If you hire an independent contractor and pay them $600 or more during the tax year, you must create, distribute, and file Form-1099-NEC. You might wonder, How do I file a 1099?
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Recordkeeping - Tips, Training, and News
What Is a Purchase Order, and When Would You Need to Create One?
As a seller, you prepare invoices requesting payment from customers who make purchases on credit. And as a buyer, you may also need to create some documents, like a purchase order (PO). What is a purchase order?
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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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2025 Common Tax Scams: IRS “Dirty Dozen” Highlights
Tax scams are afoot in 2025. Are you prepared? The IRS compiles an annual list of common scams known as the “Dirty Dozen” list to help taxpayers navigate threats.
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What Is Cash-basis Accounting?
One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult. The way you keep your books affects many aspects of your business, […]
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How Long to Keep Business Records [+ Best Practices]
Picture this: You own a small restaurant. One day, you receive an IRS notice—you’re being audited. Do you A) Panic or B) Calmly review your business records? If you know how long to keep business records (and which ones to keep), you’ll have the supporting documents needed to back up your tax return claims.
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What Is Zero-Based Budgeting? How it Can Help Small Businesses
To stay on top of your business expenses, you need to constantly plan and update your small business budget. When you make a traditional budget, you use the previous budget and tweak it. This might not be the most effective way to make a budget, especially for small companies. Another option is zero-based budgeting. What […]
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Strategies for Minimizing Data Entry Errors in Accounting
Mistakes happen all the time—just look at your phone the next time you’re texting someone or putting in your password. Entering numbers in your books is no different. Data entry errors are common, but unchecked mistakes can quickly tank the accuracy of your books.
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Your Guide to Accounting Software for Sole Proprietors
Being a sole proprietor is a rewarding, but challenging, journey. Many sole proprietors view managing finances as one of the most challenging tasks. But thanks to accounting software for sole proprietors, financial management (and analysis) has gotten faster and easier.
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Receipts for Taxes and Your Business: What Do You Need to Hang Onto?
Tax season might be once a year, but preparing for tax season is a year-round process. To back up your tax deduction claims, you need to keep business receipts. But, what kind of receipts for taxes do you need? And which small business receipts can you pitch?
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