For 40% of small business owners, handling bookkeeping and taxes is the worst part of owning a business. Sound familiar? If so, you might consider shirking your recordkeeping responsibilities. It’s not a big deal, right? Wrong! Recordkeeping is one of the most important things you can do. And to make things easier on yourself, there […]
Read More Simple Recordkeeping for Small Business: Must-have Tips
You know that little line at the bottom of your receipts and invoices that says Sales Tax? As a business owner, it’s not your responsibility to pay it out of pocket. But it is your responsibility to collect and remit sales tax. If you don’t know how to pay sales tax for small business to […]
Read More You’ve Collected it … Now What? How to Pay Sales Tax for Small Business
How much money do you really have to spend? What about your employees? To figure out your available spending money, you need to find your disposable personal income. What is disposable personal income?
Read More What Is Disposable Personal Income?
Investors can help your business get off the ground. But, finding investors is easier said than done. One reason is that there’s a lot of competition out there. In 2021 alone, there were 5.4 million new business applications in the U.S. Cutting through the competition may seem daunting. But with the right investment proposal, you […]
Read More Investment Proposal: Asking for a Helping Hand
As a business owner, there’s a pretty good chance you’ll need to work with a vendor at some point. After all, you need supplies, services, and more to operate your business. Hiring a vendor is one thing, but do you know how to pay a vendor? Welcome to your paying vendors 101 guide.
Read More Paying Vendors 101: Everything You Need to Know to be a Pro
Do some of your customers pay on credit? If so, do you know how long it takes your business to collect payments from said credit sales? If not, it’s time to get to know day sales outstanding (DOS). Learn all about day sales outstanding and how to calculate DSO like a pro below.
Read More Days Sales Outstanding (DSO): What Is It?
It’s always great when a customer buys from your company. But what happens if the customer receives the shipment and realizes there’s something wrong with the order? Maybe the shipping costs are too high or the products aren’t exactly what they want. Whatever the issue may be, you’ve got to put in extra work to […]
Read More Making the Sale With a Good Faith Agreement: What Is a Pro Forma Invoice?
Want to increase transparency and potentially boost profits? If so, you may consider open-book management. So, what is open-book management? Get to know what open-book management includes, the pros and cons of it, and how it works.
Read More What Is Open-book Management?
Understanding your business tax obligations is not always easy. There are different ways a business can be taxed. One method of taxation is a pass-through tax. If you own a small business, you need to know about pass-through taxation.
Read More What Small Business Owners Need to Know About Pass-through Taxation
Saving isn’t easy for small business owners. But, regularly setting aside small amounts of money helps you maintain long-term financial health. Opening a business savings account is one easy way for your company to save funds.
Read More Should I Have a Business Savings Account?