If you’re like many business owners, you know that you have to handle certain tasks, like purchasing items, taking on debt, or putting your own money into your business, to get your venture up and running. And when your company processes any type of transaction, whether it’s debt, purchases, etc., you have to record it […]

At some point or another, you may turn to a lender to borrow funds and need to eventually repay them. And when that happens, notes payable come into play. Learn all about notes payable in accounting and recording notes payable in your business’s books. Notes payable definition What are notes payable, exactly? What type of […]

Naming your business is one of the most fun and crucial parts of opening it. You take the time to research if it’s available, ask others for their opinions, and register it with the state to legally stake your claim to it. But, is that enough? It might be a good idea to trademark your […]

Think you’re doing too much purchasing and not enough selling? Or, think you’re selling too much and not buying enough? There’s only one way to be sure, and that’s by finding your inventory turnover ratio. What is inventory turnover?  Inventory includes all the goods you have for sale and in storage, such as raw materials, […]

When it comes to running your business, you may need to obtain a business license and permit to operate. But, what are the steps to obtain a business license? Welcome to your rundown on how to get a business license. What is a business license? A business license permits you to operate your company within […]

As a business owner, there are many documents you need to keep track of for your company. Employee paperwork, bills, invoices, etc., are all essential documents to store in your records. Keeping records isn’t just a good business practice, either. There are specific IRS recordkeeping requirements you must follow. One of those requirements is maintaining […]

Want to find a certain product or service’s profitability? Of course you do! To determine how profitable your offerings are and what kind of adjustments your business needs to make to increase earnings, learn how to calculate contribution margin. Contribution margin definition What is contribution margin? Your business’s contribution margin is the amount of money […]

When you open a business that sells products, one of the critical decisions you need to make is how you will sell. Do you plan to sell your products directly to your customers? Or, will you use vendors who distribute your products to their customers? The way you sell determines if your business is retail […]