One of your first decisions as a small business owner is choosing between business structures. Your structure dictates many vital aspects of your company, including liability. To protect your personal assets from business liabilities, you may consider structuring as a corporation. According to the Small Business Administration, 18.5% of small employers structure as corporations. What […]Read More What Is a Corporation?
Product pricing can make or break your small business. If you set prices higher than what customers are willing to spend, you lose sales. But if you set prices too low, you don’t earn at your highest potential. Price points need to meet somewhere in the middle to generate the most revenue. Do you know […]Read More How to Price a Product
If you are rushing to complete your income tax return, consider filing for a business tax extension. Filing taxes for small business can be difficult, and an extension allows you more time to file your business’s tax return. Learning how to file an extension for business taxes is simple. And, you can avoid mistakes that […]Read More How to File a Business Tax Extension
If you have ever made a mistake in your small business financial statements, you know how time consuming and expensive errors in accounting can be. You need to protect your small business books from common accounting errors.Read More 10 of the Most Common Accounting Errors for Small Businesses to Avoid
Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.Read More Use a Suspense Account for Questionable Transactions
When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions. As your business grows, you might consider switching to the accrual accounting method. Accrual accounting offers several perks for financial management. And if […]Read More How to Change from Cash to Accrual Accounting
As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement.Read More Accounts Payable Process Improvement: 9 Steps to Better Invoice Management
Offering employer-sponsored health insurance keeps your employees healthy and happy. If you’ve decided to provide coverage, you might be wondering, “What percentage of health insurance do employers pay?” Learn what you must pay as an employer, and look at recent data on average costs.Read More What Percentage of Health Insurance Do Employers Pay?
Even with automation and easy-to-use accounting tools, bookkeeping mistakes can happen. Journal entry errors can end up costing your small business time and money. Learn how to get your books back on track with correcting entries.Read More Use Correcting Entries for Mistakes in Your Books
When you buy assets for your small business, you need to account for them in your books. Recordkeeping for assets doesn’t need to be difficult. The cost principle is a simple method for managing the value of your long-term assets.Read More What Historical Cost Principle Is, and Why it Matters