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?
Reducing your tax liability can be a huge relief to your small business. Individual taxpayers and business owners alike have the option to lower their tax bill through business tax deductions and credits. What’s the difference between business tax credit vs. tax deduction?
Read More Business Tax Credit vs. Tax Deduction: The Distinction That Makes a Difference
There are many different accounts you can use to record equity in your business accounting books. Before you can begin tracking equity, you must learn about the different types of equity that can apply to your company.
Read More Different Types of Equity for Your Small Business: Get the Lowdown
Running a business has some indirect costs. These costs aren’t always apparent, which is why they’re the hidden costs of running a business. It’s important to keep track of your business’s indirect costs. And, you should know how your indirect costs compare to your direct costs. To do this, you’ll need to find your burden […]
Read More Do You Know How to Calculate Your Business’s Burden Rate?
No business owner likes being strapped for cash, but mismanaging cash flow happens. If you’re struggling to control your small business funds, check out the money management tips in this article.
Read More 9 Money Management Tips to Keep Your Small Business Afloat
When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.
Read More How to Change from Cash to Accrual Accounting