Fifty-seven million U.S. workers are freelancers, representing a shift toward self-employment. But the freedom of freelancing comes with one big disclaimer: you are responsible for everything, including your accounting books. Bookkeeping for freelancers might seem overwhelming, but it’s doable with the right knowledge and tools.
Read More Bookkeeping for Freelancers: Tips for Managing Your Accounting Books
You know the old saying: money makes the world go ‘round. Today, there are many different payment options to keep the world spinning. But, some businesses prefer to limit customer payments to cash. Do cash-only businesses clog cash flow?
Read More Cash-only Businesses: Are They Worth It, How to Run, and More
As a small business owner, setting up your accounting books and maintaining accurate records is essential. To make that happen, you need to be familiar with accounts payable and accounts receivable. Both accounting entries are part of double-entry bookkeeping, but what is the difference between accounts payable vs. accounts receivable?
Read More Accounts Payable vs. Accounts Receivable
A company is only as good as its employees. Most employers have heard this quote, or some variation of it, which is one reason the scramble to find talent is so important. And when you do hire employees, you want to make sure your business benefits from them.
Read More The 3 Human Capital Metrics Your Small Business Needs to Track
As a small business owner, it’s your responsibility to make your company more accommodating for employees, customers, and other individuals with disabilities. And, did you know that qualifying small businesses can claim a tax credit for doing so? Learn about the disabled access credit to find out if you’re eligible.
Read More Understanding the Disabled Access Credit
Being able to effectively manage your incoming and outgoing money ensures you have a healthy business. To do so, you need accurate financial records. Make necessary changes to your business through P&L management.
Read More P&L Management for Small Businesses
As a business owner, you need more incoming than outgoing money to keep your company afloat. How much money you have left over after you pay expenses is known as profit. You should measure your business’s profits, which is known as profitability. Understand profit vs. profitability to analyze your company and make financial decisions.
Read More Profit vs. Profitability
As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement.
Read More Accounts Payable Process Improvement: 9 Steps to Better Invoice Management
When you own and operate a small business, you build up a collection of tangible and intangible assets. Tangible assets include valuable things you can touch, like your business’s building, vehicles, equipment, furniture, etc. Intangible assets are the opposite. They are not physical items. As a result, accounting for intangible assets can get tricky.
Read More Accounting for Intangible Assets: A Complete Guide on Amortization and Useful Life
Without sales, your business’s bottom line would be in the negatives. But if a customer issues a chargeback after you make a sale, you might have to pay up. And sometimes, customers falsely make a chargeback claim. Chargeback fraud is a hassle nobody wants to deal with, but it could happen when you own an […]
Read More What Is Chargeback Fraud, and How Will it Affect My Online Business?