Collection agencies help businesses secure payments from late-paying customers. If you are struggling with your collections, you might want to hire a collection agency. Continue reading “When to Hire a Collection Agency to Get Your Receivables”
Right now, 76% of American adults have at least one credit card. With fewer people carrying cash, it’s common for customers to break out a credit card for everyday purchases. While credit cards offer customers more spending options, swipe fees attached to charges could mess with your small business finances.
Swipe fees are extra costs tacked on to the amount your customers pay. The fees cover the credit card company’s costs for processing transactions. Swipe fees usually average 1.5% to 3% of the total sale. Continue reading “Should You Pass Along Swipe Fees to Customers?”
As you dive into expanding your company, you enter new, unfamiliar territory. Consider some of the following points on how to open a second business location. Continue reading “How to Open a Second Business Location Successfully”
Bookkeeping and accounting are two separate things, but they work together. You should understand the difference between bookkeeping and accounting to better understand how they overlap.
When you use the two together, you can improve your business’s profits. You will have better-organized books and informative financial statements. With these documents, you can track your business’s progress and spot problems before they become unmanageable.
Whether you do your own bookkeeping and accounting or outsource the tasks, you should still have a basic understanding of the two.
What does this infographic include?
This infographic explains the differences between bookkeeping and accounting. It also explains how they are linked to each other. Continue reading “Learn the Difference Between Bookkeeping and Accounting [Infographic]”
As a small business owner, do you struggle to collect customer payments on time? If so, you may want to include payment terms with your sales.
Payment terms are guidelines you set for customers. The terms tell your customers how, when, and what to pay you. If a customer does not pay you the total amount by the scheduled date, you can choose to charge interest. Continue reading “5 Tips for Payment Terms That Improve Your Cash Flow Today”
You can use employee engagement to create relationships between your business and employees. Employee engagement is when employees are committed to your company and the work that they do. You need to have an active role in making employee engagement possible. The benefits of employee engagement help your company on many levels, including your accounting. Continue reading “3 Accounting Benefits of Employee Engagement”
Business credit cards without personal guarantee are often dreams come true for small business owners. For most small businesses, it’s extremely hard to get this term on a credit card. Continue reading “3 Steps to Getting Business Credit Cards Without Personal Guarantee”
A cash business accepts most or all cash transactions. A cash payment system usually doesn’t allow customers to use checks and credit cards to make a purchase. There are benefits and disadvantages to primarily accepting cash. Continue reading “5 Tips for Accepting Cash Payments”
Do you need a business plan for your small business? If you are seeking outside funding, you are required to present a formal proposal. But, the benefits of a business plan go beyond finding lenders. Continue reading “4 Benefits of a Business Plan for Your Small Business”