As a small business owner, you know how important it is to keep track of your company’s finances. But, sometimes your business bank statement is not up-to-date with the most current information. For an up-to-date picture of your transactions, you can use a check register. So, what is a check register?Read More What Is a Check Register, and How Can It Help You Organize Business Transactions?
If you want to make a profit, you need to mark up your products. But, how much is too much? To figure that out, determine a fair markup percentage. Calculating markup percentage helps you get the most out of pricing methods.Read More How Much Is Too Much? Determining a Fair Markup Percentage
One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business name vs. trade name and how they contrast.Read More Do You Know the Difference Between a Business Name vs. Trade Name?
Do you ever pay for business goods and services before you use them? If so, these types of purchases require special attention in your books. You need to create a prepaid expenses journal entry.Read More How to Create a Prepaid Expenses Journal Entry
Business owners often confuse margin and markup. Both figures help you set prices and measure productivity. But, a margin vs. markup chart shows that the two terms reflect profit differently.Read More Markup vs. Margin Chart: How to Calculate Margin and Markup
According to a recent study, 60% of Americans don’t have enough money to cover an unexpected $1,000 expense. What about your business? Do you have enough money tucked away to deal with a sudden expense? If not, you need to give your cash reserve some love.Read More What Is a Cash Reserve?
The end of the year is a busy time for entrepreneurs and employers. If you’re like most business owners, you’re probably juggling year-end accounting procedures in addition to heavier traffic and sales. Instead of scrambling (or forgetting) to get your year-end accounting processes done, use a year-end closing checklist to organize the way you wrap […]Read More The Ultimate Year-end Closing Checklist for Accounting
Do you own a service business? If so, you know that figuring out how to price services isn’t always easy. To make sure your small business is profitable, try these tips for pricing services.Read More Strategies and Formulas for Pricing Services at Your Small Business
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. Sure, closing your books can be stressful and time-consuming. But if you have a monthly closing process and checklist in place, you’ll […]Read More Keep Your Business’s Books in Shipshape With a Month-end Closing Procedure and Checklist
Many small business owners use a chunk (or all) of their personal funds to start their dream venture. According to one source, 77% percent of small businesses finance their startup with personal funds. That means nearly three out of four business owners potentially have business and personal funds crossing paths. If you fall into the […]Read More Do You Need a Separate Bank Account for Business?