You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living in my state?
Read More The Average Cost of Living by State, and Why Ignoring it Could Sink Your BusinessAccounting Articles
Accounting Tips, Training, and News
May 12, 2025
How to Make a Journal Entry for Sales in Your Books
Ten out of 10 businesses sell products or services. And when you make a sale, you need to record the transaction in your accounting books. How comfortable are you with making a journal entry for sales?
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May 12, 2025
Which Financial Statement Is Prepared First?
Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success. So which financial statement is prepared first?
Read More Which Financial Statement Is Prepared First?
May 9, 2025
Small Business Tax Preparation Checklist
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?
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May 8, 2025
What Does It Mean When Something Is Paid in Arrears?
You might extend credit to customers so they don’t pay right when they receive a good or service. When you invoice a customer, you include payment policy terms that detail when the money is due. You might bill in arrears, or the customer may pay in arrears. What does it mean when something is paid […]
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May 8, 2025
What Is an Owner’s Draw in Accounting?
As a business owner, you likely pay wages to employees. But when it comes to paying yourself, what do you do? Depending on your type of business structure, you might be able to pay yourself an owner’s draw.
Read More What Is an Owner’s Draw in Accounting?
April 29, 2025
What to Do If You Can’t Pay Your Taxes in Business
Paying taxes is an important part of being a business owner. But, when you own a business, your cash flow goes through ups and downs. What if you can’t pay your taxes? You’re probably here because you’re unsure of what to do if you can’t pay your taxes. Luckily, the IRS offers tax payment options […]
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April 29, 2025
How to Contact the IRS: Phone Numbers and More
For many taxpayers, there are few things in life more stressful than dealing with the IRS. And when you have questions about your business tax return, an IRS notice you received, or an upcoming audit, you need to know how to contact the IRS.
Read More How to Contact the IRS: Phone Numbers and More
April 17, 2025
What Is a Financial Statement? [+ Examples]
Business owners need to have a pulse on their organization’s financial performance and cash flow for decision making and obtaining business financing. You can learn how your business is doing holistically by preparing different financial statements. So, what is a financial statement?
Read More What Is a Financial Statement? [+ Examples]
April 17, 2025
Will Tariffs Hit Small Businesses the Hardest?
In April of 2025, President Trump announced a 10% tariff on all countries, plus a higher reciprocal tariff on select countries with large trade deficits. Although Trump announced a 90-day pause on reciprocal tariffs on April 9 (except China, who now has a 145% tariff), one important question remains: How do tariffs affect small businesses?
Read More Will Tariffs Hit Small Businesses the Hardest?