Published on Mar 8, 2022 by

Understanding Net 30 on an Invoice

When written on an invoice, “net 30” simply means that the customer has 30 days from the date of the invoice in which to make payment. If, for example, “net[...]

Published on Mar 3, 2022 by

How Much Money Can You Deposit Before it...

Yes! The government requires banks to report all cash deposits greater than $10,000. This and other guidelines relating to large cash transactions, which apply to all banks and financial institutions,[...]

Published on Feb 24, 2022 by

Gross Profit – What it is and How...

In accounting terms, when we talk about gross profit, we are referring to the income that a business has left over after paying all the direct costs related to manufacture[...]

Published on Feb 23, 2022 by

What is an Invoice?

Put simply, an invoice is a way of listing products and services which a business has supplied to a customer. It itemizes those products and services, and their costs, and[...]

Published on Feb 7, 2022 by

A Step-by-Step Guide to Calculate Withholding Tax

Every small business with employees needs to calculate withholding tax so that they can deduct the correct amount from each employee’s paycheck to cover their tax obligations as defined by[...]

Published on Feb 7, 2022 by

Calculating Markup for Small Businesses

For any small business owner, success comes from generating a profit. And generating a profit requires you to set fair prices that more than cover all the costs involved in[...]

Published on Jan 24, 2022 by

Need Fresh Capital? Here are 5 Great Ways...

So you’ve decided to start a small business? It’s an exciting time and it’s going to require all your commitment to make it a success. But remember that it doesn’t[...]

Published on Jan 22, 2022 by

What is Bank Reconciliation and How does it...

Bank reconciliation is the process whereby you match your bank statement to corresponding entries on your balance sheet. Identifying any discrepancies will help you to correct your accounting records, and[...]

Published on Jan 13, 2022 by

6 Great Ways to Build a Freelancer Client...

According to a 2016 survey by Upwork, the number of freelancers in the US had risen by more than two million since a similar survey just two years before. Upwork’s[...]

Published on Nov 17, 2021 by

Calculating Net Sales

Once you’ve accounted for all returns, sales discounts and allowances, what remains of your gross sales figure is your net sales. A business with gross sales of $50,000, discounts of[...]