When customers make purchases on credit, you expect them to pay you. If they don’t, it can be frustrating and hurt your business. You need to know how to write off bad debt when this happens.
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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.
What Is the Bottom Line in Business?
November 9, 2022Sometimes, when you talk to someone, they take a while getting to the point. You might tap your foot impatiently until you finally blurt out, “Well, what’s the bottom line?” The bottom line in business is just like the bottom line of a conversation.
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What Is a Cash Flow Statement?
November 8, 2022Knowing how your business’s finances are going is one part of owning a small business. You should have the three main financial statements at your business: balance sheet, income statement, and cash flow statement. What is a cash flow statement?
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If You Get Audited by the IRS, What Happens?
November 7, 2022If the phrase “audited by the IRS” fills you with dread, you are not alone. Getting audited is something no business owner wants to go through. But, sometimes audits take place. If you get audited by the IRS, what happens?
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How to Pay Business Taxes to the IRS
November 7, 2022Owning a business comes with many responsibilities. One of your duties is to withhold, file, and deposit taxes. You must know how to pay small business taxes in order to correctly submit payments to the IRS. There are a few different ways to make small business tax payments. To avoid late fees and penalties, learn […]
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Revolving Debt vs. Installment Debt
November 4, 2022To start, operate, and grow a business, you most likely need to take on some form of debt. Many business owners have revolving and installment debts to fund their companies. In order to make smart financing decisions, you must understand the difference between revolving debt vs. installment debt.
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Invoice vs. Receipt: What’s the Difference?
November 4, 2022When you sell goods or services, you need to create a record of the transaction. Depending on the situation, you will either give customers an invoice or receipt. What is the difference between an invoice and a receipt? Understand invoice vs. receipt distinctions to avoid confusion.
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How to Create a Small Business Return Policy
November 4, 2022Selling a product to a customer and collecting money isn’t the end of the sales process. You also need to prepare in case customers return goods. To prevent confusion and frustration, you need to have a clear small business return policy in place.
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How to Tell If Money Is Fake
November 4, 2022As a small business owner who accepts cash payments, you must protect your business from counterfeit money. There are millions of dollars in counterfeit bills in circulation. Learn how to tell if money is fake before you accept counterfeit bills.
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How to Start Accepting Credit Card Payments for Small Business
November 4, 2022As a small business owner, you might be put off by the cost of accepting credit cards. But, accepting credit card payments for small business can open the door to more customer traffic, increased loyalty, and larger sales.
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