According to a recent study, 60% of Americans don’t have enough money to cover an unexpected $1,000 expense. What about your business? Do you have enough money tucked away to deal with a sudden expense? If not, you need to give your cash reserve some love.
Read More What Is a Cash Reserve?
If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry.
Read More Step up Your Accounting Game With a Compound Journal Entry
When Goldilocks broke into the Three Bears’ home, she needed a bed that was just right, not too small and not too large. Likewise, when you break into the market, you need to set prices that are just right, not too low and not too high. Could freemium pricing be your “just right” strategy?
Read More Going the Freemium Pricing Route: What to Know
Part of being a business owner is dealing with all kinds of expenses. One of the expenses you incur and manage are general and administrative (G&A) expenses. Never heard of G&A expenses? Need a brief refresher? Here’s the rundown on what is G&A and how it works in your business.
Read More Welcome to Your Go-to G&A Expenses Guide
After weeks of back and forth, you finally break down and are ready to buy that new plasma screen TV. But before you take the plunge, do you look for discount pricing to score the best deal? If you do, you’re like 74% of Americans who say special offers are a top factor when deciding […]
Read More How to Use a Discount Pricing Strategy in Your Business
As a small business owner, it’s your responsibility to know who’s the best person to hire for a job. Sometimes that means adding an employee to your roster. Other times, it means hiring a contractor. Hiring a contractor can help fill temporary or project-oriented positions. Read on to get the scoop on hiring independent contractors […]
Read More Hiring a Contractor: Build it and They Will Come
Like any business, you need up-to-date accounting records if you run a farm, ranch, or related operation. But, some aspects of agricultural accounting, like livestock and land, are specific to farming businesses.
Read More The Ultimate Guide to Agricultural Accounting: Mastering Your Farm’s Finances
When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
Read More Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
If you’ve ever sent an invoice to someone who planned to pay later, you’re probably using accrual accounting. It can be hard to keep track of finances when you’ve accrued payables and liabilities. But, using the matching principle can help you stay organized. The matching principle in accounting states that you must report expenses in […]
Read More The Matching Principle in Accounting: How a Debit and Credit Fall in Love
Let’s face it: Your finances play a major role in your business’s success. You need to have accurate reporting to know where your business stands financially. Otherwise, you could end up overspending and running your business into the ground. To keep your small business finances in shipshape, learn how to improve financial reporting processes.
Read More How to Improve Financial Reporting Processes: 6 Tips