Are you prepared to handle unexpected financial setbacks in your business? From recessions to equipment breakdowns, financial challenges hit when least expected. To safeguard your business without taking out high-interest loans or new lines of credit, you need a business emergency fund. But if you’re unsure about how to build an emergency fund, you’re not […]
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Research and Development (R&D) Tax Credit—Do You Qualify?
Ready to invest in innovation within your business? If so, you could be eligible for a powerful incentive: the federal research and development (R&D) tax credit. The R&D tax credit is available to businesses that create or improve products, processes, software, or technologies.
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The Average Cost of Living by State, and Why Ignoring it Could Sink Your Business
You hear about it all the time in the news, Cost of living rising! Maybe you think about it on a daily basis, Do I earn enough to cover my standard of living in my state?
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What Does It Mean When Something Is Paid in Arrears?
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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How to Read a Credit Card Statement [+ Example]
Nearly 80% of small businesses have and use credit cards for business purposes. If you’re part of this majority, you’ll receive a credit card statement each month.
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How to Use Life Cycle Costing
When you run a small business, every little cost counts. Making poor purchasing decisions can put an unnecessary financial burden on your business and lower your company’s bottom line over time. Before you purchase new assets for your business, practice life cycle costing.
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How to Get Cost of Goods Sold for Your Business
Before you can begin looking into your business’s profit, you need to understand and know how to calculate cost of goods sold (COGS). So, where do you begin? Start here by learning all about COGS, including how to get cost of goods sold using the cost of goods sold equation.
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How to Use Business Bank Statements [+ Example]
If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances.
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Examples of Contingent Liabilities Your Small Business May Need to Record
You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event?
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Your Go-to Small Business Tax Deductions Checklist
Business expenses add up, fast. Fortunately, there are extensive tax deductions available for small business owners to offset the cost of running a business. Unfortunately, tax deductions can be complicated and confusing.
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