Your business’s financial statements can tell you a lot, including how much revenue you earned and how much your expenses were. But tracking key performance indicators (KPIs) can help you dig deeper into your business performance and help you compare your results to industry averages.
These are the 7 best for service-based businesses.
Business owners tend to use the terms “revenue” and “profit” interchangeably, but there is a big difference between the two. And to understand your company’s finances, cash flow, and potential tax consequences, it’s essential to differentiate between the two.
When business is booming, you might wonder whether it’s time to hire a new employee. Growing your team can be…
When it’s time to hire help in your business, you have a choice: hiring a part- or full-time employee or working with an independent contractor. It’s important to think about whether you need one or the other and classify them correctly.
Small business owners wear many hats. In addition to business development and customer service, managing employees and finances, they’re also tasked with predicting the future: anticipating how much income the business will bring in and how much cash they’ll have on hand to cover expenses.
Small business owners and self-employed people don’t have an employer withholding taxes from their paychecks. Instead, they’re responsible for paying their own taxes, and the IRS expects a payment every quarter.
Many small business owners use a vehicle for business, but unless you drive for work a lot, it’s easy to forget about the many trips you take that might qualify for a tax deduction.
Many independently owned boutiques, gift shops, and mom-and-pop stores struggle to compete with major chain retailers, but they deserve our support! Why? Because small businesses serve as the backbone of the U.S. economy and local communities.
After you start your own business, paying yourself for all the time and effort you’ve put in is an exciting moment. But how do you pay yourself as a small business owner?