The coronavirus has dramatically changed how businesses operate, and the pandemic has made it tougher to generate a profit. A WalletHub survey (conducted in April of 2020) reported that 87% of small business owners were struggling, due to the virus. Owners are reviewing every component of the business, and finding ways to adapt. If the […]
It’s important to follow accounting standards, so that your financial results are comparable with other businesses. Investors, lenders, and regulators need financial statements that conform to the accrual method of accounting. The accrual method presents a more accurate picture of company profitability. Let’s start with a definition. Accrual accounting defined Accrual accounting posts revenue when […]
The coronavirus has put a strain on businesses in every industry. As McKinsey explains: “The timeline for companies to react to the coronavirus has shrunk dramatically.” In order to adapt, you need accurate and timely information. Which information is most useful? The decision can be difficult, given the sheer volume of data you can generate […]
You work hard to generate a profit, and there are a number of business deductions that can reduce your tax liability. Filling out your tax return is time consuming, and recent tax law changes have made the process more difficult. To understand the deductions your business can take, you need to consider your business structure. […]
Business owners wear many different hats, and your work can change from one moment to the next. You may work on new product ideas, address customer service, and interview a job candidate- all in the same day. Some tasks may fall behind, including your accounting work. Here are five common accounting mistakes that owners make, […]
Consumers who need to lease a car or rent an apartment need to prove the income that they earn. The party leasing the car or renting the apartment needs evidence that you can afford to make the payments. If you’re applying for a mortgage loan, or refinancing a loan, you’ll also need to prove your […]
Many people feel time pressure and financial strain during the holiday season, and planning for the holidays is very different with the coronavirus pandemic. You can take steps now to save for your holiday spending. If you follow a plan, your holiday spending will be less stressful. However, don’t forget to pay yourself first. Pay […]
Home much pay is headed to your bank account? You need to know your take home pay amount to plan your personal finances, and the amount you’re paid depends on a number of factors- some of which you control. Your first step is to complete Form W-4. Complete Form W-4 The Employee’s Withholding Allowance Certificate […]
When you sell something of value such as a vehicle, you should have a vehicle bill of sale to show who you sold the vehicle to. The vehicle bill of sale also serves as a receipt for you and the buyer. While not every state requires a vehicle bill of sale, it’s always a good […]
Investing is a powerful tool to build wealth and secure your financial future. Whether you’re a novice or someone looking to diversify your portfolio, there are numerous ways to start investing today. This blog will explore various investment options, highlighting their benefits, risks, and how to get started. 1. Stock Market Investing What is Stock […]
