Small Business Accounting

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How to Read a Business Balance Sheet

When you read through your business's balance sheet, like the balance sheet shown in this figure, you may notice that it doesn’t have a "punch line" like the income statement does. You can’t look at just [more…]

The Differences between Internal and External Business Balance Sheets

Balance sheets, statements of a business's financial condition, are prepared for internal and external use. External balance sheets and internal balance sheets are intended for different audiences and [more…]

How to Judge Solvency on a Balance Sheet

Solvency refers to the ability of a business to pay its liabilities on time. Your business needs to remain solvent because delays in paying liabilities on time can cause you very serious problems. In extreme [more…]

Your Business's Intangible Assets Account

Many businesses invest in intangible assets — assets without physical existence, in contrast to buildings and computers, for example. Your business's intangible assets might include [more…]

How Assets and Liabilities Affect Your Business's Cash Flow

Your business's cash flow can be affected by asset and liability changes in your business. Changes in your assets and liabilities can affect cash flow in a way that signals serious problems: [more…]

Choosing an Accounting Method for the Cost of Goods Sold Expense

One main accounting decision companies that sell products must make is which method to use to record the cost of goods sold expense, which is the sum of the costs of the products sold to customers during [more…]

How to Read an Auditor's Report

Your business's financial statement audit report can give your business a clean bill of health, or the auditor's report may state that your financial statements are misleading and should not be relied [more…]

Finding Small Business Income Tax Help Online

If you feel overwhelmed by your small business's income tax statement, you're not alone. Taking care of your business's income taxes can be difficult, but you can find tax help from online sources geared [more…]

How to Find the Right Tax Forms for Your Small Business

Not all small businesses are created equal — the IRS makes sure of that. Which tax forms you must fill out depends on what type of small business you're in and how many employees it has. Federal tax forms [more…]

When to Pay Your Business's Estimated Taxes

You need to pay your business's estimated taxes on specific dates every year. If your business is anything but a corporation, the estimated tax due dates are April 15, June 15, September 15, and January [more…]

Which Business Expenses Can I Deduct from My Taxes?

Businesses can deduct a wide variety of business expenses from their taxes. The IRS specifies that, to be tax-deductible, business expenses must be ordinary and necessary for the operation of your business [more…]

How to Fit Sales Tax into Your Business

With more than 10,000 different sales tax rates nationwide, and these sales tax rates constantly changing, your business must keep up. If your business sells products or provides certain kinds of services [more…]

Setting a Budget for Your Business

Budgeting for a business requires you to set specific goals and develop a plan to achieve them. A business budget is an integrated plan of action for your business — not simply slap-dashing together a [more…]

How to Analyze Your Business's Profit

Analyzing your business's profit is not rocket science: Basically, you just need to determine how and why your business is (or isn't) making a profit. To figure out your business's profit history over [more…]

The Different Kinds of Business Costs

Business cost distinctions help you better appreciate the cost figures for the things that your business produces or sells. Correct product costs (for businesses that sell products, of course) are extremely [more…]

The Purpose of Financial Reporting

Financial reports are the documents and records you put together to track and review how much money your business is making (or not). The purpose of financial reporting is to deliver this information to [more…]

Including Adequate Disclosures in Your Financial Report

A financial report needs to include disclosures of important financial information about the business, as well as financial statements. The term disclosures [more…]

How to Decide Whether Your Business Needs an Audit

Audits provide the opportunity for a second set of eyes (usually those of a certified professional accountant) looking over your business’s accounts. An annual audit of your business may be a requirement [more…]

Paying Unemployment Taxes

The Federal Unemployment Tax (FUTA) fund and state unemployment funds require employers to pay taxes to fill those unemployment funds. For FUTA, employers pay a federal rate of 6.2 percent on the first [more…]

The Federal Tax Forms for a Sole Proprietorship

The federal government doesn’t consider sole proprietorships to be individual legal entities to be taxed. Sole proprietors report any business earnings on their individual tax returns — that’s the only [more…]

The Federal Tax Forms for a Partnership

If your business is structured as a partnership, your business doesn’t pay taxes. Instead, each partner pays taxes on the money earned by the business, which is split up among the partners. [more…]

Filing Federal Taxes as a Corporation

Federal taxes for corporations differ, depending on whether you have an S corporation or a C corporation; each has unique federal tax requirements and practices. In fact, not even all corporations file [more…]

Paying Employer Taxes on Social Security and Medicare

In the United States, both employers and employees must contribute to the Social Security and Medicare systems. Employers share the Social Security and Medicare tax obligation equally with their employees [more…]

Essential Information to Gather in Your Customer Credit Application

When you compose a credit application for your customers, you want to make sure that application includes certain basic information about your customer. Be sure to get the following information from your [more…]

Credit & Collections Kit For Dummies Cheat Sheet

Extending credit and collecting debt can be risky business if you aren’t proactive and following the letter of the law. From getting the necessary customer information on a credit application to spotting [more…]

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