When you create a business, there are a number of different requirements you have to keep track of. And if you form a corporation, you will have a couple of other responsibilities added to your plate, like establishing bylaws. So, what are bylaws?
If you’ve taken out a business loan or line of credit, you’re aware that interest accrues on the borrowed amount. But, do you know how to record accrued interest in your books? Continue reading “How to Record Accrued Interest in Your Books”
Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn how to find accounting errors.
Quick: Tell me what your business does in under a minute and a half. Can you do it? Probably not—for one of two reasons. First, we can’t hear you. And second, you may not have nailed down your entrepreneur elevator pitch yet. Continue reading “Rising to the Occasion: How to Master Your Entrepreneur Elevator Pitch in 5 Steps”
As a business owner, you calculate a variety of figures to determine your company’s financial health. One of these figures to keep on your radar is gross margin. Read on to learn what is gross margin and how it can help you set prices for your goods or services.
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 sales journal entry? Continue reading “How to Make a Sales Journal Entry in Your Books”
When you own or work for a business, you receive earned income. But, not all income is earned income. Both business owners and employees should understand what is earned income to determine tax liability and tax credit eligibility. Continue reading “What Is Earned Income?”
When you’re in business, you’re bound to deal with credit and loans. So, are you extending credit to customers, requesting credit, borrowing a loan from lenders, or doing all of the above? If so, you need to know about the Consumer Credit Protection Act. Continue reading “An Overview of the Consumer Credit Protection Act”
Let’s face it: accounting is confusing. There are so many rules to follow and calculations to do. But, it’s one of those things you have to do for the sake of your business. So instead of diving straight into the complicated stuff, start slowly with simple journal entries. Continue reading “Getting Started With Simple Journal Entries”
Updated 6/5/2020 to reflect the passage of the Paycheck Protection Program Flexibility Act.
Congratulations on receiving a Paycheck Protection Program forgivable loan! But if you want to receive loan forgiveness, you need to use it for eligible expenses and keep detailed records.
Read on to learn about Paycheck Protection Program (PPP) loan accounting.