Can You Still File for the Employee Retention Tax Credit in 2023?
What good would a tax credit for keeping good employees have done when the world was facing a health crisis? However, this is merely scratching the surface of what ERC has to offer. About 200,000 businesses in the United States shut down for good because of the pandemic. Not only that, but 8.5% of businesses in the United States have followed suit in recent years. Some businesses, however, made the conscious decision to weather the storm and grab life preservers as they became available. The timely release of the federal government's life vest was crucial. As a result of the…
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Staff Writer
- 2023-03-23
What Are Assets, Liabilities, and Equity?
Financial stability in business requires an understanding of accounting fundamentals and their practical application. The accounting formula is a cornerstone of sound bookkeeping practice. The accounting formula will show you how to check your assets, liabilities, and equity, so keep reading to learn more. Assets, Liabilities, and Equity In order to use the accounting equation, you must first be familiar with the components of the balance sheet that are input into the equation. A balance sheet is a financial statement that reports on the financial status of your business. The asset section, the liability section, and the equity section make…
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Staff Writer
- 2023-03-18
What Is an Expense Report?
An essential financial document, an expense report, is used by businesses and organizations to monitor and manage their expenses. It is a comprehensive record of all expenditures made by employees or representatives on behalf of the organization. In this article, we will explore the specifics of an expense report, including its significance, creation process, and what expenses are incorporated. What's Included in an Expense Report? An expense report itemizes various expenses incurred by employees during business-related activities or trips. These expenditures can range from transportation and lodging to meals and incidental expenses. Expenses included in a small business expense report…
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Staff Writer
- 2023-03-12
Offering employees a payroll advance — Pros, Cons, and Best Practices
Employers hold a duty to care for their staff, ensuring financial stability. Nevertheless, unforeseen expenses may leave workers requiring financial aid. One method to provide financial assistance is through a payroll advance, offering early access to a portion of their paycheck before payday. Payroll advances can help alleviate the financial burden on employees experiencing unexpected expenses or emergencies. Clear policies must be established by employers to ensure proper and equitable use of payroll advances. It is equally important to communicate these policies to employees, allowing them to understand the process and their obligations. Overall, providing payroll advances demonstrates an employer's…
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Staff Writer
- 2023-03-07
Differences Between a Balance Sheet and an Income Statement —Purpose and Usage
Today we will be talking about the differences between two of the most important financial documents that every business owner should be familiar with - the balance sheet and income statement. Understanding how these documents relate to each other, and how they differ, is crucial to making informed financial decisions for your business’ success. So, let’s go right ahead. Comparison & Contrast: Balance Sheet vs. Income Statement The balance sheet and income statement are both important financial statements that businesses use to track their financial performance. Although these statements may appear similar at first glance, they serve distinct purposes and…
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Staff Writer
- 2023-03-02
FIFO vs. LIFO
Any business dealing with products must understand the significance of inventory management. Choosing the right method to value inventory can impact several aspects of a business, including income, logistics, taxes, and profitability. The two primary inventory management methods are the first in, first out (FIFO), and last in, first out (LIFO) approaches. The FIFO approach is geared towards reducing losses from expired or outdated products. On the other hand, LIFO is more suitable for non-perishable items and computes the cost of goods (COGS) sold using current prices. Knowing the differences between these approaches is crucial for selecting the most suitable…
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Staff Writer
- 2023-02-25
Relocation Assistance Defined — Benefits, Inclusions and Costs
Any business dealing with products must understand the significance of inventory management. Choosing the right method to value inventory can impact several aspects of a business, including income, logistics, taxes, and profitability. The two primary inventory management methods are the first in, first out (FIFO), and last in, first out (LIFO) approaches. The FIFO approach is geared towards reducing losses from expired or outdated products. On the other hand, LIFO is more suitable for non-perishable items and computes the cost of goods (COGS) sold using current prices. Knowing the differences between these approaches is crucial for selecting the most suitable…
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Staff Writer
- 2023-02-20
How to Properly Fire an Employee
Terminating an employee can be a challenging decision for managers —and not every manager has fired someone— one that is never taken lightly but can be necessary for the prosperity of the business. This can be especially challenging when the employee fabricates reasons to call out of work, violates company policies, or simply fails to perform up to copay standards. If an employee repeatedly fails to fulfill their job duties and obligations, despite attempts to rectify the situation, releasing them may be necessary. When it comes to terminating an employee, several crucial factors must be considered, including the reason for…
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Staff Writer
- 2023-02-15
12 Best Low-Cost Business Ideas With High Profit
I’m writing this article as a fellow young entrepreneur; that perspective gives me firsthand experience of how essential it is to find business ideas that won't put too much of a dent in your finances. So I put in the time and did the research so you don’t have to. Here, I’ll be sharing with you some of the best options for affordable start-ups that you can set up quickly to start turning a profit. So, let's get right into it: Pet-Sitting Services If you love animals, starting a pet-sitting service is a cheap business to start that almost feels…
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Staff Writer
- 2023-02-10
What Is Consignment? Consignment Definition, Meaning
For astute consumers who enjoy retail therapy but also want to save money, consignment stores might just be the perfect option. But what exactly is a consignment shop? In this article, we’ll define consignment, provide an overview of all its advantages and disadvantages, and take a look at how businesses are able to sell on consignment to turn a profit. What Is Consignment? Let's first define consignment. A consignment business adheres to a business model wherein a consignee (who could be a retailer or reseller) sells, on consignment, items on behalf of the original owner or supplier, known as the…
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Staff Writer
- 2023-02-05
A Guide to Small Business Marketing
Are you thinking about starting a small business? Your success rate depends on how well you can market your product. Finding the most effective marketing strategies takes some trial and error, but this guide will help your journey go as smoothly as possible. Small business owners might not have the bandwidth to accomplish everything, yet they also might not have the funds to hire specialists. But don’t despair! Read on to learn how to develop a scalable, long-term marketing plan to help your small business gain new clients and increase sales. A Quick Definition: What Is Small Business Marketing? Small…
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Staff Writer
- 2023-02-01
Legitimate Ways to Make Money Online From Home
Over the past two decades, there has been a dramatic shift in the career paths people select to support themselves. That includes getting more than one job. That's right, most millennials hold at least two gigs to make ends meet and more.We live in a material world and let's face it, a Tesla does look good in the garage. Why stop there? Life is short and desires are many, and working towards them is a sweet, sweet journey everyone needs to make.Many people today are interested in learning how to make money online. Online scams, frauds, and bogus agencies make…
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Staff Writer
- 2023-01-27