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5 Accounting Practices Used by Incredibly Successful Businesses

While it’s not the most exciting task in the world, accounting is one of the most crucial elements that holds a business together. Moreover, bookkeeping and financial management are more than just something your accountant does. Big companies have entire departments that cover this aspect and anyone who has ever been in an executive position […]

What Is The Asset Turnover Ratio Formula For Small Businesses?

The success of your small business largely depends on your management of working capital. But working capital doesn’t just mean cash. By definition, the term working capital refers to all assets currently available for covering business expenses or operational costs. In other words, it’s not how much cash you have that matters. It’s the value […]

What Is The Net Working Capital Formula For Small Businesses?

When it comes to the responsibilities of business owners, very few can match the importance of staying on top of the right numbers. This includes profitability, performance data, and of course, working capital. Small business owners must constantly keep tabs on how much working capital they have on hand. Without this information, countless critical tasks […]

What Is the Small Business Tax Rate And How Is It Determined?

Even the most intelligent business owners have trouble understanding small business tax rates. They might not know how many different types of taxes they have to pay, how each rate is calculated, or which factors have the biggest impact on their final tax bill. The answer to each question isn’t entirely clear because it depends […]

Everything You Need To Know Before Buying An Existing Business

If buying an existing business seems like the perfect idea to you, you are not alone. Hundreds of thousands of businesses are reportedly sold to new owners every year. You can expect that number to go up as more people discover how buying a business compares to starting a brand new one. Buying a business […]

What is a Profit and Loss Statement and How Do You Prepare One?

A highly regurgitated piece of advice for small business owners is to monitor their finances. Veteran business owners are constantly urging their peers to always make sure their revenue and expenses are in good shape. Well, following this advice would be extremely difficult were it not for your profit and loss statement. Also known as […]

What Is A Good Profit Margin And How Do You Create One?

It doesn’t matter how much revenue you’re raking in or how many products you sell. If you do not have a good profit margin, your cash flow will suffer. A good profit margin is a mandatory requirement for a successful business. It shows that in addition to sales, the other financial elements of your business […]

What is the Federal Unemployment Tax Act (FUTA)?

Among the many business taxes owed by small business owners are federal and state unemployment taxes. Both taxes have the same primary function: funding compensation for individuals who have lost their jobs for reasons unrelated to personal performance. Most small businesses must pay taxes for FUTA (Federal Unemployment Tax Act) and SUTA (State Unemployment Tax […]

How to Collect, Report, and Pay Sales Taxes for Your Small Business

Sales tax is among the biggest headaches for entrepreneurs. Unless your business only sells to customers in Alaska, Delaware, Montana, New Hampshire or Oregon, you must collect sales tax whenever a customer makes a purchase. Sales tax issues are extremely common because the rules vary from business to business and product to product. The amount […]

4 Strategic Tips For Cutting Costs At Your Small Business

The first step towards business growth or financial stability is almost always cutting expenses. It’s easy but proactive. And it’s safe to say you’ll feel much more confident about your future when you aren’t worried about unknowingly overspending on recurring or one-time expenses. Yes, there is always more you can do to save money. But […]