Extending credit to customers is a great way to encourage impromptu purchases, boost sales, and increase profits. But sometimes, customers don’t pay you, resulting in a bad debt. What is bad debt?
Read More Grasping Bad Debt: Insights Into Its Impact and Management Strategies
Author:
Mike Kappel
Mike Kappel, serial entrepreneur and CEO of Patriot Software, offers payroll advice from more than 30 years of experience to small business owners.
What Are Articles of Incorporation?
There are different requirements to set up all the types of business structures. If you want to structure your business as any type of corporation, you need to create and file articles of incorporation.
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What Is an Allowance for Doubtful Accounts (Aka Bad Debt Reserve)?
When it comes to your small business, you don’t want to be in the dark. Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. But, what happens if they don’t pay? To protect your business, you […]
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If You Make 1099 Payments, You Need to Know Your Responsibilities
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 […]
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Fair Market Value for Small Businesses
Do you have business assets? If you’re running a small business, you likely have many tangible and intangible assets. And when you sell those assets or buy new ones, you should know their fair market value.
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What Is Crowdfunding, and How Can it Take Your Business to the Next Level?
As a business owner, you are likely familiar with traditional methods of raising capital such as seeking help from business angel investors or venture capitalists. However, business owners also have the opportunity to raise funds via crowdfunding. So, what is crowdfunding?
Read More What Is Crowdfunding, and How Can it Take Your Business to the Next Level?
Your Beginner’s Guide to Sales Tax Nexus
If your business operates in a location that imposes sales tax, you are likely familiar with the concept of sales tax. But, have you heard of sales tax nexus? Mastering sales tax nexus boils down to one question: What is nexus? Read on to learn the basics of sales tax nexus, including state guidelines and […]
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How to Craft an Emergency Preparedness Plan for Your Small Business
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 […]
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Assets Definition, Types of Assets, and More
Over time, your small business gains assets when you purchase items that bring value to your company. These assets are an essential part of your business that can help generate revenue and increase your business’s value. So, what are assets?
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Electronic Funds Transfer Process: What to Know
As a business owner, you’re likely always on the hunt for ways to save time and money. Maybe you use basic accounting software to track incoming and outgoing money. Or, maybe you automate your email marketing with a tool that sends emails to your customers or vendors for you. If you love saving time and […]
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