting method. Accrual accounting offers several perks for financial management. And if your business grows to a certain size, you might be required to use accrual accounting.

    Accounts Payable Process Improvement: 9 Steps to Better Invoice Management

    As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement.

    Profit vs. Profitability

    As a business owner, you need more incoming than outgoing money to keep your company afloat. How much money you have left over after you pay expenses is known as profit. You should measure your business’s profits, which is known as profitability. Understand profit vs. profitability to analyze your company and make financial decisions.

    What Are Overhead Costs? How Do You Calculate Them?

    Overhead costs are necessary business expenses. You need them to run your business. You can never get rid of them, but you can reduce them. Discover types of overhead costs and how to calculate how much overhead you have.

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