When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation.
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You might be familiar with the process of collecting sales tax from consumers. But, how much do you know about use tax? Understand the difference between sales tax and use tax, as well as your use tax responsibilities.
Read More Use Tax: What Small Business Owners Need to Know
No matter how small your company is, you have to file taxes. But, your small business tax preparation cost can be more expensive than you might think. How much does small business tax preparation cost?
Read More How Much Does Small Business Tax Preparation Cost?
As a small business owner, you are likely familiar with recording and keeping an eye on transactions. However, are you thoroughly monitoring business expenses and income? Learn the steps to take for tracking business expenses and income and the importance of tracking them below.
Read More 5 Steps to Get on Track While Tracking Business Expenses and Income
Before you make business decisions or claims about profitability, you should have hard data to back it up. Small business financial ratios quantify your accounting data so you can improve operations, give lenders or investors insight into your business’s profitability, and measure growth. One popular metric businesses put stock into is the LTV:CAC ratio. Your […]
Read More Measure Your Marketing Efforts With the LTV:CAC Ratio
When you think of nonprofits with tax-exempt status, your mind might go straight to charitable or religious organizations. However, these types of groups aren’t your only options for becoming a tax-exempt nonprofit. If you own a social welfare organization, you can apply for 501(c)(4) status with the IRS.
Read More 501(c)(4) Social Welfare Organizations: How Much Do You Know?
When a company makes money, it may decide to return a portion of cash to its shareholders. Depending on the business structure, individuals may receive special payments from a business called distributions. Read on to learn what is distribution, types, and how distributions work.
Read More What Is Distribution?
Choosing a business structure is one of the first and most important business decisions you make. The type of entity you choose affects what business taxes you owe, your profits and losses, and the level of control you have in your company.
Read More Protect Your Business With a Partnership Agreement
As a business owner, you are likely familiar with traditional methods of raising capital such as seeking help from business angel investors or venture capitalists. However, business owners also have the opportunity to raise funds via crowdfunding. So, what is crowdfunding?
Read More What Is Crowdfunding, and How Can it Take Your Business to the Next Level?
When running a business, you likely face setbacks due to unforeseen costs. Unplanned expenses, like inventory shrinkage, can lead to a drop in profits and require you to alter your accounting books. To combat significant inventory shrinkage, you must familiarize yourself with what it is, why it happens, and preventative actions you can take. And […]
Read More What Is Inventory Shrinkage?