In 2020, COVID-19 took the world by storm. To provide relief during the pandemic, the IRS allowed eligible employees and self-employed individuals to defer Social Security tax temporarily. And now, it’s time for individuals (or their employers) to collect and pay back the deferred tax. But, how does the self-employed Social Security tax deferral work? […]

If a disaster impacts your business, you might need to make repairs or temporarily shut down. For some, the expenses associated with disaster recovery cause negative cash flow or even small business bankruptcy. SBA disaster assistance can provide you with the funding you need to protect and continue running your business. There are a few […]

In accounting, you deal with a variety of accounts to balance and organize your books. One type of account you will likely run into is a real account. But, what are real accounts exactly? And, how does it differ from other accounts in accounting? Allow us to give you the scoop with an overview, examples, […]

The end of the year is a busy time for businesses. If you’re like most business owners, you’re probably juggling end-of-year accounting procedures in addition to heavier traffic and sales and payroll tasks. Instead of scrambling (or forgetting) to get your year-end processes complete, use a year-end accounting checklist to organize the way you wrap […]

When it comes to your small business, there are a number of financing options available. A couple of popular options include a business loan or credit card. But, which one is better for your business? Get to know the difference between business loan vs. credit card and learn how to decide between the two. What’s […]

When it comes to your business, one of your main goals (if not your biggest goal) is to make a profit. And to find profit, you may need to look at explicit and implicit costs. But, what exactly are these costs? And, what’s the difference between implicit vs. explicit costs? It’s time for your implicit […]

You want a simple way to complete bookkeeping tasks. After all, the more organized your process, the faster you can record transactions and get back to business. To stay on track, you might consider using an accounting cycle. And to do that, you need to know the accounting cycle steps. Read on to learn the […]

Keeping your books in order throughout the year is important. So, you track every item, line by line. And, you record every transaction. But, what is transaction in accounting? What, specifically, do you need to track and record? What is transaction in accounting? So, what exactly is the transaction definition in accounting? In accounting, a […]

To run a successful business, you need to take some risks. But, risk-taking doesn’t mean you don’t do a little risk management for small business to protect your company from losing money. While you can’t avoid every threat, some types of business insurance can help lessen the financial blow when the unexpected happens.  Not sure […]