Knowing your business’s financial health is key to budgeting, decision making, and implementing change. You can learn about your finances by using financial statements. To find out your company’s net profits during a specific time, use the income statement or P&L. What is the difference between income statement vs. P&L?
Read More Income Statement vs. P&L
Almost everybody in the majority of states pays sales taxes at the time of purchase. And yes, this includes business owners shopping for their ventures. But if you purchase and resell goods to your customers, you may consider applying for a resale certificate. Eligible businesses use resale certificates to get out of paying sales tax […]
Read More Resale Certificate, the Get Out of Tax Free Card
Does your small business work with cash? More than likely, the answer is yes. And when you have cash expenses, you should record them in a cash disbursement journal.
Read More How to Create and Update Your Cash Disbursement Journal
Out of 400 survey respondents, 91% said they’d be more efficient if their workspace was organized. If you believe organization influences productivity, shouldn’t you better organize your accounting books?
Read More What Is an Expense Account?
Your current customers spend an average of 67% more than new customers. Why? Current customers are more familiar with and loyal to your brand. And, you have upselling and cross-selling opportunities when it comes to your current customer base. What business owner doesn’t want to bring in more revenue? Learn about upselling and cross-selling, the […]
Read More 3 Upselling and Cross-Selling Tips for Small Business Owners
Many businesses need to collect sales tax from customers. But before you can start collecting it, you must obtain a sales tax permit with the state. Find out how to apply for a seller’s permit by state to keep things legal.
Read More License to Sell: Your Guide to Applying for a Sales Tax Permit
Do you accept credit card payments in your small business? If you do, that’s great news for the 80% of consumers who prefer playing with plastic. But, it comes with additional business responsibilities, such as recording credit card sales in your books.
Read More Recording Credit Card Sales in Your Books
Accepting check payments from customers may increase your chances of making a sale, but it comes at a price. If you receive counterfeit checks or checks from people with insufficient funds, you may have to deal with bank fees, wasted time, and lost money. To avoid these bad check nightmares, follow some standard precautions for […]
Read More 7 Precautions for Accepting Checks: Check Acceptance Guidelines
If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry.
Read More Step up Your Accounting Game With a Compound Journal Entry
When Goldilocks broke into the Three Bears’ home, she needed a bed that was just right, not too small and not too large. Likewise, when you break into the market, you need to set prices that are just right, not too low and not too high. Could freemium pricing be your “just right” strategy?
Read More Going the Freemium Pricing Route: What to Know