If you’re a small business owner, you know how important it is to keep your financial information in order. But to keep your finances organized, you have to know about the four basic financial statements and how you can use them to grow your small business.
Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success.
Now, you can’t go off creating your different financial statements all willy nilly. Like many things in business, you have to follow an order.
Read on to learn the order of financial statements and which financial statement is prepared first.
As an employer, you’re well aware of which payroll taxes are paid by employers. You know you’re responsible for contributing to things like FICA, SUTA, and FUTA taxes. But how familiar are you with employees’ payroll tax liabilities?
Read on to find out the answer to Which payroll taxes are the employee’s responsibility? and check out a handy chart that breaks down the different employee payroll taxes.
Every four years, February magically has 29 days instead of 28. Ok, so maybe it’s not magic. But it is a leap year. And when leap year rolls around every four years, your business needs to be prepared. Read on to learn about leap year payroll and steps for handling payroll during a leap year.
Even though you aren’t a professional accountant, you’re still responsible for keeping your business’s books in order. And if you’re the one handling your small business books, you need to follow ethics in accounting.
Read on to learn about the importance of ethics in accounting and consequences your business may be subject to if you use unethical accounting practices.
Economic nexus has taken the nation by storm. With the majority of states establishing economic nexus laws (43 states to be exact), it can be hard to keep up with all of the rules and changes.
Regardless of if you have in-person or online sales, you need to know whether the state you’re selling in has rules for economic nexus. Keep reading to learn about economic nexus laws by state and how the rules can impact your small business.
As a business owner, you’re going to run into a few accounting mistakes from time to time. Some of the biggest blunders you can make involve your business balance sheet. If you want to avoid balance sheet problems, learn about the most common errors you can make on your balance sheet and how to avoid them.
When you start your business venture, you choose what type of business structure you want your company to be. Maybe you chose to be a sole proprietor and handle business on your own. Or, maybe you decided to structure your business as a corporation.
But, what happens if you’re not too keen on the structure you selected? Well, if you went the C Corp, single-member LLC, or multi-member LLC route, you can change the way your business is taxed using IRS Form 2553. So, what is Form 2553?
If you’re like most employers, you’re likely required to comply with equal employment opportunity (EEO) responsibilities. One responsibility you may have is granting reasonable accommodations to employees with medical issues or disabilities.
Along with accommodating employees’ medical needs, you might also need to give them religious accommodations. Read on to learn the answer to what is religious accommodation and how you can comply.
As a business owner, you’re responsible for keeping your business’s books in shipshape. To do that, you need to choose an accounting method and stick with it. But as your small business grows, you might need to rethink your accounting method.
If you’re looking to shake up your accounting method as your business expands, learn about Form 3115 and how to file it.