To protect your business and operate under the law, you might obtain licenses, trademarks, patents, and other intangible assets. These items can be costly to a small business. You can use amortization to reduce your taxable income throughout the life of intangible assets. What is amortization?
Read More Amortization Meaning: Definition and Examples
As a small business owner, payroll is one of your biggest expenses. You need to make sure you run payroll and record it in your books correctly every time. Check your general ledger entries with payroll reconciliation for accurate accounting and payroll records.
Read More Use Payroll Reconciliation to Record Your Books Accurately
Like many small business owners, you send customers bills after providing a product or service. An effective invoicing system gives customers more flexible payment options. You need to know which types of invoices to send customers for different situations.
Read More Types of Invoices for Small Business
No matter what kind of business you run, you probably own property that helps you provide products and services. Your company’s assets are a valuable part of your operations and need to be carefully maintained. Use a fixed asset management system to organize information about your business property.
Read More Fixed Asset Management for Small Business
When you buy assets for your small business, you need to account for them in your books. Recordkeeping for assets doesn’t need to be difficult. The cost principle is a simple method for managing the value of your long-term assets.
Read More What Is Historical Cost Principle?
Even with automation and easy-to-use accounting tools, bookkeeping mistakes can happen. Journal entry errors can end up costing your small business time and money. Learn how to get your books back on track with correcting entries.
Read More Use Correcting Entries for Mistakes in Your Books
No matter the size of your company, there is always a need for capital in order to operate and grow. For small business owners, one funding option is a personal loan. These loans focus on your financial history, not your business’s. Find out if a personal loan for business is right for you.
Read More 7 Questions to Ask Before Using a Personal Loan for Business
As a small business owner, you can offer several payment options to your customers. One way to receive money is by accepting check payments. To broaden payment options for your company, you need to know how to accept personal checks.
Read More Accepting Check Payments at Your Small Business
As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement.
Read More Accounts Payable Process Improvement: 9 Steps to Better Invoice Management
When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.
Read More How to Change from Cash to Accrual Accounting