Expenses. We can’t escape them. But with careful attention, you can use them to reduce your tax liability. When you know what business expenses to deduct, you’ll be certain you’re paying no more than needed. So, without further ado, what are business expenses? Continue reading “What Are Business Expenses?”
One of the four main financial statements you have to keep track of as a business owner is your balance sheet. Your balance sheet gives you insight into where your business stands financially. But, you won’t get an accurate picture of your company’s finances if you don’t keep up with balance sheet reconciliation.
Read on to learn more about reconciling your balance sheet, including what steps you should take to reconcile your balance sheet and why it’s important to have a reconciliation process.
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”