Before you can begin looking into your business’s profit, you need to understand and know how to calculate cost of goods sold (COGS). So, where do you begin? Start here by learning all about COGS, including how to get cost of goods sold using the cost of goods sold equation.
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Expenses - Tips, Training, and News
How to Use Business Bank Statements [+ Example]
If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances.
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Examples of Contingent Liabilities Your Small Business May Need to Record
You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event?
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The Average Cost of Living by State, and Why Ignoring it Could Sink Your Business
You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living in my state?
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Your Go-to Small Business Tax Deductions Checklist
Business expenses add up—fast. Fortunately, there are extensive tax deductions available for small business owners to offset the cost of running a business. Unfortunately, tax deductions can be complicated and confusing.
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Resilience During a Recession: Strategies for Business Survival
For months, the looming recession has been on everyone’s mind. In October 2022, 91% of CEOs said one would occur within the year. And in December 2022, Forbes found that large tech companies, banks, and manufacturers had laid off nearly 125,000 employees to prepare.
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Should You Lease or Buy a Car for Business?
Whether it’s your first day in business or your 10-year anniversary, it may be time to get a business vehicle. A business car can make running your company easier than ever—from errands to deliveries. So, if you’re wondering, “Should I lease or buy car for business?” We’ve got you covered. Read on to learn what’s […]
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What to Do When Your Business Runs Out of Money: Effective Strategies
Cash flow problems happen—often. It’s why 82% of small businesses fail. But if you have issues with your cash flow, you’re not doomed to close up shop. Instead, it’s like coming to a fork in the road. Turn right to power through, or turn left to call it quits. To get out of the red, […]
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Liability for Debts: Are You at Risk of Losing Your Personal Assets to Business Debts?
The average small business owner is roughly $195,000 in debt. Imagine paying that amount from your pocket, and if you can’t, how it’ll reflect on your credit report.
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What Are Allowable Business Expenses for Your Small Business?
As a small business owner, you may run on a tight budget. Your business expenses might add up fast between equipment, inventory, overhead, and payroll. Luckily, many of your business expenses are tax-deductible. But, what constitutes an allowable business expense?
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