As a small business owner, there are many things you need to be aware of, and one of them is double-entry bookkeeping. If you’re just getting familiar with bookkeeping and everything, this might sound confusing but don’t worry, that’s why we’re here, to explain everything you need to know about double-entry accounting and why it […]
Depreciation is one thing that many business owners often overlook, but you shouldn’t because there are many benefits to it. Now, if you’re wondering what can be depreciated in business, the answer is – almost everything. That’s why you should pay close attention to the following lines to become the master of depreciation. What Is […]
You’re an entrepreneur–a jack of all trades. You’ve likely dived into almost every aspect of your business headfirst and learned on the fly. That’s one of the beauties of the entrepreneurial journey. You get to learn and grow alongside your business. Generally speaking, there is one area of business that holds most small business owners […]
Which one do I need and why? Even though a lot of entrepreneurs and business owners use the terms “bookkeeping” and “accounting” interchangeably, the two indicate two different types of services. For any business owner, it’s important to know the difference so that they know exactly what to buy, whether it be a service provided […]
Learn the basics of setting up and running bookkeeping and accounting systems for nonprofit organizations.
Let’s pretend we’re a donut shop. We started the business because we wanted to make money (and really like making donuts.) No matter the type of business chosen, we ask the same question as we go through setting up and starting: “When do I get to the point where I start bringing in more money […]
The home office tax deduction is real. If you are new to working from home, you may have never used it, but this valuable tax deduction can have value for the at-home entrepreneur, freelancer, or consultant. However, the IRS does have rules, and two of their keywords are “exclusively” and “regularly.” In other words, the […]
Here’s your no-nonsense rundown of available tax deductions for your small business.
Why are you even working if you’re not billing your hours? Until you know how many hours a week you work, you’ll never know how much you’re actually getting paid. It could be five dollars an hour or five hundred. To learn how much your time is worth, you absolutely need to track your time. […]
As a business, a crucial part of success is managing your cash flow. All the amazing branding and wonderful customer service in the world won’t keep your doors open. No matter your industry–cash keeps your business functioning. A big part of managing your cash flow includes understanding how to get paid. We’ve talked before about […]
