For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.
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Expenses - Tips, Training, and News
What Is an Indirect Cost?
To turn a profit in your business, you need to make sure your products or services bring in more money than what you put into them. But if your business expenses are greater than your revenues, you won’t stay afloat. Learn about indirect cost and how to calculate and reduce it.
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What Are Direct Costs?
When pricing your products, you must consider the cost of making the product, including the direct costs. Find out below what direct costs are, including examples and how to calculate them.
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Fixed vs. Variable Costs
Business expenses are categorized as either fixed or variable costs. You should identify your company’s fixed and variable expenses for accurate books. Learn the difference between fixed vs. variable costs to help with budgeting, pricing, and decision making.
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A Guide to Start Buying Wholesale for Small Business
You know that spending less on business expenses like supplies and inventory can help you maximize your business’s profits. You can’t just eliminate those expenses; otherwise, you wouldn’t have anything to sell. But, you can possibly reduce how much you spend through wholesale buying. Wholesalers supply businesses with products in large quantities. Businesses that buy […]
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Accounting for Startup Costs (Plus How to Handle Taxes)
New businesses typically incur expenses before the business is up and running. You might need to research your market, hire a consultant, travel to potential suppliers, or open a facility. These are startup costs. When you incur startup costs, you must accurately record the corresponding ledger entries in your accounting books. And, you must properly […]
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5 Steps to Get on Track While Tracking Business Expenses and Income
As a small business owner, you are likely familiar with recording and keeping an eye on transactions. However, are you thoroughly monitoring business expenses and income? Learn the steps to take for tracking business expenses and income and the importance of tracking them below.
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Don’t Get in Over Your Head: Understanding Overhead Cost
Overhead costs are the ongoing expenses that support your business but don’t generate revenue.
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Electronic Funds Transfer Process: What to Know
As a business owner, you’re likely always on the hunt for ways to save time and money. Maybe you use basic accounting software to track incoming and outgoing money. Or, maybe you automate your email marketing with a tool that sends emails to your customers or vendors for you. If you love saving time and […]
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What Is an Expense Account?
Out of 400 survey respondents, 91% said they’d be more efficient if their workspace was organized. If you believe organization influences productivity, shouldn’t you better organize your accounting books?
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