If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances.
Read More How to Use Business Bank Statements [+ Example]
Your books say one thing, but your bank statement says another. Sigh (why isn’t anything ever easy?!). But don’t stress. Bank statement reconciliation is here to help.
Read More Bank Statement Reconciliation: Let’s Get Reconciling
When it comes to running a business, you can’t ignore your finances. To help you keep your finances in order and organized, you can look at financial statements, like your balance sheet. But, what is a balance sheet exactly? Let us give you the rundown on the balance sheet definition, the components of the financial […]
Read More What Is a Balance Sheet?
Extending credit to customers is a great way to encourage impromptu purchases, boost sales, and increase profits. But sometimes, customers don’t pay you, resulting in a bad debt. What is bad debt?
Read More Grasping Bad Debt: Insights Into Its Impact and Management Strategies
When you pay an independent contractor, you don’t withhold taxes from their wages … or do you? In some cases, contractor wages are subject to backup withholding. So, what is backup withholding, and when do you need to do it?
Read More Back it Up … What Is Backup Withholding, and Are My Contractors Subject to it?
As a business owner, you’re responsible for recording your company’s transactions. And to support your entries, you should be keeping adequate documentation. This accounting documentation acts as an audit trail for your business. Read on to learn what is an audit trail and why it is essential for your small business.
Read More What Is an Audit Trail, and How Does It Impact Your Business?
Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]
Read More What Is an Audit?
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?
Read More Assets Definition, Types of Assets, and More
There are different requirements to set up all the types of business structures. If you want to structure your business as any type of corporation, you need to create and file articles of incorporation.
Read More What Are Articles of Incorporation?
If you are a sole proprietor or partner, you or you and your partners are entitled to everything in your business. You don’t provide dividends to shareholders. You have full ownership of your business. However, you still have liabilities that you need to handle. Failing to consider your liabilities will give you a false picture […]
Read More What Is Owner’s Equity?