Author:

Rachel Blakely-Gray

Rachel Blakely-Gray has spent more than a decade writing about payroll, payroll taxes, and accounting for small business owners at Patriot Software. As Content Manager, she covers everything from multi-state payroll tax filing to 1099 reporting requirements, translating IRS and state regulations into plain English.

What Is the Product Life Cycle, and How Does it Impact Pricing Strategies?

October 26, 2022

Part of being a small business owner is strategizing pricing, creating and marketing products or services, and paying attention to industry trends. If you sell goods, you need to know about the product life cycle.

Income Statement vs. P&L

October 26, 2022

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?

Resale Certificate, the Get Out of Tax Free Card

October 21, 2022

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 […]

How to Create and Update Your Cash Disbursement Journal

October 21, 2022

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.

What Is an Expense Account?

October 21, 2022

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?

3 Upselling and Cross-Selling Tips for Small Business Owners

October 21, 2022

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 […]

License to Sell: Your Guide to Applying for a Sales Tax Permit

October 20, 2022

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.

Recording Credit Card Sales in Your Books

October 20, 2022

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.

Customer handing a check to a business owner.

7 Precautions for Accepting Checks: Check Acceptance Guidelines

October 20, 2022

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 […]

Step up Your Accounting Game With a Compound Journal Entry

October 18, 2022

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.