How to Calculate Profit Margin

Understanding your business’s profit margin is essential for determining its growth potential and financial stability. It’s also a useful tool that allows you to see how your business compares to others in the same industry, as well as finding ways to better manage...

20 Cost-Cutting Tips to Reduce Your Business Expenses

Businesses frequently face situations that call for a reduction in costs. This may come about as a result of external factors beyond your control (e.g. a downturn in the economy), or may simply become relevant following a regular budgetary review. It’s easy to get...

What is a Tax Write-off?

With tax season looming on the horizon, it’s important to prepare your business finances to make filing as streamlined as possible. To set yourself up for success, you’ll need to know exactly what revenue you should be taxed on and which revenue shouldn’t be. This is...

How to Collect Payment from Clients When They Don’t Pay

It’s always frustrating when a client doesn’t fulfill an invoice by its due date. Invoices remaining unpaid can affect your ability to sustain your business financially. However, an invoice being one or two weeks past due doesn’t necessarily mean the client is...

The 2022 Guide to Small Business Tax Deductions

For many small business owners, tax time may seem burdensome and overwhelming. Incomplete records, uncategorized expenses, and limited time to file tax paperwork all add to the anxiety, leaving them frazzled. And the IRS doesn’t make it easy on you. There are hundreds...

What Is A Bank Reconciliation And How To Do It Right

Managing your accounting records is essential to running a business.  Smart business owners use dedicated bank accounts for their businesses to know all the transactions that should appear in their bank statements.  But that’s not all—they also carve out time to...