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Have you heard of a microbusiness? Even if you haven’t heard the term, you probably could list at least five microbusinesses off the top of your head. A microbusiness is a small business with fewer than 10 employees—think your local coffee shop, boutique, or food truck.
Read More How to Start—and Get Funding—for Your Microbusiness
A profit and loss statement is one of the most important tools you have in your business to determine profitability. Do you know how to create a profit and loss statement?
Read More How to Create a Profit and Loss Statement
Understanding how your business earns, and keeps, money is fundamental to financial success. You can look at gross income and net income to gauge business profitability. But what is the difference between net income vs. gross income? And why does it matter for your business?
Read More Net Income vs. Gross Income: Know Your Business Profits
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 Business
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?
Read More How to Make a Journal Entry for Sales in Your Books
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?
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?
Read More Small Business Tax Preparation Checklist
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 […]
Read More What Does It Mean When Something Is Paid in Arrears?
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?
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 […]
Read More What to Do If You Can’t Pay Your Taxes in Business