One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.
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Accounting Tips, Training, and News
Examples of Contingent Liabilities Your Small Business May Need to Record
May 21, 2024You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event?
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Assets vs. Liabilities: The Complete Breakdown
May 8, 2024If you’re like many business owners, you know that you have to handle certain tasks, like purchasing items, taking on debt, or putting your own money into your business, to get your venture up and running. And when your company processes any type of transaction, whether it’s debt, purchases, etc., you have to record it […]
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Real Accounts: What to Know About These Permanent Accounts
May 8, 2024In accounting, you deal with a variety of accounts to balance and organize your books. One type of account you will likely run into is a real account.
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How to Calculate Total Revenue in Accounting [With Examples]
May 8, 2024Keeping an eye on your business’s finances is oh-so-important if you want your company to thrive and grow. This includes monitoring your financial statements and calculating financial figures, such as total revenue. Get the lowdown on how to calculate total revenue and ways to use it to benefit your business.
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How to Manage and Record Cash Receipts in Your Small Business
May 6, 2024If you’re a small business owner, you likely receive cash payments from your customers. And if you receive cash payments, you need to know about recording cash receipts in your books. So, how do you record cash receipts?
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How to Create a Prepaid Expenses Journal Entry
May 6, 2024Do you ever pay for business goods and services before you use them? If so, these types of prepaid expenses require special attention in your books. You need to create a prepaid expenses journal entry.
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Margin vs. Markup: Chart, Infographic, & More
May 6, 2024Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup, and knowing this difference is how you can set prices that lead to profits.
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Types of Audits: Breaking Down 9 Different Audits
May 6, 2024As a small business owner, you need to conduct regular audits to ensure your records are accurate. Although many business owners dislike the idea of auditing, audits can be beneficial to your company. Learn more about the different types of audit below.
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Partnership Advantages and Disadvantages
May 6, 2024If you’re starting a business and have one or more partners, it might seem obvious to form a business partnership. This is a business structure that allows you and at least one other person to both have ownership of the business. Even though forming a business partnership might make sense, it’s not your only option. […]
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