Profit and Loss Statements: What Are They and How to Create Them

As a business owner, you’ve probably heard about the terms income statement, profit and loss statement, or P&L. And you might have been perplexed by these terms and wondered what exactly they mean. Good news: They all refer to the same thing—the financial...

How to grow your small business: 4 strategies for success

Owning a small business isn’t easy and it can often feel like you need to be an expert in many different areas all at once. You’re expected to market your business, maintain great relationships with your customers, manage your finances, and so much more. On top of...

Net 30: Is It Right For Your Business?

“Net 30” is a common term in the self-employment and small business space, usually found in contracts or on invoices to define payment timelines. It’s important to be aware of what Net 30 involves and how it works so you can decide if it’s suitable for your business....

Payment Terms: Examples and How to Use Them on Invoices

When you invoice a customer or client, there are certain expectations for both sides. Just as your clients expect you to complete the work they are being billed for, you expect them to do their part and pay what is due, on time. Business owners should use payment...

How to Open a Business Bank Account

It can be easy to overlook the importance of opening a business bank account, especially if your business started out as a side gig. Bear in mind that using your personal bank account for your business finances will make tax season a headache, and can even be risky,...