If you want to operate your small company legally, you likely need some business licenses and permits. There are federal, state, and local licenses and permits you might have to apply for. It all depends on your business.
Archive | Accounting RSS feed for this section
As a business owner, you have a lot on your plate. And sometimes, you need to hire outside workers with special skills to complete certain tasks at your business. To accomplish these tasks, you might consider hiring an independent contractor.
Does the above scenario sound all too familiar to you? If you hired a contractor during the year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC?
When Goldilocks broke into the Three Bears’ home, she needed a bed that was just right—not too small and not too large. Likewise, when you break into the market, you need to set prices that are just right—not too low and not too high. Could freemium pricing be your “just right” strategy?
As a business owner, you might need to hire a worker at some point or another. And depending on your type of business, you might need to hire employees, independent contractors, or both to get the job done.
But, how much do you really know about independent contractors vs. employees? Can you get away with hiring just independent contractors? Read on to learn what is an independent contractor and how they differ from employees.
If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry.
According to a recent study, 60% of Americans don’t have enough money to cover an unexpected $1,000 expense. What about your business? Do you have enough money tucked away to deal with a sudden expense? If not, you need to give your cash reserve some love.
The end of the year is a busy time for entrepreneurs and employers. If you’re like most business owners, you’re probably juggling year-end accounting procedures in addition to heavier traffic and sales.
Instead of scrambling (or forgetting) to get your year-end accounting processes done, use a year-end closing checklist to organize the way you wrap up the year.
Accepting check payments from customers may increase your chances of making a sale, but it comes at a price. If you receive counterfeit checks or checks from people with insufficient funds, you may have to deal with bank fees, wasted time, and lost money. To avoid these bad check nightmares, follow some standard precautions for accepting checks.
According to one source, 56% of single-store retailers don’t have a point of sale system in place. Does your business fall into the 56%? If so, your small company could be missing out on a smoother system and in-depth sales reports.
If you want to grow your business, efficiently track sales, and streamline your day-to-day operations, consider investing in a point of sale system. So, what is a point of sale system?