Americans 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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Accounting Tips, Training, and News
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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Do You Know How to Choose the Right Accounting Software for Your Business?
June 21, 2022Maybe you’re thinking about buying accounting software for the first time. Or, you’re finally ready to switch software providers. At some point, you may wonder how to choose accounting software. There are so many options out there that even knowing where to get started selecting the right accounting software can feel impossible. This article will […]
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Accounting KPI: Key Performance Indicators in Your Business
June 16, 2022Your business is efficient and error-free all the time. Well, maybe it’s 90% of the time. Actually, maybe 85% of the time. OK, maybe it’s time to investigate with an accounting KPI (key performance indicator). With knowledge comes power, as soon as you know where improvements are needed, you can create a plan for future […]
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Sole Proprietorship vs. LLC: What’s Best for Your Business?
June 7, 2022You’ve finally come up with the perfect business. Now, it’s time to structure it. And if you’re torn between sole proprietorship vs. LLC (limited liability company) you might be wondering what business entity best fits your needs.
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Top 18 Accounting Questions You Didn’t Know You Had [Answered]
May 31, 2022You don’t know what you don’t know. This phrase couldn’t be more true, especially when it comes to taking up your business’s accounting. After all, it’s a technical and complex subject. And when it comes to your responsibilities, you probably have a million accounting questions,even if you don’t know exactly what they are.
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For Simple Bookkeeping, Consider Going With the Cash Method
May 26, 2022Forty percent of small business owners agree that bookkeeping (the process of recording transactions) and taxes are the worst part of the job. Although it might be taxing (no pun intended!), bookkeeping is a key part of business. But, that doesn’t mean you have to make things unnecessarily difficult. For simple bookkeeping, you may consider […]
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Accounts Receivable Process: Your Step-by-step Guide
May 17, 2022When you extend credit to customers, you deal with something called accounts receivable. To ensure your company gets paid and your books are all up-to-date, you need to have a solid accounts receivable process in place. Here’s your step-by-step guide on accounts receivable processes and procedures to live by.
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What Is a Nominal Account? [Definition + Examples]
May 5, 2022Accounting deals with many different types of accounts. One account you may stumble across in your accounting journey for your business is a nominal account. But, what are nominal accounts?
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Offering a Retirement Plan Could Score You 401(k) Tax Credits
April 28, 2022Thinking about offering your employees a 401(k) plan? Already offer a retirement plan to your team? Either way, you’ll want all of the juicy details about the 401(k) tax credits for employers. Get the scoop on the 401(k) tax credit and how you can use it to lower your tax liability.
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