Structuring your company is one of the first and most impactful decisions you will make when starting your business. But, deciding the best business structure for small business can be a challenge. Before you randomly pick a business structure out of a hat, get to know how each type of entity can affect your small […]
Read More What Is the Best Business Structure for Small Business?Accounting Articles
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E-File vs. Paper File: The Advantages and Disadvantages to Consider
In this digital era, it may seem surprising that there is an option to file a paper tax return. But before you kick the idea of paper filing to the curb, consider the advantages and disadvantages of e-File vs. paper file below.
Read More E-File vs. Paper File: The Advantages and Disadvantages to Consider6 Steps to Creating Your Credit Policy for Small Business
Limiting your customers’ payment options can mean fewer sales for your business. In addition to accepting cash, checks, and credit cards, you may consider offering credit to customers. If you want to extend credit, create a credit policy for small business.
Read More 6 Steps to Creating Your Credit Policy for Small BusinessYour Go-to Guide for Efficient and Effective Bad Debt Recovery
When you offer credit to customers, you may need to write off unpaid receivables as bad debts. However, you could end up collecting debts you write off in your accounting books. If this happens, record the money as a bad debt recovery.
Read More Your Go-to Guide for Efficient and Effective Bad Debt RecoveryEmployee Stock Ownership Plan: How Can It Benefit Your Business?
As a business owner, you might offer a variety of benefits to your employees, including health insurance and retirement plans. One option you can offer employees is an employee stock ownership plan (ESOP). Along with other benefits, ESOPs are growing in popularity for small businesses. According to the National Center for Employee Ownership (NCEO), as […]
Read More Employee Stock Ownership Plan: How Can It Benefit Your Business?Do You Know How to Account for an Accrued Bonus?
Performance-related or annual bonuses reward employees and encourage them to be more productive. Some employers may choose to offer an accrued bonus. Read on to learn about providing an accrued bonus, how to account for bonus accrual, and rules to follow.
Read More Do You Know How to Account for an Accrued Bonus?How Long to Keep Business Receipts
If you find yourself tossing receipts left and right, you may want to think again. As a small business owner, keeping receipts is essential for your financial records. And not being able to locate a receipt can be problematic for your business. You need to know how long to keep business receipts to avoid complications […]
Read More How Long to Keep Business ReceiptsHow to Be Self-employed and Efficiently Manage Your Business’s Books
Being your own boss sounds ideal. But when you’re self-employed, you may also become your own office manager, bookkeeper, and marketing specialist. To set your business up for success and balance your responsibilities, you need to learn how to be self-employed.
Read More How to Be Self-employed and Efficiently Manage Your Business’s BooksHow to Craft an Emergency Preparedness Plan for Your Small Business
You likely take steps to protect your personal belongings from natural disasters at home. But, do you do the same with your business? The last thing you want is to be unprepared during a disaster. Instead of being caught up in a whirlwind when the unexpected occurs, create an emergency preparedness plan for peace of […]
Read More How to Craft an Emergency Preparedness Plan for Your Small BusinessAssets Definition, Types of Assets, and More
Over time, your small business gains assets when you purchase items that bring value to your company. These assets are an essential part of your business that can help generate revenue and increase your business’s value. So, what are assets?
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