It wouldn’t be an understatement to say that family-owned business is synonymous with American business. Eighty-seven percent of American businesses are family owned. You read that right: 87%. That means that family-owned businesses employ a huge portion of the U.S. workforce, 62% to be exact. And to top things off, family-owned businesses make up 64% […]
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Accounting Tips, Training, and News
Ever Wonder What Is Dropshipping? It Could Be Just What Your Business Needs
July 26, 2022Starting a business comes with obstacles that may seem insurmountable. You have to get a storefront, buy and store inventory, and sell and ship that inventory if needed. But, you don’t have to stick to the old ways of doing business if you don’t want to. With a dropshipping business, you can bypass a lot […]
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Charitable Donation Deduction: What to Do After Giving to Your Favorite Charity
July 21, 2022One of the great things about running a business in America is that your business can make tax-deductible donations to your favorite charities. Seventy-six percent of American businesses donate 6% of their profits on average. And, 85% of consumers have a more positive view of companies that donate. If donations are already at the heart […]
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What Is Bookkeeping? The Truth Is in the Numbers
July 19, 2022Whenever you make a sale or purchase, the amount of money your business has will change. Keeping track of your business’s financial transactions is key to your business’s future. Luckily, those sales and purchases create documents such as invoices and receipts. Bookkeeping tracks your finances through the documentation that your business creates on a day-to-day […]
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The Gift That Keeps on Giving: How to Track Donations You Receive
July 14, 2022If you run a nonprofit, you already know that donations and grants are your bread and butter. You also know just how complicated tracking donations can be. Nonprofit organizations are required to know how to track charitable donations they receive and supply donors with the proper documentation for the donations they’ve made. Read on to […]
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Limited Liability: A Shield for Your Business
July 12, 2022Running a business is always a risk. The risk of a lawsuit or bankruptcy can scare many would-be business owners before they even get started. These risks don’t have to affect you personally, but they may depending on how you structure your business. Limited liability protects an individual’s assets in the case of a lawsuit […]
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“Would You Like to Round up for Charity?” 6 Facts to Know About Checkout Donations
July 7, 2022You’re at the checkout counter, wallet in hand, preparing to pay for your purchase. But before you can, the cashier asks if you’d like to round up or make a donation for charity. Sound familiar? If so, you’re part of the millions of consumers hit with a request for checkout donations.
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Upfront Payment: 4 Proven Tips to Boost Your Success Rate Now
July 5, 2022Nearly three-quarters of business owners are dealing with rising costs of supplies. To help you pay for higher-than-normal supply prices, you might need to use credit for projects until you get paid. One alternative to racking up liabilities? You can ask customers for an upfront payment.
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For Richer and Poorer: How to Start a Business With Your Spouse
June 30, 2022Americans love talking about their favorite mom-and-pop shops. When we use the term mom-and-pop, we’re talking about a spouse-owned business. A spouse-owned business gives new meaning to “for richer and poorer” (and “till death do us part!”). According to Harvard Business Review, three million businesses in the U.S. are spouse-owned. This type of business also […]
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Error of Omission: Getting to Know This Common Accounting Mistake
June 23, 2022Your business lives and dies by your ability to buy and sell products on a competitive margin. But, you may take for granted why bookkeeping is important to the health of your business. Several mistakes, like errors of omission, can get in the way of keeping accurate books
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