Invoices and statements are regularly used in business. You send invoices and statements to bill customers. And, vendors send you invoices and statements so you know how much you owe. But, what is the difference between an invoice and a statement?
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You’re an expert at running your business, not analyzing financial numbers. But as a small business owner, you need to know how your decisions affect your company. By reviewing your accounting books, you can leverage data to grow your company. One important report to look at is the comparative income statement.
Read More How to Use a Comparative Income Statement for Your Small Business
As a small business owner, getting approved for a line of credit is not easy. You need to make sure your credit application has the best chances of securing a loan or line of credit. Follow the tips below to show lenders you’re creditworthy with a strong small business credit application.
Read More 7 Tips for Your Small Business Credit Application
During day-to-day operations, you make transactions for your business. Knowing how to organize and review this information is key to long-term success. One way to keep track of transactions is to manage financial reports. What is financial reporting?
Read More What Is Financial Reporting and Analysis in Small Business?
It’s great when your business is consistently profitable. But, sometimes, unexpected situations come up. Depending on the circumstances, your business could experience an unforeseen loss. You need to know how a loss in business can affect your company in the long-term.
Read More How Does a Business Loss Affect Your Company?
When customers make purchases on credit, you expect them to pay you. If they don’t, it can be frustrating and hurt your business. You need to know how to write off bad debt when this happens.
Read More How to Write Off Bad Debt
If you have employees, expense reporting is an important part of your accounting process. Expense reports allow flexibility and make it easier for employees to do their jobs. To save your business time and money, create an expenditure report policy.
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As a small business owner, you probably have a system for creating a budget. But sometimes, your budget needs to change because of fluctuating income or expenses. For example, you should keep an eye on cash flow for 3-paycheck months.
Read More How to Handle Cash Flow for 3-Paycheck Months
The lifeblood of any business — large or small — is financial integrity. Efficiently managing your small business accounting can help determine your success. If you don’t know where to start, consider leveraging accounting software. By getting your finances in order, you will save a lot of hours, headaches, and dollars.
Read More How to Organize Your Business Finances: Top 5 Effective Ways
Did you make an error on a tax return for your small business? Your first time filing taxes for small business can be tricky. You can file an amended tax return to fix mistakes and omissions that date several years back. While there are some advantages to filing an amended tax return, you do not need […]
Read More When to File an Amended Tax Return for Small Business