About Michele Bossart

Michele Bossart has a vast knowledge of the accounting world, and she shares it freely with American small business owners on Patriot Software's Accounting Blog. Because she's a giver.

Author Archive | Michele Bossart

disposable personal income explaination

What Is Disposable Personal Income?

How much money do you really have to spend? What about your employees? To figure out your available spending money, you need to find your disposable personal income. What is disposable personal income?

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what is adjusted gross income

What Is Adjusted Gross Income?

As a small business owner, you have likely heard of the terms gross or net income. But, are you familiar with adjusted gross income? Learn what is adjusted gross income, how to calculate it, and uses for adjusted gross income below.

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petty cash

Benefits of Using Petty Cash for Your Small Business

Do you find yourself purchasing or asking an employee to buy something for your business from time-to-time? If so, you may benefit from using a petty cash fund. Learn more about what is petty cash, the purpose of petty cash, and petty cash uses for your small business.

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What Is Inventory?

Unless you own a service-based business, you likely have inventory. Knowing how much inventory you have is crucial for managing accurate small business accounting books, ordering new stock, and making pricing decisions. So, what is inventory?

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What Is Your Small Business Tax Liability?

Juggling different expenses comes with the job of being a small business owner. One cost you’re responsible for is your company’s taxes. There are several aspects of your business that the government enforces taxes on. To stay legally compliant, you must stay on top of your small business tax liability.

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cost of goods sold

Do You Know Your Cost of Goods Sold?

Before you start calculating your business’s profit, you need to know your cost of goods sold. And, knowing what the cost of goods sold is plays an important role in setting prices. But what is the cost of goods sold? Understand what the cost of goods is, how to calculate it, and why it’s important […]

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A tax notice is a letter from the IRS indicating an issue with your account or tax refund.

What to Do If You Receive an IRS Notice

Receiving a tax notice from the IRS can be scary. But, there are basic steps that you can take when responding to IRS notice.

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owner's equity representation of kid in wing suit

What Is Owner’s Equity?

If you are a sole proprietor or partner, you or you and your partners are entitled to everything in your business. You don’t provide dividends to shareholders. You have full ownership of your business. However, you still have liabilities that you need to handle. Failing to consider your liabilities will give you a false picture […]

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Learn how to calculate gross income for your small business.

What Is Gross Business Income?

Gross income is an important financial figure you can use to calculate other figures and determine how your business is doing. Learn about gross income, how to calculate it, and how to use it.

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what is net income woman smiling

Do You Know How to Find Net Income?

Incoming revenue is vital to business growth, but it doesn’t paint the most accurate financial picture of your business. You must know whether your company is profiting after deducting business expenses. You need to determine your business’s net income. Calculating your business’s net income helps you determine your business’s profitability, decide whether to expand or […]

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