If you run a nonprofit organization, your accounting responsibilities are different than those of for-profit businesses. Nonprofit organizations handle tax payments, financial statements, and recordkeeping differently than other businesses. Learn about nonprofit accounting below.
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Author:
Rachel Blakely-Gray
As Patriot's Content Manager, Rachel creates engaging and informative content aimed to help business owners understand complex accounting and payroll topics.
How to Charge Customers a Late Payment Fee and Get Your Cash Flow Back on Track
When you make a sale on store credit, there is never a guarantee that the customer will pay you on time. In fact, one in three Americans is late paying their debts. Instead of banking on timely customer payments, plan for the worst. And, consider charging tardy customers a late payment fee to reclaim your […]
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Do Tax-Exempt Nonprofits File Tax Returns?
Most businesses must pay taxes to the IRS. And, companies report information about their income, tax deductions, and tax payments on small business tax returns, which vary based on business structure. When nonprofit organizations apply for and gain tax-exempt status, they do not have to pay federal income taxes. So, do nonprofits file tax returns? […]
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How to Find Your Customer Lifetime Value
According to one report, 65% of business comes from existing customers. But, do you know how much value each customer adds to your small business over the course of your relationship? To estimate the total that customers will spend at your company, calculate customer lifetime value.
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How to Find Your Customer Acquisition Cost
Hooking new customers is an expensive pain point for many businesses. Your new customer acquisition cost (CAC) can be anywhere from five – 25 times as expensive as hanging onto your current buyers. How much are you dishing out on marketing to potential customers? Is all that spending paying off? To measure your efforts, you […]
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How to Handle Impairment of Assets the Right Way
In business, the value of your assets doesn’t stay the same. An asset’s market value might be higher or lower than its book value. If the value of your assets permanently changes for the worse, you need to record the impairment of assets.
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Account Reconciliation for Small Business Owners
When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation.
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Use Tax: What Small Business Owners Need to Know
You might be familiar with the process of collecting sales tax from consumers. But, how much do you know about use tax? Understand the difference between sales tax and use tax, as well as your use tax responsibilities.
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Measure Your Marketing Efforts With the LTV:CAC Ratio
Before you make business decisions or claims about profitability, you should have hard data to back it up. Small business financial ratios quantify your accounting data so you can improve operations, give lenders or investors insight into your business’s profitability, and measure growth. One popular metric businesses put stock into is the LTV:CAC ratio. Your […]
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What Is an S Corporation?
Before you can get your small company rolling, you need to decide on a business structure. Your business entity impacts everything from taxes to profits and losses, so it’s essential that you choose a structure that works for your company. One popular small business structure is an S corporation. According to the SBA, 52.1% of […]
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