As a business owner, you’re going to run into a few accounting mistakes from time to time. Some of the biggest blunders you can make involve your business balance sheet. If you want to avoid balance sheet problems, learn about the most common errors you can make on your balance sheet and how to avoid them.
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For many businesses, the hustle and bustle of holiday shopping has come to a close. You’ve probably noticed a decrease in customer sales and an increase in returns and exchanges. But fear not. This just means that it’s time to give your post-holiday sales some love.
When you start your business venture, you choose what type of business structure you want your company to be. Maybe you chose to be a sole proprietor and handle business on your own. Or, maybe you decided to structure your business as a corporation.
But, what happens if you’re not too keen on the structure you selected? Well, if you went the C Corp, single-member LLC, or multi-member LLC route, you can change the way your business is taxed using IRS Form 2553. So, what is Form 2553?
Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is transposition error and how it can affect your accounting books.
Obtaining certifications can open a lot of doors for professionals. But, what about a certification for your business? What kind of benefits come from obtaining a small business certification? What kind of certifications are even out there?
There are two types of people come tax time. You’ve got the ones who are excited and file their taxes on the first day they can. And, you’ve got the ones who moan and groan and file at the last minute. Which one are you?
As a business owner, you’re responsible for keeping your business’s books in shipshape. To do that, you need to choose an accounting method and stick with it. But as your small business grows, you might need to rethink your accounting method.
If you’re looking to shake up your accounting method as your business expands, learn about Form 3115 and how to file it.
Choosing your accounting method is the first step in handling your company’s books. If you’re a small business owner, you may prefer the simplicity of cash basis as opposed to accrual or modified cash-basis accounting. But before solidifying your decision, learn the pros and cons of cash-basis accounting.
Here at Patriot Software, we try to answer any and all questions you might have about accounting and your small business responsibilities. Want to see what kind of topics we’ve covered this year on our accounting blog? Take a look at our top 10 most-read accounting articles 2019.
As a business owner, you have likely heard of the term sales tax before. Heck, you might have even heard about sales tax nexus before. But, have you heard of economic nexus?
If you have in-person or online sales, it’s time to listen up and learn about economic nexus. Read on to learn what is economic nexus, if your sales fall into economic nexus territory, and what states have economic nexus rules.