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This article will explore the nuances of direct deposit, including how it works and can be used effectively, and the ways it can benefit your business. This guide is also related to our articles on 13 best payroll software, apps & tools in 2023, 15 best payroll books to read in 2022, and online bookkeeping
Read moreUnderstanding marginal cost–the increase or decrease in total cost when you produce one more unit of a product–is important for small business owners. This article will explore everything from the basic formulas to practical examples in small business contexts, so you can apply marginal cost analysis to your own business operations. This guide is also
Read moreDepreciation is like spreading out the cost of something valuable, like a machine or a building, over the time you use it. The Double Declining Balance (DDB) method is a way to do this faster. It means you take a bigger chunk of the cost at the beginning, which can help show the true value
Read moreDepreciation lets you spread the cost of assets out over the time they’re being used, and affects both your business’s financial health and tax reporting. In this comprehensive guide, we’ll get into different depreciation methods, providing step-by-step examples to help you understand and implement each one effectively. This guide is also related to our articles
Read moreThis article will explain what contra revenue is, how to record it accurately, and some effective management strategies. We’ll also touch on related topics like gross vs. net profit, prepaid expenses, and unearned revenue. This guide is also related to our articles on understanding gross vs. net profit, understanding prepaid expenses, and understanding unearned revenue.
Read moreThe Profit and Loss (P&L) is one of the most well-known and important financial statements. It details your revenues, costs, and expenses during a specific period, showing your net profit or loss. The article will explain how to interpret various sections of a P&L statement and what these figures mean for your business. This guide
Read moreCash flow and revenue can appear similar, but they’re quite different. Revenue represents the total income earned, cash flow measures the net amount of cash being transferred in and out of a business. This guide should help you understand the differences. It’s also related to our articles on understanding gross vs. net profit, operating income
Read moreIntroduction A price increase letter is a note a business sends to its customers to tell them the prices of products or services are going up. It explains why the business needs to charge more because of changes inside the company or in the wider market. This guide explains why you should review prices regularly,
Read moreWhile both accountants and CPAs (Certified Public Accountants) work with financial statements, the distinction lies in a CPA’s licensure, which grants higher responsibilities. This distinction not only affects the scope of work they can perform but also impacts their authority and the trust placed in their financial assessments. This guide will walk you through the
Read moreYear-end closing is the process of updating your accounts to accurately reflect your business’s activities before you finalize your financial statements. This includes making adjustments for things like expenses that have been incurred but not paid (like bills) and revenues for services you’ve provided but haven’t yet billed. In this article, we’ll walk you through
Read moreUnearned revenue represents payments received for services not yet performed or goods not yet delivered. It’s crucial for small business owners because it affects both your cash flow and how you report income. This article will cover how to recognize, manage, and report unearned revenue, ensuring you’re accurately reflecting your business’s financial health. This guide
Read moreKnow your business’s financial health by understanding two key figures: operating income and net income. Use them to tweak your strategy, check how you’re doing, or show off your financial health to investors and lenders. Here’s a straightforward guide to help you, the small business owner, get the hang of operating and net income. This
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