Category: Small Business Resources
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Understanding Depreciation: A Key to Business Growth
Depreciation represents the contribution an asset makes to your business over time. When a business buys a building and uses it for several years, it’s not practical to expense the entire cost in the acquisition year. Instead, depreciation allows you to spread this cost over the asset’s useful life. Why Depreciation Matters Depreciation is essential…
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Reducing Tax Time Stress: Strategies for Individuals
Tax season can be a stressful time for individuals, with the pressure of gathering documents, understanding deductions, and meeting deadlines. However, with the right strategies and tools, you can turn tax time from a source of anxiety into a manageable process. Here, we’ll explore ways to reduce tax time stress and ensure a smooth…
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Make the Most of Your Business Tax Deductions
When running a business, you must spend money to make money. For instance, landscapers need tools and gas, web designers require computers and design software, and contractors must buy materials and pay labor. These expenses help calculate your business profit, which the IRS uses to determine your taxes. Simply put, your profit is the money…
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How to Prepare Your Business for a Recession
The U.S. is not officially in a recession. But inflation is up, and interest rates are rising, leading many to expect an economic downturn. As a small business owner or freelancer, it’s okay to feel worried about what the future holds for your company. Don’t stay down for too long though—now is the time to…
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A Complete Guide to LLC Accounting
Every year, more and more small business owners structure their companies as a limited liability company (LLC). In fact, the number of registered LLCs has grown every year since 2004, according to data from the Internal Revenue Service (IRS). And according to estimates, there were close to 21.6 million LLCs operating in the U.S. in…
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Client communication: A guide for freelancers and small business owners
It doesn’t matter if you’re a one-person freelance operation—it’s still worth giving your clients the white-glove treatment. According to HubSpot, 90% of clients would buy more from companies with great customer service. As a small business owner or independent contractor, you may not have a dedicated customer support team. That’s okay! Secure repeat customers by…
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How long does an ACH payment take?
What do auto-pay, direct deposit and sending your friend $20 through an app all have in common? They are all examples of ACH transfers. The reality of tapping a few buttons on a computer or mobile device and transferring money almost instantaneously is relatively new, but the infrastructure used to complete these types of transactions…
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13 Bookkeeper Software Features Your Small Business Needs
You want to take care of your business’s bookkeeping yourself. That’s great! You’re not the only one: over 64% of small business owners turn to bookkeeper software. But with so many different options out there, it can feel overwhelming to determine which accounting software is the right fit for your small business. To save time…
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Why Is a Business Plan Important? (+ How to Create One)
A business plan is not something you create just for the sake of creating it—it’s a key factor in your company’s success. According to a SCORE survey, the next biggest source of support for small business owners just starting out—behind their friends and family—is having a solid business plan in place. Aside box: What is…
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What does Net 30 Mean? A payment terms guide for small businesses
If you’re a business owner waiting on payments, you’re not alone. According to a 2021 Melio survey, over 50% of entrepreneurs have gotten paid late before. With bills to pay to keep your small business afloat, chasing down payments is stressful. Encourage on-time payments by adopting Net 30 terms. This period gives clients a reasonable…