No matter how small your company is, you have to file taxes. But, your small business tax preparation cost can be more expensive than you might think. A study by the National Small Business Association (NSBA) said 42% of small businesses struggle with financial burdens from the federal tax code. How much does small business tax preparation cost? Continue reading “How Much Does Small Business Tax Preparation Cost?”
When you invest in an asset for your small business, you want it to eventually turn a profit. But, how do you measure the profitability of your investments? You can use return on investment (ROI) calculations to see how much income your assets generate. Continue reading “What Is Return on Investment (ROI)? – Definition and Meaning”
Sometimes as a small business owner, your company accumulates debt. And, managing business debt can be difficult. Try to take some small business debt management steps before you’re forced to close your doors for good. Continue reading “5 Tips for Managing Business Debt”
As a franchise owner, you can run your own business without the risk of starting a brand new company. Like any business, you take on the many responsibilities of day-to-day operations, including some basic accounting tasks. Though franchise accounting is similar to accounting for other types of businesses, it includes a few extra steps. Continue reading “The Basics of Franchise Accounting”
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”