As a business owner, you have the important task of choosing an accounting method to record transactions. One method you can use is accrual accounting. And depending on your business, you may have to use the accrual accounting method to record incoming and outgoing money. So, what is accrual accounting?
Read More What Is Accrual Accounting?
Do you extend credit to customers at your small business? If so, you need to record these transactions in your accounting books. Depending on the method of accounting you use, you might need to track accounts receivable. What is accounts receivable?
Read More What Is Accounts Receivable?
Do you purchase goods or services for your business? Silly question: Of course you do. And, you might not always pay for the items up front. Instead, a vendor sends an invoice. If you receive invoices, you need to manage your accounts payable. What is accounts payable?
Read More What Is Accounts Payable? The More You Owe
As a small business owner, you regularly make payments to the vendors you work with and pay wages to your employees. But if you deal with a 1099 vendor or contractor, the amounts of money you give them are considered 1099 payments. To keep your business legal, you need to understand what 1099 vendors and […]
Read More If You Make 1099 Payments, You Need to Know Your Responsibilities
As an employer, it’s your responsibility to store records in an employee personnel file. From new hire documents to payroll information, there are a variety of documents (and some confidential information) you need to securely store and have on hand. So, what should be in an employee file?
Read More What Should Be in an Employee File? Payroll Recordkeeping Requirements
Your to-do list as a business owner seems to get longer every day. There’s one more item you’ll have to check off, and this one is part of federal law. You’re required to retain payroll records, sometimes for up to four years.
Read More Essential Payroll Tax Recordkeeping Requirements Every Employer Must Know
As an employer, you’re responsible for going through the hiring process and finding top-notch employees who fit in with your work culture. But to do that, you have to do a little homework. Many businesses use a reference check to dive deeper into an applicant’s employment past and find out if they’re fit for the […]
Read More With This Guide, You’ll Be a Reference Check Pro in No Time
Do you know how to hire employees? What all goes into the hiring process? For starters … a lot. Too much for one regular article to cover, which is why I’ve written this mega article.
Read More How to Hire Employees Who Are the Best of the Best
You likely take steps to protect your personal belongings from natural disasters at home. But, do you do the same with your business? The last thing you want is to be unprepared during a disaster. Instead of being caught up in a whirlwind when the unexpected occurs, create an emergency preparedness plan for peace of […]
Read More How to Craft an Emergency Preparedness Plan for Your Small Business
As an employer, you want to see your employees succeed and grow along with your company. To reward employees for great performance, you may decide to give them variable pay. But, what is variable compensation exactly?
Read More What Is Variable Pay, and How Exactly Does it Work?