Being able to effectively manage your incoming and outgoing money ensures you have a healthy business. To do so, you need accurate financial records. Make necessary changes to your business through P&L management.
Read More P&L Management for Small Businesses
As a business owner, you need more incoming than outgoing money to keep your company afloat. How much money you have left over after you pay expenses is known as profit. You should measure your business’s profits, which is known as profitability. Understand profit vs. profitability to analyze your company and make financial decisions.
Read More Profit vs. Profitability
When you own and operate a small business, you build up a collection of tangible and intangible assets. Tangible assets include valuable things you can touch, like your business’s building, vehicles, equipment, furniture, etc. Intangible assets are the opposite. They are not physical items. As a result, accounting for intangible assets can get tricky.
Read More Accounting for Intangible Assets: A Complete Guide on Amortization and Useful Life
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?