Author Archive | Rachel Blakely-Gray

If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry.

Accepting check payments from customers may increase your chances of making a sale, but it comes at a price. If you receive counterfeit checks or checks from people with insufficient funds, you may have to deal with bank fees, wasted time, and lost money. To avoid these bad check nightmares, follow some standard precautions for […]

Do you accept credit card payments in your small business? If you do, that’s great news for the 80% of consumers who prefer playing with plastic. But, it comes with additional business responsibilities, such as recording credit card sales in your books.

Many businesses need to collect sales tax from customers. But before you can start collecting it, you must obtain a sales tax permit with the state. Find out how to apply for a seller’s permit by state to keep things legal. 

Out of 400 survey respondents, 91% said they’d be more efficient if their workspace was organized. If you believe organization influences productivity, shouldn’t you better organize your accounting books?

Does your small business work with cash? More than likely, the answer is yes. And when you have cash expenses, you should record them in a cash disbursement journal.

Almost everybody in the majority of states pays sales taxes at the time of purchase. And yes, this includes business owners shopping for their ventures. But if you purchase and resell goods to your customers, you may consider applying for a resale certificate.

You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living?

Your company’s tax liability largely depends on the business structure you choose. And if you structure your business as a corporation, you are responsible for paying the corporate tax rate on company earnings. So, what’s the corporate tax rate?

Your current customers spend an average of 67% more than new customers. Why? Current customers are more familiar with and loyal to your brand. And, you have upselling and cross-selling opportunities when it comes to your current customer base. What business owner doesn’t want to bring in more revenue? Learn about upselling and cross-selling, the […]