Accounting Tips, Training, and News for Small Business

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Accounting Tips, Training, and News

Closing a Business Checklist: 8 Steps for a Smooth Transition

The time may come when you want to shut down your business to retire, open a new venture, or start a new career path. Regardless of your reason, the process for closing a business is different than selling it. Although it can be overwhelming, you can de-stress with our closing a business checklist. Continue reading “Closing a Business Checklist: 8 Steps for a Smooth Transition”

Count the Ways an Electronic Funds Transfer Process Can Benefit Your Business

As a business owner, you’re likely always on the hunt for ways to save time and money. Maybe you use basic accounting software to track incoming and outgoing money. Or, maybe you automate your email marketing with a tool that sends emails to your customers or vendors for you.

If you love saving time and money, an electronic funds transfer process (EFT) may be a good fit for you. Read on to learn how EFTs can benefit your small business.

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Make Way for the Revived Form 1099-NEC in 2020

form 1099-nec

After a 38-year absence, Form 1099-NEC is making its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC.

So, move over, Form 1099-MISC. There’s a new sheriff in town and its name is Form 1099-NEC.

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Calling All Corporations! What Is Form 1120?

what is form 1120

As a business owner, you have so many responsibilities, yet so little time. You need to handle your business’s books, manage day-to-day business operations, and keep your business on track for success. In addition to your countless other tasks, you need to file a small business tax return.

If you’re a corporation (or file as a corporation), you need to file Form 1120 for your tax return. Read on to learn what is Form 1120 and whether your business needs to file one.

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The Three Golden Rules of Accounting You Should Always Follow

golden rules of accounting

You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way they want to be treated.

If you want to keep your books up-to-date and accurate follow the three basic rules of accounting.

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A Profit and Loss Statement for Small Business Is a Must!

profit and loss statement for small business

As a business owner, you must track the money going in and out of your company to keep your finances on track. One way you can do this is by monitoring your profit and loss statement for small business.

Read on to learn how a profit and loss statement can benefit your business and how to create one of your own.

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Do You Know the Types of Partnership in Business?

types of partnership

When you start your venture, you have a number of decisions to make. What are you going to offer? What market are you going to target? Are you going to run your business solo or have a helping hand? If you don’t want to run your business alone, you might consider forming a partnership.

Read on to learn about the different types of partnership and how each can benefit your small business.

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What Are Non-sufficient Funds?

Non-sufficient funds occurs when an account has less money than the payment being remitted.

As a small business owner, you have a lot on your plate at all times. You do your best to keep your accounts, finances, and books in order. But sometimes, things just slip your mind.

At some point or another, you might spend more than what you have in your account. When this happens, you have non-sufficient funds. Read on to learn what are non-sufficient funds, what to do if you have them, and how to avoid insufficient funds.

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