A new rule, known as company beneficial ownership information reporting, took effect on January 1, 2024, impacting small business owners nationwide.
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Activity-based Costing (ABC) System: Finding Where Your Money Goes
Not sure what activities your overhead costs are going towards? With activity-based costing, product-focused businesses can get into the nitty-gritty details to better allocate expenses. That means you can more accurately analyze your spending—and price your products.
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Trade Name vs. Business Name: Do You Know the Difference?
One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.
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How to Conduct an Audit of Your Small Business
A nerve-wracking visit from the IRS isn’t the only type of audit out there. There are several audits you can—and should—conduct regularly. To do that, you need to know how to conduct an audit.
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Debits and Credits 101: Definitions & Example
In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, learn and understand the difference between credit vs. debit.
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Common Tax Scams in 2024: IRS “Dirty Dozen” Highlights
Although the 2024 “Tax Day” is over, tax scams live on. The IRS compiles an annual list of common scams known as the “Dirty Dozen” list.
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How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula]
To grow your business, you need to track financial information and measure performance. One metric you should be keeping an eye on is your business’s profit margin. Read on to learn how to calculate profit margin for your company and ways to improve your margins.
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Margin vs. Markup: Chart, Infographic, & More
Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup—and knowing this difference is how you can set prices that lead to profits.
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Golden Rules of Accounting: The Three Rules You Should Always Follow
You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way you want to […]
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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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