Without sales, your business’s bottom line would be in the negatives. But if a customer issues a chargeback after you make a sale, you might have to pay up. And sometimes, customers falsely make a chargeback claim. Chargeback fraud is a hassle nobody wants to deal with, but it could happen when you own an […]
Read More What Is Chargeback Fraud, and How Will it Affect My Online Business?
Reducing your tax liability can be a huge relief to your small business. Individual taxpayers and business owners alike have the option to lower their tax bill through business tax deductions and credits. What’s the difference between business tax credit vs. tax deduction?
Read More Business Tax Credit vs. Tax Deduction: The Distinction That Makes a Difference
No business owner likes being strapped for cash, but mismanaging cash flow happens. If you’re struggling to control your small business funds, check out the money management tips in this article.
Read More 9 Money Management Tips to Keep Your Small Business Afloat
Choosing a business structure is a big deal. The way you structure your business affects how much you pay in taxes, your personal liability for business losses, how you pay yourself from your business, and more. Sole proprietorships, partnerships, corporations (S Corp and C Corp), and LLCs (single-member and multi-member LLCs) are business structure types.
Read More What Is the Difference Between S Corp and C Corp?
For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.
Read More Travel and Entertainment Expenses: Learn How to Deduct
When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period.
Read More Wrap up Your Accounting Period With Closing Entries
To turn a profit in your business, you need to make sure your products or services bring in more money than what you put into them. But if your business expenses are greater than your revenues, you won’t stay afloat. Learn about indirect cost and how to calculate and reduce it.
Read More What Is an Indirect Cost?
All businesses have assets. Assets can be broken down into two categories: tangible and intangible. Understand the difference between tangible vs. intangible assets to keep your accounting books and financial statements accurate.
Read More Tangible vs. Intangible Assets
When it comes to managing your business’s finances, you can never be too organized. Creating financial statements paints a picture of your company’s financial health. Financial statements help with decision making and your ability to get outside financing. One statement you could create is the retained earnings statement.
Read More What Is a Retained Earnings Statement?
Business expenses are categorized as either fixed or variable costs. You should identify your company’s fixed and variable expenses for accurate books. Learn the difference between fixed vs. variable costs to help with budgeting, pricing, and decision making.
Read More Fixed vs. Variable Costs