As a business owner, there’s a pretty good chance you’ll need to work with a vendor at some point. After all, you need supplies, services, and more to operate your business. Hiring a vendor is one thing, but do you know how to pay a vendor? Welcome to your paying vendors 101 guide.
Read More Paying Vendors 101: Everything You Need to Know to be a ProAccounting Articles
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Days Sales Outstanding (DSO): What Is It?
Do some of your customers pay on credit? If so, do you know how long it takes your business to collect payments from said credit sales? If not, it’s time to get to know day sales outstanding (DOS). Learn all about day sales outstanding and how to calculate DSO like a pro below.
Read More Days Sales Outstanding (DSO): What Is It?Making the Sale With a Good Faith Agreement: What Is a Pro Forma Invoice?
It’s always great when a customer buys from your company. But what happens if the customer receives the shipment and realizes there’s something wrong with the order? Maybe the shipping costs are too high or the products aren’t exactly what they want. Whatever the issue may be, you’ve got to put in extra work to […]
Read More Making the Sale With a Good Faith Agreement: What Is a Pro Forma Invoice?That’ll Be $400, Net 30—What Is an Invoice?
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 That’ll Be $400, Net 30—What Is an Invoice?What Is Quick Ratio? Learn How to Swiftly Calculate This Metric
Does your business have enough liquid assets to cover short-term liabilities in a pinch? To find out, you can use the quick ratio. Keep reading to learn the quick ratio definition, how to calculate your ratio, and more.
Read More What Is Quick Ratio? Learn How to Swiftly Calculate This MetricTop 5 Accounting Errors You Might Be Making [+ Tips to Find Them]
Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn which ones to keep an eye out for and how to find them in the first place.
Read More Top 5 Accounting Errors You Might Be Making [+ Tips to Find Them]What Is Open-book Management?
Want to increase transparency and potentially boost profits? If so, you may consider open-book management. So, what is open-book management? Get to know what open-book management includes, the pros and cons of it, and how it works.
Read More What Is Open-book Management?What Small Business Owners Need to Know About Pass-through Taxation
Understanding your business tax obligations is not always easy. There are different ways a business can be taxed. One method of taxation is a pass-through tax. If you own a small business, you need to know about pass-through taxation.
Read More What Small Business Owners Need to Know About Pass-through TaxationReady to Give Back? Learn How to Start a Nonprofit Organization
Have you ever thought about giving back to the community? A nonprofit organization is a perfect way to do that. Nonprofit organizations further a sohttps://www.patriotsoftware.com/blog/accounting/what-is-nonprofit/cial cause or provide a public benefit, like a hospital or a public school. There are several different types of nonprofit organizations to choose from. But before giving back to the […]
Read More Ready to Give Back? Learn How to Start a Nonprofit OrganizationShould I Have a Business Savings Account?
Saving isn’t easy for small business owners. But, regularly setting aside small amounts of money helps you maintain long-term financial health. Opening a business savings account is one easy way for your company to save funds.
Read More Should I Have a Business Savings Account?