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One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult. The way you keep your books affects many aspects of your business, […]
Read More What Is Cash-basis Accounting?
Are you thinking about opening a seasonal business? Operating for only part of the year can be challenging. Prepare for the highs and lows of your first season by understanding how to start a seasonal business now.
Read More How to Start a Seasonal Business
Picture this: You own a small restaurant. One day, you receive an IRS notice, you’re being audited. Do you A) Panic or B) Calmly review your business records? If you know how long to keep business records (and which ones to keep), you’ll have the supporting documents needed to back up your tax return claims.
Read More How Long to Keep Business Records [+ Best Practices]
You run your own business, but are you considered self-employed? The definition of self-employment can be confusing. What does self-employment mean? Find out below.
Read More What Does Self-employed Mean?
Business owners have a lot of decisions to make, especially in the beginning. One of the most important decisions is how to handle bookkeeping for your business. There are three methods of accounting to choose from: Cash-basis, modified cash-basis, and accrual accounting.
Read More Accrual vs. Cash-basis Accounting: A Comparison
Getting your first sale from business is a great milestone to accomplish. Once you have a steady stream of customers, it’s time to start thinking about growing. With a solid growth strategy, you can take your business to new heights.
Read More How to Create a Small Business Growth Strategy
Your roof starts leaking. So, you hire a contractor to put in a new one. At the end of the job, you receive a piece of paper—an invoice—from the contractor billing you for their services. And if your business sells goods or services to customers and doesn’t collect money immediately, you’ll also have to send […]
Read More What Is an Invoice? That’ll Be $400, Net 30
Taking on business debt can be a good thing. Debt can help you finance your business, purchase more items, and expand your offerings.
Read More How to Get Out of Business Debt [8 Tips]
Small business tax deductions provide a great way for business owners to offset expenses and lower tax bills. And in business, expenses, especially your employees on payroll, add up quickly. Are employee wages tax deductible?
Read More Are Employee Wages Tax Deductible If You’re a Sole Proprietor?
Millions of businesses use at least one small business software platform to do everything from running payroll to managing customer relationships. Software can simplify processes, save time, and ensure accuracy. But the more systems you use, the greater your costs. Can you take a software tax deduction to offset your expenses?
Read More Software Tax Deduction: Can You Deduct the Cost of Software for Your Business?