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. Continue reading “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. Continue reading “Markup vs. Margin Chart: How to Calculate Margin and Markup”
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 up the year.
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. Continue reading “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 be finishing accounting tasks and reconciling accounts in no time.
So, how can you simplify your responsibility of closing your books monthly? Say goodbye to disorganized books and hello to a month-end closing procedure.
Read on to learn tips for creating your month-end close checklist and closing monthly accounts.
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 majority, it might be in your company’s best interest to have a separate bank account for business.
You might be wondering, Do I need a separate bank account for my business? Read on to get all the answers to your burning questions about separating funds.
For business owners in most states, collecting and remitting sales tax is part of the job description. But on select dates throughout the year, your customers can take advantage of a sales tax holiday. Continue reading “Mark Your Calendars With Sales Tax Holiday Dates”
As a small business owner, you have many accounting responsibilities, like tracking your business transactions, income, and expenses. And on top of juggling these tasks, you must also understand which basic accounting forms are relevant to your small business.
As an employer, one of the biggest responsibilities you have is knowing which payroll forms to fill out. With so many forms out there, it can be difficult to know which apply to your business. Learn which IRS payroll forms your small business must file, due dates, and where to send each form.