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When it comes to business expenses, there are two different types of costs: fixed costs and variable costs. It’s important to know the difference between fixed and variable costs. But, how do you know what expenses are fixed costs, and what are variable costs?
Read More What Are Variable Costs?
As a small business owner, you manage many different expenses. As you run your daily operations, you might not think about the types of business expenses you make. But, you should record some expenses differently than others in your accounting books, such as fixed costs.
Read More What Are Fixed Costs?
How often do you offer discounts to customers? Or, how frequently do customers return products to your business? You need to know about net sales if you offer discounts or accept returns. Read on to learn what net sales are, how to find them, and more.
Read More How to Find Net Sales: Formula and Examples
Do you know how long it takes you to pay your small business’s invoices? The number of days between receiving an invoice and sending a payment plays a big part in your company’s cash flow. You can track how long it takes you to pay bills by calculating the days payable outstanding.
Read More How to Find Days Payable Outstanding
Is your small business cluttered with paper documents? When you rely on paper to keep track of business finances, you often end up wasting time and resources. For an efficient accounting process, follow our tips to create a paperless office.
Read More 6 Tips for Converting to a Paperless Office
Knowing how your business’s finances are going is one part of owning a small business. You should have the three main financial statements at your business: balance sheet, income statement, and cash flow statement. What is a cash flow statement?
Read More What Is a Cash Flow Statement?
As a small business owner, you need goods to operate. Your inventory is an essential organ in the anatomy of your business. The tools you use and the merchandise you sell help you accomplish daily goals, and ultimately grow your company.
Read More What Is a Vendor? Overview for Small Business Owners
Business structure affects many aspects of your company, including your tax obligations. Choosing the right structure for your business could mean the difference between expensive, time-consuming taxes or affordable, simplified tax liabilities. As a small business owner, you must know how business structure affects taxes.
Read More Business Entity Tax Basics: How Business Structure Affects Taxes
Tax time is always an adventure, particularly for entrepreneurs and small business owners. Navigating the complex maze of expenses and small business tax deductions can be a challenge, and no one wants to leave a valid deduction on the table. After all, every $100 in deductions results in an average tax savings of approximately $30.
Read More Is Credit Card Interest Tax Deductible for a Business? Do’s and Don’ts
If the phrase “audited by the IRS” fills you with dread, you are not alone. Getting audited is something no business owner wants to go through. But, sometimes audits take place. If you get audited by the IRS, what happens?
Read More If You Get Audited by the IRS, What Happens?