To run your business, you likely rely on assets such as equipment, your building, a company car, inventory, and cash. And if you want to maintain your books, create financial statements, and determine the theoretical value of your property, you need to calculate book value. What is book value?
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Accounting Tips, Training, and News
What Are Articles of Organization?
October 28, 2022When structuring your business, you must follow each entity’s formation requirements, such as registering with your state, obtaining licenses and permits, and filing paperwork. If you decide to structure your business as a limited liability company (LLC), you must file articles of organization. What are articles of organization?
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How to Record a Vacation Accrual Journal Entry
October 28, 2022Your hardworking employees need a vacation every now and then. Many employers provide vacation time to employees, but employees might not use their earned vacation right away. When employees have accrued vacation time, you must create a vacation accrual journal entry. Read on to understand the basics of vacation accrual and how to calculate and […]
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Does Your Organization Qualify for Tax-exempt Status?
October 28, 2022If you run a nonprofit organization, you work hard to give back to others. The government offers the opportunity for organizations like yours to gain tax exemption. However, applying for tax-exempt status can be a long and complicated process. Before starting the tax-exempt status application, find out what tax exemption means for your organization, determine […]
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Nonprofit Accounting: Mastering the Fundamentals
October 28, 2022If you run a nonprofit organization, your accounting responsibilities are different than those of for-profit businesses. Nonprofit organizations handle tax payments, financial statements, and recordkeeping differently than other businesses. Learn about nonprofit accounting below.
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The Ins and Outs of Perpetual Inventory
October 28, 2022As a small business owner, keeping track of inventory is an essential part of running your business. Perpetual inventory is one solution for inventory accounting. Read on to learn more about what is perpetual inventory, how perpetual inventory systems work, and the pros and cons of perpetual inventory.
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How to Charge Customers a Late Payment Fee and Get Your Cash Flow Back on Track
October 28, 2022When you make a sale on store credit, there is never a guarantee that the customer will pay you on time. In fact, one in three Americans is late paying their debts. Instead of banking on timely customer payments, plan for the worst. And, consider charging tardy customers a late payment fee to reclaim your […]
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Fixed Assets vs. Current Assets: What’s the Difference?
October 28, 2022There are different types of assets your business may have. You have probably heard of fixed and current assets. But, do you know the difference between fixed assets vs. current assets?
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Do Tax-Exempt Nonprofits File Tax Returns?
October 28, 2022Most businesses must pay taxes to the IRS. And, companies report information about their income, tax deductions, and tax payments on small business tax returns, which vary based on business structure. When nonprofit organizations apply for and gain tax-exempt status, they do not have to pay federal income taxes. So, do nonprofits file tax returns? […]
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How to Find Your Customer Lifetime Value
October 28, 2022According to one report, 65% of business comes from existing customers. But, do you know how much value each customer adds to your small business over the course of your relationship? To estimate the total that customers will spend at your company, calculate customer lifetime value.
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