Accounting Blog

Knowing the market price for products or services is key to knowing how to get a deal, increase sales, and grow your business. And when it comes to running your company, you likely participate in different markets to provide your goods or services. Depending on your offerings and industry, your business’s market price may vary. So, what is market price?

As a small business owner, it’s your responsibility to make your company more accommodating for employees, customers, and other individuals with disabilities. And, did you know that qualifying small businesses can claim a tax credit for doing so? Learn about the disabled access credit to find out if you’re eligible.

To keep your business in tip-top shape, you may need to do some things you dislike, including math. No, you don’t need to memorize a billion formulas or take a calculus class. But, you do need to familiarize yourself with essential business formulas.   

You likely take steps to protect your personal belongings from natural disasters at home. But, do you do the same with your business? The last thing you want is to be unprepared during a disaster. Instead of being caught up in a whirlwind when the unexpected occurs, create an emergency preparedness plan for peace of mind.

You know the old saying—money makes the world go ‘round. Today, there are many different payment options to keep the world spinning. But, some businesses prefer to limit customer payments to cash. Do cash-only businesses clog cash flow?

In business, there are no guarantees. At some point, you may find your small business struggling to make ends meet or overburdened by debt. If you’re looking to increase your company’s bottom line, consider business reorganization.

Some business owners panic when they think of bankruptcy organization. But before you stress out, remember two things. First, there are multiple types of reorganizations beyond bankruptcy. And second, bankruptcy reorganization is not the same thing as liquidation.

Read on to learn about reorganization and how it can help a struggling company stay in business.

If you find yourself tossing receipts left and right, you may want to think again. As a small business owner, keeping receipts is essential for your financial records. And not being able to locate a receipt can be problematic for your business. You need to know how long to keep business receipts to avoid complications with your accounting books in the future.

Starting a business venture is risky. You may make costly mistakes throughout your entrepreneurial journey. And, there are many things outside of your control that can affect your enterprise. Although you can’t always prevent threats, you can defend yourself through small business risk management.

Small business risk management requires significant prep work. You can’t make educated guesses about potential risks and call it a day. Put in the legwork to prepare for business risks.  

As a small business owner, you need to conduct regular audits to ensure your records are accurate. Although many business owners dislike the idea of auditing, audits can be beneficial to your company. Learn more about the different types of audit below.

Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS.

You might be thinking that a business mileage deduction is only going to save you loose change. But, you could end up with a substantial tax break.

In this article, you’ll learn what is a business mileage deduction, how to calculate mileage deduction, and how to report mileage on taxes.