Part of being a small business owner is strategizing pricing, creating and marketing products or services, and paying attention to industry trends. If you sell goods, you need to know about the product life cycle.
Read More What Is the Product Life Cycle, and How Does it Impact Pricing Strategies?Accounting Articles
Accounting Tips, Training, and News
October 26, 2022
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.
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October 26, 2022
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?
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October 26, 2022
The Pros and Cons of a Partnership
If you’re starting a business and have one or more partners, it might seem obvious to form a business partnership. This is a business structure that allows you and at least one other person to both have ownership of the business. Even though forming a partnership might make sense, it’s not your only option. Before […]
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October 26, 2022
What Is Deferred Revenue?
Do customers pay you for your goods or services before you actually deliver them? If so, you need to know about deferred revenue. Learn about deferred revenue and how to record it in your accounting books.
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October 26, 2022
Independent Contractor Misclassification: How to Avoid
An estimated 3.4 million workers deal with independent contractor misclassification. It’s no secret that the IRS has strict policies in place to crack down on employers who misclassify contractors. So, how do you avoid misclassifying independent contractors?
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October 26, 2022
How to Organize Business Receipts and Kick Clutter to the Curb
As a business owner, it’s easy to get caught up in the hecticness of running your company. Because of this, keeping accounting records like business receipts, invoices, and, expenses organized can be difficult. Learn how to organize business receipts with a few simple storage solutions.
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October 25, 2022
What Is the Penalty for Late Tax Return?
Forgetting to submit your tax return can be stressful. And even worse, the IRS can charge you a late filing penalty. Read on to learn about the penalty for late tax return and what you can do to avoid future penalties.
Read More What Is the Penalty for Late Tax Return?
October 25, 2022
Month-end Closing Procedure and Checklist: Keep Your Books Shipshape
As a small business owner, you may find yourself struggling to keep up with your business’s books. As soon as you know it, another month has passed and you’ve fallen behind recording transactions.
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October 25, 2022
Conduct a Profit Margin Analysis to Pinpoint Profitability Problems at Your Business
Your business’s profitability plays a major role in whether your company succeeds or fails. And if you want to find out how profitable your business is, you need to look at your profit margin. But if you really want to see where your business stands, you have to do a little more digging and analyzing. […]
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