There are many terms for providing a service as a small business – gigs, contracting, freelancing, and the trade industry just to name a few. Many people just starting their businesses are enthusiastic to develop their product, but unaware of some simple accounting practices for small businesses. These tips can save both time and money […]
Starting a new business can be exciting – and also daunting. There’s so much to think about right off the bat. What’s your niche? Are you opening a location, or all online? How will you structure your business? Beyond those initial steps of starting a business, there is another one that doesn’t always come to […]
Learning to keep track of your books is important for any business owner. Sound financial information makes it possible for them to accurately maintain their books, file their taxes, and make business decisions. There is a lot of work that goes into maintaining your books and keeping track of your accounts. If you don’t organize […]
The cannabis industry is growing at an astronomical rate; some experts predict that by 2021, it will be a $20 billion dollar industry. Smart investors and entrepreneurs like you want in on the action. While the high rate of returns certainly encourages one to jump on that ‘ship,’ it’s important that startups understand that the […]
If you ask small business owners to identify the different accounting types, they’ll more than likely name the two accounting methods they use to operate their business: cash or accrual accounting. They might not realize that these are just the primary accounting methods in one broader type of accounting – management accounting. There are numerous […]
Maintaining business records is a must for any small business. Keeping good records ensures that your business runs smoothly and efficiently, and that you’re prepared when tax time rolls around. Many businesses have experienced crippling issues that compromise business success when they ignore basic recordkeeping practices. Here’s a primer on small business recordkeeping and why […]
If you own a business, it’s likely you’ve encountered a customer or client who’s late in making a payment for goods or services you provided. Late payments can sometimes drag on for months or even years. Clearly, you don’t make money if you don’t get paid. So, it’s important that you follow up. But what’s […]
When it comes to maintaining financial records for a business, ensuring your data is complete and accurate is essential. Accounting and bookkeeping are two important processes that small business owners utilize to ensure their financial information is correct. The line between bookkeeping and accounting becomes blurrier each year that passes. Both bookkeepers and accountants work […]
If you own a small business, you know that every dollar counts. When it comes to tax time, you want to make sure you take all the tax deductions you’re entitled to. Lower taxes means more money you can either put in your pocket or invest back into your business. Check out this ultimate list […]
Prior to the 2018 tax year, when you filed your personal income tax return with the IRS, you had a choice of three basic tax forms to select from: Form 1040, Form 1040A, and Form 1040EZ. The one you used depended on the deductions and credits you were planning to take. Well, no more. The […]
