New business owners or those new to accounting tend to equate expenses with cash output, with the assumption that any expense created by your business will also include a reduction of cash. While that is true if you’re using cash basis accounting, if you’re using accrual accounting, a recorded expense does not always include a reduction of cash…
If you work solo, chances are the only receipts you need to manage are your own. But once you hire employees, you’ll also need to start managing their expenses as well. The easiest way to do that is by having your employees submit expense reports. An expense report is designed to report on any business-related expenses an employee…
It’s a tale as old as time – you want to save money, but just can’t resist an impulse purchase in the moment even though you know it’s probably not a wise financial decision.
There may be a simple reason why, and it boils down to how you feel about money, according to Eesha Sharma, an associate professor…
Properly managing business expenses is a challenge for many small businesses. It gets even more complicated when you add in managing your employees’ expenses as well. Creating best practices for expense management helps you keep a handle on issues such as overspending and fraud…
Everyone wants their house to sell fast and for top dollar, but figuring out the best way to make that happen can be tricky. For instance, sometimes a fully furnished home, complete with couches, rugs, curtains, and accessories, is exactly what your dream buyer wants, and sometimes it’s not.
Selling a fully furnished home has its pros and cons…
Tax liability is the amount of tax that you owe a particular tax authority. While the most common tax authority is the IRS, small businesses can also have a tax liability for other tax authorities including state and local jurisdictions.
Liabilities represent money that your business owes; therefore, your tax liability is the amount of money that your business owes various…
When I want people to think I have a boring job, I usually tell them I work with accounts payable. This is effective when I’m at a party and want to leave, or any other time I’m engaging in small talk. In reality, I think accounts payable work is exciting.
Processing accounts payable is a great way to get a feel for…