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When you think of mom-and-pop shops, you probably imagine a quaint, family-owned drugstore fixed on the corner of a neighborhood strip mall or a general store located in the downtown quarter of a small town. Although this wouldn’t be inaccurate, mom-and-pop shops have come a long way over the last century. The term “mom-and-pop” can be applied to various types of small businesses , such as restaurants, bookstores, electronic repair shops, car repair garages, and more.
The 8 Best Accounting Books for Small Business. Simple Numbers, Straight Talk, Big Profits by Greg Crabtree. Accounting for the Numberphobic by Dawn Fotopulos. Finance for Nonfinancial Managers by Gene Siciliano. The Accounting Game: Basic Accounting Fresh From the Lemonade Stand by Darrell Mullis. Profit First by Mike Michalowicz. The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions by Mark J.
Every time tax season comes around, accountants are flooded with questions for advice on taxes, and in particular, payroll advice, tips, and tricks. Luckily, s mall business income taxes are fairly predictable from year to year. From an accountant’s perspective, a small business owner’s taxes follow a pattern of calculating, reporting, and paying that repeats on a set schedule.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
The 7 Best QuickBook Apps. TSheets Time Tracking. Expensify. Billbeez. Transaction Pro Importer. Bill.com. Webgility. Tax Planner Pro. QuickBooks is one of the most popular business accounting software options available with millions of customers because of its suite of abilities to track income and expenses, manage invoices and payments, and more. Despite its many features, customers still want integrations with other tools they use through the QuickBooks app marketplace.
Law firm accounting poses some unique challenges. Attorneys have many of the typical business accounting needs like billing, payroll, and accounts payable, but law firms must also be able to maintain and reconcile Interest on Lawyers Trust Accounts ( IOLTA ) and accurately track and bill time spent on client work, producing detailed invoices that are easy for clients to understand.
Law firm accounting poses some unique challenges. Attorneys have many of the typical business accounting needs like billing, payroll, and accounts payable, but law firms must also be able to maintain and reconcile Interest on Lawyers Trust Accounts ( IOLTA ) and accurately track and bill time spent on client work, producing detailed invoices that are easy for clients to understand.
APR vs. Interest Rate: What’s the Difference? When you take out a loan, your interest rate represents the interest percentage you will be charged for borrowing the money, but does not include origination fees, closing fees, documentation fees, and other finance charges. APR, on the other hand, gives you a more comprehensive look at how much you’ll pay when you borrow money for a loan by factoring in these costs and expressing the total price of borrowing money in terms of an interest rate.
What Is a Small Business Loan Request Letter? A small business loan request letter is a letter to a bank that supports your business loan application. It should include the amount of money you want to borrow and explain why you merit the loan, how you expect to use the loan, and how you plan to pay the bank back. If you’ve applied for a small business loan at a bank, you’re probably familiar with the need for a business loan request letter.
What Is General Liability Insurance? General liability insurance protects your company from legal claims of bodily injury, property damage, and personal injury that arise from your business operations. You can purchase general liability coverage on its own, but it’s often packaged with property insurance as part of a business owner’s policy (BOP). General liability insurance is one of the most important types of small business insurance.
Ever heard your business accountant reference a “fiscal year?” Not sure about the fiscal year definition, or how it applies to your business? You’re in the right place. The accounting term fiscal year gets tossed around in business and applies to your business, no matter how big or small it is. That’s for good reason—your fiscal year marks the beginning of your annual financial records.
No matter what kind of small business you have, one of the best ways to protect your company is by purchasing small business insurance. Business insurance helps you plan for the unexpected and protects your company from the high costs of lawsuits. Some policies will also safeguard your company from natural disasters, theft, and cyber attacks. When shopping for insurance, all business owners want one thing—the coverage they need at the best price.
Enrolled Agent Definition. An enrolled agent is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury to represent taxpayers before the IRS for tax issues including audits, collections, and appeals. To become an enrolled agent one must pass an extensive exam or work at the IRS for a minimum of five years in a role that requires interpretation of the tax code.
Keeping on top of your money is a vital task for any small business, even if it isn’t always the most fun or easy thing on your to-do list. Thankfully, the days of relying on a cash register, paper receipts, and a ledger are behind us. Instead, there are a wealth of digitally savvy merchant services providers and point of sale (POS) machines out there that operate in the cloud, make online and offline purchases easy, manage inventory, and can even give you analytics on your sales performance.
Efficiently processing payments is one of the most crucial aspects of running an online business. But for lots of business owners, the checkout process is rife with pain points affecting both you and your customers—lots of manually entered data on their part; carefully monitoring fraud on yours—and which end up detracting from your bottom line. Bolt Payments, a new end-to-end payment platform, aims to make the entire checkout experience as frictionless as possible.
If you’re a growing small or midsize business, you’ve probably been hearing a lot about “virtual payments” and their importance in the modern economy. For some of you, they may feel like intimidating technology—especially when resetting the WiFi router feels like getting a computer science degree. Don’t worry. In reality, virtual payments are very easy to use, and once you’re set up, they actually provide your business with a number of benefits, including streamlining payments, and data clarity
Total Merchant Services Review. Total Merchant Services is a merchant services provider with a wide variety of offerings—from payment processing and point of sale to merchant cash advances and payment gateways. The company is a subsidiary of North American Bancard, a larger merchant services provider. Total Merchant Services doesn’t have the best reputation online, with users complaining about hidden fees, deceptive contracts, and lying salespeople.
There are tons of different point of sale system options out there for small businesses. So many, in fact, that it can be difficult to figure out which point of sale system is right for you and your company. Each POS provides different advantages depending on the kind of commerce you conduct, which means you may have come across Vend POS and wondered if it would be a good fit for you.
In order to securely accept payments on your ecommerce store or small business website, you need to team up with a good payment service provider (also known as a PSP)—and big-hitters Braintree vs. PayPal are just two of your many PSP options. But before we get into the details about Braintree vs. PayPal, let’s clarify our terms. A payment service provider will supply your business with two necessary tools in order to accept online payments: a payment gateway and a merchant account.
Securing business financing can be a daunting prospect: First, there’s the task of researching and vetting potential lenders, which now extend far beyond brick-and-mortar banks to include online lenders, as well. And then, of course, you’ll need to qualify for a business loan, which often requires healthy credit, years of experience, and demonstrably strong cash flow.
At a certain point in their operations, most small business owners will need to be able to accept and process credit card payments at their point of sale, as plastic is likely the preferred payment method of the majority of their clients and customers. But to do so, you’ll need a merchant account —and, more specifically, a reliable merchant account provider. .
The Square Point of Sale (POS) app is known as one of the best-value POS systems on the market. Less publicized is the fact that Square offers two niche versions of its POS software—Square for Restaurants and Square for Retail. Today we are going to focus on the latter. Square for Retail is a POS system designed specifically for brick-and-mortar retailers of all sizes.
You’ve got your QuickBooks Online subscription set up, you’re selling stuff, creating invoices … you’re well on your way to taking over the world, one sale at a time. The next step—and trust me, this step will be one that you’ll define as life-changing—is to set up your QuickBooks Credit Card Payments account. By doing this, you’re making it easy for your customers or clients to pay you, as well as reducing work on your time recording them.
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