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Starting a business isn’t easy. You likely have a million thoughts, concerns, and questions swirling around in your head. On top of your management responsibilities, you also need to handle accounting.
Because the field of accounting is so technical and complex, you likely have many accounting questions.
To run your business, you likely rely on assets such as equipment, your building, a company car, inventory, and cash. And if you want to maintain your books, create financial statements, and determine the theoretical value of your property, you need to calculate book value. What is book value?
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?
Do you have business assets? If you’re running a small business, you likely have many tangible and intangible assets. And when you sell those assets or buy new ones, you should know their fair market value.
You must know the fair market value of your assets to maintain accurate small business accounting books, obtain outside investing, and sell your property. And, you should know the fair market value of assets you are interested in purchasing to avoid overpaying.
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.
When structuring your business, you must follow each entity’s formation requirements, such as registering with your state, obtaining licenses and permits, and filing paperwork. If you decide to structure your business as a limited liability company (LLC), you must file articles of organization. What are articles of organization?
Calculating your business profits shows you how much money your company brings in. And, you can compare profits from previous accounting periods to determine growth. There are two types of profit that businesses must deal with and calculate: gross profit and net profit.
Understand gross profit vs. net profit to make business decisions, create accurate financial statements, and monitor your financial health.
When you sell goods to customers, you likely collect and remit sales tax to the government. Likewise, when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books?
Understanding sales tax accounting is an important part of maintaining organized and accurate records. Read on to learn how to record sales tax in your books.
The business entity you chose when starting your business might not be appropriate when you add on a partner, hire additional employees, or introduce new offerings. Learn how to change your business structure to adapt your small company.
Starting a business isn’t easy. You likely have a million thoughts, concerns, and questions swirling around in your head. On top of your management responsibilities, you also need to handle accounting.
Because the field of accounting is so technical and complex, you likely have many accounting questions.
To run your business, you likely rely on assets such as equipment, your building, a company car, inventory, and cash. And if you want to maintain your books, create financial statements, and determine the theoretical value of your property, you need to calculate book value. What is book value?
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?
Do you have business assets? If you’re running a small business, you likely have many tangible and intangible assets. And when you sell those assets or buy new ones, you should know their fair market value.
You must know the fair market value of your assets to maintain accurate small business accounting books, obtain outside investing, and sell your property. And, you should know the fair market value of assets you are interested in purchasing to avoid overpaying.
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.
When structuring your business, you must follow each entity’s formation requirements, such as registering with your state, obtaining licenses and permits, and filing paperwork. If you decide to structure your business as a limited liability company (LLC), you must file articles of organization. What are articles of organization?
Calculating your business profits shows you how much money your company brings in. And, you can compare profits from previous accounting periods to determine growth. There are two types of profit that businesses must deal with and calculate: gross profit and net profit.
Understand gross profit vs. net profit to make business decisions, create accurate financial statements, and monitor your financial health.
When you sell goods to customers, you likely collect and remit sales tax to the government. Likewise, when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books?
Understanding sales tax accounting is an important part of maintaining organized and accurate records. Read on to learn how to record sales tax in your books.
The business entity you chose when starting your business might not be appropriate when you add on a partner, hire additional employees, or introduce new offerings. Learn how to change your business structure to adapt your small company.
