Michele Bossart, Author at Patriot Software

Patriot Software Michele Bossart

A Profit and Loss Statement for Small Business Is a Must!

profit and loss statement for small business

As a business owner, you must track the money going in and out of your company to keep your finances on track. One way you can do this is by monitoring your profit and loss statement for small business.

Read on to learn how a profit and loss statement can benefit your business and how to create one of your own.

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What Are Non-sufficient Funds?

Non-sufficient funds occurs when an account has less money than the payment being remitted.

As a small business owner, you have a lot on your plate at all times. You do your best to keep your accounts, finances, and books in order. But sometimes, things just slip your mind.

At some point or another, you might spend more than what you have in your account. When this happens, you have non-sufficient funds. Read on to learn what are non-sufficient funds, what to do if you have them, and how to avoid insufficient funds.

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Patriot Software Unveils New Logo and Brand

Canton, OH

Patriot Software, commonly known as “PATRIOT,” rolled out its revised brand on January 29, 2020. Patriot provides premium accounting and payroll SaaS software to American businesses and their accountants. Patriot operates in the US financial accounting software market, including payroll, which is expected to grow at a CAGR of 11.7% to $10.37 Bn by 2025 (source: MarketWatch press release).  Continue reading “Patriot Software Unveils New Logo and Brand”

Form I-9 In a Nutshell: Sections, How to Fill Out, and More

Form I-9 helps employers enforce a legal workforce.

Hiring new employees can be super exciting. But with great new employees comes great responsibilities. As an employer, you’re responsible for onboarding new hires. Not to mention, you need to collect new hire paperwork, including Form I-9, from your workers.

Keep reading to learn all about Form I-9, including a breakdown of the form’s different sections and common Form I-9 errors to avoid. Continue reading “Form I-9 In a Nutshell: Sections, How to Fill Out, and More”

With This Guide, You’ll Be Reading and Understanding Form W-2 Like a Pro

Understanding Form W-2

As an employer, you’re responsible for withholding taxes from your employees’ wages and reporting the amount to the government. And in order for employees to file their individual tax returns, you need to show them how much you withheld during the year. So, how do you do that? You need Form W-2.

Ready to get a firm grasp on this whole Form W-2 thing? Read on to learn and understand Form W-2.

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What Is the Penalty for Not Paying Payroll Taxes?

Failure to pay payroll taxes is not good for your business.

Collecting, reporting, and remitting payroll taxes are some of your key responsibilities when you have employees. And if you forget or downright neglect your responsibility, your small business could receive a penalty for not paying payroll taxes.

Whatever your reason for missing your deposit deadline, not paying payroll taxes is a big deal to the IRS and other tax agencies.

Continue reading “What Is the Penalty for Not Paying Payroll Taxes?”