You might extend credit to customers so they don’t pay right when they receive a good or service. When you invoice a customer, you include payment policy terms that detail when the money is due. You might bill in arrears, or the customer may pay in arrears. What does it mean when something is paid […]
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Accounting Tips, Training, and News
What Is an Owner’s Draw in Accounting?
May 8, 2025As a business owner, you likely pay wages to employees. But when it comes to paying yourself, what do you do? Depending on your type of business structure, you might be able to pay yourself an owner’s draw.
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What to Do If You Can’t Pay Your Taxes in Business
April 29, 2025Paying taxes is an important part of being a business owner. But, when you own a business, your cash flow goes through ups and downs. What if you can’t pay your taxes? You’re probably here because you’re unsure of what to do if you can’t pay your taxes. Luckily, the IRS offers tax payment options […]
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How to Contact the IRS: Phone Numbers and More
April 29, 2025For many taxpayers, there are few things in life more stressful than dealing with the IRS. And when you have questions about your business tax return, an IRS notice you received, or an upcoming audit, you need to know how to contact the IRS.
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What Is a Financial Statement? [+ Examples]
April 17, 2025Business owners need to have a pulse on their organization’s financial performance and cash flow for decision making and obtaining business financing. You can learn how your business is doing holistically by preparing different financial statements. So, what is a financial statement?
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Will Tariffs Hit Small Businesses the Hardest?
April 17, 2025In April of 2025, President Trump announced a 10% tariff on all countries, plus a higher reciprocal tariff on select countries with large trade deficits. Although Trump announced a 90-day pause on reciprocal tariffs on April 9 (except China, who now has a 145% tariff), one important question remains: How do tariffs affect small businesses?
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What Does An Accountant Do? Behind-the-scenes Business Heroes
April 4, 2025You may know accountants are experts at crunching numbers, and that their knowledge could be useful to your small business. But, you may not be aware of everything an accountant brings to the table. What does an accountant do, exactly?
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How to Fill Out a 1099-NEC: Your Complete Guide
April 2, 2025Did you make payments to independent contractors during the year? If so, you must use Form 1099-NEC. For accurate reporting of contractor payments, learn how to fill out a 1099-NEC.
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BOI Reporting No Longer Required for Businesses Created in U.S.
March 24, 2025BIG NEWS: On March 21, 2025, FinCEN announced that all domestic reporting companies, businesses created in the United States, are exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.
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How to Calculate Weighted Average (and Why It Matters in Business)
March 19, 2025From inventory valuation to sales forecasting, there are plenty of times you may need to calculate a weighted average in your business. And you don’t have to be a mathematician to find it. Learning how to calculate weighted average is a relatively easy process.
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