At some point or another, you may decide to incorporate your company. Like many things in business, incorporation has its advantages and disadvantages. Read on to learn the pros and cons of incorporating a business to determine if it’s a good fit for your company.
Read More What are the Pros and Cons of Incorporating a Business?
Quick: Off the top of your head, how much money is your business bringing in? How much are you spending? At some point, investors, lenders, and (cough) you will need to know. But don’t panic when someone asks about your company’s revenue and expenses. Just whip out your income statement. What is an income statement, […]
Read More What Is an Income Statement?
As a small business owner, you need to track your income and expenses. And to organize your business finances, you must select an accounting method. One method you can choose is modified cash-basis accounting, or hybrid accounting. Learn the ins and outs of the modified method, how it differs from other accounting methods, and its […]
Read More Modified Cash-basis Accounting: How Does it Differ From Other Accounting Methods?
Do you know how profitable your small business’s operations are? You don’t have to be a financial expert to find out. You can calculate your gross profit to compare the funds you put into your business.
Read More What Is Gross Profit?
As a business owner, you calculate a variety of figures to determine your company’s financial health. One of these figures to keep on your radar is gross margin. Read on to learn what is gross margin and how it can help you set prices for your goods or services.
Read More Gross Margin Definition, and How Can it Help Determine Profitability?
Gross income is an important financial figure you can use to calculate other figures and determine how your business is doing. Learn about gross income, how to calculate it, and how to use it.
Read More What Is Gross Income for a Business?
Your business’s general ledger plays a significant role in forecasting the financial health of your company. But if you’re slacking on your general ledger entries, your business could suffer the consequences.
Read More How’s Your Small Business General Ledger Lookin’?
When it comes to accounting, you must follow certain rules for recordkeeping or tax reporting. Otherwise, you may wind up making mistakes and costing your company money (and nobody wants that). Many businesses must follow a set of accounting guidelines called GAAP. But, what is GAAP exactly? And, how do you know if you have […]
Read More Your Guide to GAAP (Generally Accepted Accounting Principles)
Does your business hire independent contractors, gig workers, or freelancers? If so, congratulations! You get to learn the ins and outs of IRS Form W-9. So, what’s the scoop with the IRS W-9 form? What exactly is it used for? Who needs to fill one out? We have the answers to all of your burning […]
Read More IRS Form W-9: A Detailed Look at Purpose and Usage
If you paid a person that is not an independent contractor during the tax year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC?
Read More What Is Form 1099-MISC, and Are You Responsible for Distributing It?