Always Know Your Cash – A Big Pile of Forms Having employees can be pretty time-consuming all around. Paying them is no different. You have to deal with state and federal taxes, multiple report filings, unemployment insurance, and a whole lot more. Even if you have only one employee, you have to fill out every … Read more
Keeping Track of Transactions – What Counts as a Transaction A business transaction takes place when an event that can be measured in terms of money has occurred. There are dozens, probably hundreds, of events that happen in any business on any given day that have no monetary effect: opening the mail, talking on the … Read more
The Basic Accounts – Revenues, Costs, and Expenses New and small-business owners tend to track their profit-related accounts more than any others. There’s a good reason for this: Without pretty consistent profits, no business can survive for the long haul. There are three numbers that go into figuring out profits: revenues, costs, and expenses. Every … Read more
The Basic Accounts – A Look at Liabilities Every dime your business owes, no matter to whom or for what reason, is a liability. Owing someone a product (such as a magazine subscription) or a service (such as insurance coverage) counts as a liability as well. Although there aren’t as many kinds of liabilities as … Read more
