As a small business owner, you regularly sell products or provide services to customers. Instead of collecting funds right away, you may send a customer an invoice. But, did you know you could use invoices as a financing tool for your business? Read on to learn more about invoice discounting and how it can help […]
Read More What Is Invoice Discounting?
Running your small business isn’t cheap. And securing financing to run your business isn’t cheap, either. Taking out business loans can weigh you down with high interest rates. To help offset this expense, you might be able to claim a business loan interest tax deduction. Not all interest expenses are tax deductible. To claim this […]
Read More Claim the Business Loan Interest Tax Deduction to Decrease Your Tax Liability
All types of businesses experience turnover at some point. And to improve your turnover rate, you must know how to calculate it. Read on to learn how to calculate turnover rates and ways to improve your rate.
Read More Learn How to Calculate Turnover to Help Improve Employee Retention
Structuring your company is one of the first and most impactful decisions you will make when starting your business. But, deciding the best business structure for small business can be a challenge. Before you randomly pick a business structure out of a hat, get to know how each type of entity can affect your small […]
Read More What Is the Best Business Structure for Small Business?
In this digital era, it may seem surprising that there is an option to file a paper tax return. But before you kick the idea of paper filing to the curb, consider the advantages and disadvantages of e-File vs. paper file below.
Read More E-File vs. Paper File: The Advantages and Disadvantages to Consider
Limiting your customers’ payment options can mean fewer sales for your business. In addition to accepting cash, checks, and credit cards, you may consider offering credit to customers. If you want to extend credit, create a credit policy for small business.
Read More 6 Steps to Creating Your Credit Policy for Small Business
When you offer credit to customers, you may need to write off unpaid receivables as bad debts. However, you could end up collecting debts you write off in your accounting books. If this happens, record the money as a bad debt recovery.
Read More Your Go-to Guide for Efficient and Effective Bad Debt Recovery
Performance-related or annual bonuses reward employees and encourage them to be more productive. Some employers may choose to offer an accrued bonus. Read on to learn about providing an accrued bonus, how to account for bonus accrual, and rules to follow.
Read More Do You Know How to Account for an Accrued Bonus?
If you find yourself tossing receipts left and right, you may want to think again. As a small business owner, keeping receipts is essential for your financial records. And not being able to locate a receipt can be problematic for your business. You need to know how long to keep business receipts to avoid complications […]
Read More How Long to Keep Business Receipts
Take a step back and think about this: How well do you really know your customers? If you’re in a business that involves money, such as a bank or insurance agency, it can pay off to do your due diligence when it comes to your customers. The process of knowing your customer and verifying your […]
Read More Know Your Customer: Who Are You Really Doing Business With?