Point-of-sale (POS) systems are key for any small business. Whether you’re selling goods or a service, you need to be able to track the money coming in, just as you track your expenses. Selecting the right point of sale (POS) system is a crucial decision for small businesses. A well-chosen POS system can streamline operations, …
Rewards programs are a commonly used method to earn customer loyalty and keep business coming in. If you own a small business, consider setting up your own loyalty incentives: when used wisely, these programs can be a key part of your marketing efforts. However, it’s also important to make sure you have an easily trackable …
Receiving a business grant is a boon for any business owner. Because you don’t have to repay the funds, they’re generally a more desirable source of funding than taking out a loan or purchasing goods on credit. However, most business grants are taxable. That means that you’ll need to plan to include the grant as …
Are Business Grants Taxable? How to Find Out and Plan Ahead Read More »
Once you establish your own business, you’ll eventually want to see it grow—but how? There’s no single way to achieve small business growth. Perhaps you want to hire more employees, expand your office space, add a new product line, or target a new demographic. Because expansion can be measured by different metrics, it’s up to …
In today’s world, most customers and clients expect to pay with credit cards. When you accept credit cards, however, there are certain processing fees to account for. Depending on your processor, these fees typically range from 1.5 to 3.5 percent of each purchase. This can be a surprisingly big expense for small businesses. Here’s how …
What to Know About Credit Card Processing Feesng Fees Read More »
Launching your own business is exciting, but new owners may not anticipate all the necessary startup costs involved. When you can anticipate the startup costs, however, you can save up, prepare for expenses and factor them into your overall business plan. When planning for business startup costs, note that many of them are recurring costs …
If you own a limited liability company, or an LLC, how you pay yourself depends on how your organization is taxed. LLCs are unusual business structures which combine positive aspects of both sole proprietorship and corporations. They offer protection against personal liability while allowing you to record profits and losses on your personal income tax …
Whether you’ve already formed a small business or you’re researching what it takes, understanding your small business’s potential tax liability can help you plan for the future. How much you’ll pay in taxes depends on your business structure. Corporations have a flat rate, while pass-through entities are taxed by the owner’s personal tax rate (usually …
Few people enjoy tax time, especially small business owners. It can be confusing and overwhelming whether it’s your first year filing or you’re an old pro. However, understanding which tax credits are available to you can lighten your tax burden. Don’t confuse tax credits with deductions, however. Deductions lower your taxable income by a percentage, …
Bookkeeping and accounting require attention to detail to ensure an accurate picture of your company’s finances. Unfortunately, sometimes discrepancies and confusion arise—but transactions still must be recorded. Suspense accounts allow you to record transactions, then resolve any issues later. Here’s a brief overview of what suspense accounts are and how to effectively utilize them in …
