Tag - small business management

accounting resources

Accounting Month Conclusion and More Resources to Learn Small Business Accounting, Bookkeeping and Tax Savings

Since 9/15, this blog (which primarily focuses on marketing but has a lot of other info related to business) has had near-daily posts on small business accounting, bookkeeping and tax savings for Accounting Month. These posts are intended to help business owners, business managers, small businesses and start-ups improve their accounting procedures and maximize their tax reductions. Non-marketing business advice is sometimes included on this blog because we care about seeing your business succeed and we want to provide [...]

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small business financial information

Sources of Finanical Information on Small Businesses

A previous post on this blog for Accounting Month described the relationship between the business financials and the business plan. For business owners, business managers and future business owners who are starting a business, or for anyone who needs to make financial projections, it helps to do research when you actually know where to look for the information. If you don’t know where to look for the information, then it is super difficult to complete a business plan or [...]

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nolo tax savvy for small business by Frederick Daily and Jeffery Quinn

How to Deduct Vehicle Expenses for Small Business Owners

Vehicle expenses are one of the largest expenses for businesses who own vehicles and one of the biggest deductions you can claim on your taxes as a small business owner. This article will give you all the actionable information you need, summarized from the book, Tax Savvy for Small Business by Frederick and Quinn. Follow these steps to deduct vehicle expenses from your small business taxes. Step 1: Keep a mileage log to record vehicle use. You’ll need this data [...]

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nolo tax savvy for small business by Frederick Daily and Jeffery Quinn

29 Tax Deductions for Businesses (the most common)

“There is nothing sinister in arranging one’s affairs as to keep taxes as low as possible . . . for nobody owes any public duty to pay more than the law demands.” – Judge Learned Hand. The tax deductions that come with owning a business are one of the biggest motivations for owning a business. Taxes are calculated based on the business’ income after expenses (recall the income statement). It’s also a progressive tax, meaning the more you make, the [...]

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How to Do Bookkeeping for Small Business

A previous post on this blog suggested that business owners do the bookkeeping themselves instead of hiring a bookkeeper. Or if you decide to hire a bookkeeper, the post suggested to make their service supplemental to your own instead of replacing you as the bookkeeper. While a good piece of business advice is to work on your business and not in your business, bookkeeping is one of the few activities where business owners can save time and money by [...]

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3 Business Financials: The Balance Sheet, The Income Statement and The Cash Flow Statement.

There are a few financial statements which help to portray the financial and economic condition of a business. Yet, there are three main ones which were introduced in the previous post 40 Basic Accounting Principles. The main 3 Business Financials are the balance sheet, the income statement, and the cash flow statement. These are the top financials that business owners, business managers, and lending institutions look at. The following explains what these financials are, what they might look like [...]

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65 Accounting Terms and Definitions

The following 65 Accounting Terms and Definitions are meant to supplement the previous two posts on basic accounting principles: 40 Basic Accounting Principles and Costs of Goods Sold – Additional Principles. Current and future business owners will want to read those posts and understand them thoroughly in order to move on this month with future accounting posts that are related to bookkeeping and tax savings. This post is mostly for reference and it’s a great one to bookmark for [...]

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Costs of Goods Sold – Additional Accounting Principles that Businesses With Inventory must know

If you own (or plan to own) a service business that does not sell any products or goods, then the previous blog post is sufficient for your business: 40 Basic Accounting Principles that you must know to understand Small Business Accounting. However, if your business sells products or goods and you’re one of many businesses with inventory, then you need to know some additional information on costs of goods sold (COGS). Since the article on the three business financials has [...]

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