Small businesses are the backbone of the U.S. economy. As of 2024, there are approximately 34.8 million small businesses nationwide, making up 99.9% of all U.S. businesses and employing nearly half of the private workforce [1]. But running a small business is no small...
Securing funding for a small business isn't always simple. Traditional bank loans have stringent requirements and limited flexibility. Many small business owners struggle to qualify, especially those just starting or experiencing inconsistent revenue. These challenges...
Although every aspect of overseeing a small business can be challenging, financial management is often uniquely complex. Even though a basic understanding of financial management may bring an entrepreneur through the first stages of business development, a...
Small business management involves numerous intricate tasks, including monitoring your company’s finances. Despite its importance, bookkeeping can be overwhelming, particularly when handled manually. Thankfully, the rise of technology has introduced bookkeeping...
We know artificial intelligence is making strides in many industries, from content creation to software development. But what is the status of AI in accounting and bookkeeping? Well, it turns out it’s not much further removed from where AI leads many other arenas....
Picture a future where the tax system works for you, not against you. Doesn't seem too far-fetched? Welcome to the reality of the Tax Relief for American Families and Workers Act of 2024. As a pivotal landmark in American financial legislation, this Act promises to...
Hopefully, your business made a profit last year. After all, that’s the primary purpose of most companies - to turn profits and generate earnings for owners and shareholders. But how do you know how much of a profit your business made in the past 12 months? Or in the...
Small businesses often begin as passion projects. You start doing something you love and then discover a market for your products or services. You may begin selling those products or services, recognize that you need to purchase more supplies, and hire a part-time...
If you’re a small business owner or entrepreneur, you’ve probably heard of GAAP, the Generally Accepted Accounting Principles. This set of accounting principles provides standard rules and methods for businesses to collect and report financial information. In...
If you’re like most small business owners, you probably haven’t put much thought into accounting methods. You may or may not even be aware that you have options when deciding how to do your accounting and that your choices will impact how you produce your financial...
Making sales and bringing in money is among the most enjoyable parts of running a small business. Revenue is a proof of concept for your business idea. It shows that people are interested enough to pay you for what you’re selling! But running a sustainable small...
Running a business is no easy feat. You must juggle the demands of your customers along with keeping your records in check. Although most business owners don’t enjoy diving into spreadsheets and number crunching, keeping track of all the money that goes in and out is...
