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
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
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]
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?
BIG NEWS: On March 21, 2025, FinCEN announced that all domestic reporting companies, businesses created in the United States, are exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.
Read More BOI Reporting No Longer Required for Businesses Created in U.S.
From inventory valuation to sales forecasting, there are plenty of times you may need to calculate a weighted average in your business. And you don’t have to be a mathematician to find it. Learning how to calculate weighted average is a relatively easy process.
Read More How to Calculate Weighted Average (and Why It Matters in Business)