Do customers pay you for your goods or services before you actually deliver them? If so, you need to know about deferred revenue. Learn about deferred revenue and how to record it in your accounting books.
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Income Articles
Income - Tips, Training, and News
How to Balance Your Cash Drawer Like a Boss
October 21, 2022Balancing your cash drawer is an essential part of your business’s daily routine. Just like brushing your teeth, you should also be balancing your cash register drawer daily. If you’re struggling to balance your cash drawer, you’re not alone. Read on to learn how to balance your cash drawer as well as tips and tricks […]
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Recording Credit Card Sales in Your Books
October 20, 2022Do 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
October 20, 2022Accepting 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 […]
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Upfront Payment: 4 Proven Tips to Boost Your Success Rate Now
July 5, 2022Nearly 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.
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What Are Gross Receipts, and What Do You Need to Know Them For?
December 23, 2021At 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.
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IRS Cash App Reporting Rules: What to Know
December 9, 2021Over 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.
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How Do Accounting Profit vs. Economic Profit Differ?
September 23, 2021As 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.
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How to Calculate Annual Business Revenue 101
September 16, 2021Being 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.
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Report Your Self-employment Income in 3 Easy Steps
September 7, 2021Just 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.
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