Do you accept credit card payments in your small business? If you do, that’s great news for the 80% of consumers who prefer playing with plastic. But, it comes with additional business responsibilities, such as recording credit card sales in your books.
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7 Precautions for Accepting Checks: Check Acceptance Guidelines
Accepting check payments from customers may increase your chances of making a sale, but it comes at a price. If you receive counterfeit checks or checks from people with insufficient funds, you may have to deal with bank fees, wasted time, and lost money. To avoid these bad check nightmares, follow some standard precautions for […]
Read More 7 Precautions for Accepting Checks: Check Acceptance GuidelinesFollowing the Money: What Is Cash Flow?
As a small business owner, there’s no better way to understand the health of your business than through your cash flow. But, what is cash flow? Cash flow is the money that moves in and out of your business. Your cash flow either keeps your business afloat or can cause it to sink. Read on […]
Read More Following the Money: What Is Cash Flow?Upfront Payment: 4 Proven Tips to Boost Your Success Rate Now
Nearly three-quarters of business owners are dealing with rising costs of supplies. To help you pay for higher-than-normal supply prices, you might need to use credit for projects until you get paid. One alternative to racking up liabilities? You can ask customers for an upfront payment.
Read More Upfront Payment: 4 Proven Tips to Boost Your Success Rate NowWhat Are Gross Receipts, and What Do You Need to Know Them For?
At some point or another, you may need to know your gross receipts for certain situations, like taking out a loan. But, what are gross receipts exactly? And, how do you calculate them? Let’s get into the nitty gritty of gross receipts.
Read More What Are Gross Receipts, and What Do You Need to Know Them For?IRS Cash App Reporting Rules: What to Know
Over 75% of consumers use payment service apps. And if you’re part of the growing percentage of small businesses (23% in 2019, to be exact) that accept peer-to-peer (P2P) payments, you should know about the new IRS cash app reporting rules.
Read More IRS Cash App Reporting Rules: What to KnowHow Do Accounting Profit vs. Economic Profit Differ?
As a business owner, your goal is to make a profit. Generally, you may turn toward your accounting profit to see how your company is doing. You also need to consider other types of profit, such as economic profit. But, what’s the difference between accounting profit vs. economic profit? Keep reading to get the scoop.
Read More How Do Accounting Profit vs. Economic Profit Differ?How to Calculate Annual Business Revenue 101
Being a business owner means tracking profits, losses, annual business revenue, and more. But beyond knowing how to track these, how do you calculate the figures you need? And, how do you calculate your annual business revenue? Read on to learn the ins and outs of annual business revenue.
Read More How to Calculate Annual Business Revenue 101Report Your Self-employment Income in 3 Easy Steps
Just like other business owners, self-employed individuals also have to report income and pay taxes to the IRS. So, how do you report self-employment income? What steps do you need to take? And, is there a special form you need to fill out? Get answers to these self-employment income questions and more below.
Read More Report Your Self-employment Income in 3 Easy StepsWhat to Consider Before You Give Yourself a Raise
As a business owner, you typically control your own salary. And if you see a rise in business income, you may think it’s time to give yourself a raise. But, how do you go about giving yourself a raise? What are some signs it’s time you increase your income? Keep reading for answers.
Read More What to Consider Before You Give Yourself a Raise