Part of being a small business owner is strategizing pricing, creating and marketing products or services, and paying attention to industry trends. If you sell goods, you need to know about the product life cycle.
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Accounting Tips, Training, and News
Income Statement vs. P&L
October 26, 2022Knowing your business’s financial health is key to budgeting, decision making, and implementing change. You can learn about your finances by using financial statements. To find out your company’s net profits during a specific time, use the income statement or P&L. What is the difference between income statement vs. P&L?
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What Is Deferred Revenue?
October 26, 2022Do customers pay you for your goods or services before you actually deliver them? If so, you need to know about deferred revenue. Learn about deferred revenue and how to record it in your accounting books.
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Independent Contractor Misclassification: How to Avoid
October 26, 2022An estimated 3.4 million workers deal with independent contractor misclassification. When you bring someone on board, determine whether the worker is an independent contractor or employee. It’s no secret that the IRS has strict policies in place to crack down on employers who misclassify contractors. So, how do you avoid misclassifying independent contractors?
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How to Organize Business Receipts and Kick Clutter to the Curb
October 26, 2022As a business owner, it’s easy to get caught up in the hecticness of running your company. Because of this, keeping accounting records like business receipts, invoices, and, expenses organized can be difficult. Learn how to organize business receipts with a few simple storage solutions.
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Month-end Closing Procedure and Checklist: Keep Your Books Shipshape
October 25, 2022As a small business owner, you may find yourself struggling to keep up with your business’s books. As soon as you know it, another month has passed and you’ve fallen behind recording transactions.
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Conduct a Profit Margin Analysis to Pinpoint Profitability Problems at Your Business
October 25, 2022Your business’s profitability plays a major role in whether your company succeeds or fails. And if you want to find out how profitable your business is, you need to look at your profit margin. But if you really want to see where your business stands, you have to do a little more digging and analyzing. […]
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Clearing up the Confusion of Purchase Order vs. Invoice
October 21, 2022As a business owner, you are responsible for handling many documents to keep your business’s finances on track. And if your company deals with business inventory, you’ll probably find yourself juggling both invoices and purchase orders. Some business owners might think purchase orders and invoices are one and the same. Heads up: purchase orders and […]
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Starting up a Business? Here’s the Best State to Start an LLC
October 21, 2022When you start a business, you are responsible for choosing a business structure. One structure you can select is a limited liability company, or LLC.
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What Is Double Taxation, and How Does it Impact Your Small Business?
October 21, 2022Corporations have different rules and responsibilities than other business structures. And if you own a corporation or are a shareholder of one, you should know what double taxation is. Unlike other types of business structures, corporations are subject to double taxes. Read on to get the answer to what is double taxation and quiz yourself […]
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