Revenue vs. Profit: The 4 Key Differences
If you’re a small business owner, you know the importance of tracking fluctuations in revenue vs. profit. It gives you important information about your business, and helps you project potential…
How to Use the Digital Envelope System in 6 Steps
The “envelope system” of budgeting is a physical method of parceling out money, using cash and envelopes, allows users to keep close track of their money. Today, technology has made…
9 Best Small Business Budgeting Software in 2023
Owning a small business requires a good budgeting and accounting system. Whether you’re new to the game or have been budgeting for years, the right tools can make a big…
What is the Operating Profit Formula and How to Calculate
In order to maintain a consistent understanding of how your business is performing, calculating and regularly updating your operating profit is essential. Not only does this provide a snapshot of…
What is Bookkeeping? Definition and Why It’s Important
Maintaining your small business’ books is just about the most important part of being a business owner. Without good bookkeeping, it’s nearly impossible to gauge the financial health of your…
What is the Average Small Business Owner Salary in 2023?
According to Payscale, the average small business owner’s salary in the United States is nearly $69,000 (or to be exact, $68,863). The average business owner’s wage isn’t enough to support…
How Inflation Impacts Businesses in the US
Inflation is a big buzzword in 2022 which is important to understand especially as a business owner. Understanding inflation will also help you plan for it accordingly. If you own…
A Brief Guide to Small Business Accounting
Establishing good accounting practices is one of the biggest struggles facing small businesses. Entrepreneurs wear many hats and often run a lean business, which can make it difficult to get…
Gross Pay vs. Net Pay: Definition and Differences
Trying to figure out how to handle payroll for your small business can quickly become a nightmare. Different types of pay, deductions, and labor rules need to all be addressed…
What is a Pay Stub? What Do I Need to Show My Employees?
If your staff gets a check or direct deposit, what they see is their net salary. They may wonder how you arrived at that figure. How much of their wages,…
How to Collect Payments From Your Customers
One of the hardest things small business owners may deal with is chasing customers collect payments from customers. And let’s face it, collecting payments is the most important thing to…
How to Manage the Cash Flow of Your Business
As a small business owner, you want your venture to grow and thrive. To maximize your business’s potential, it’s so important to have a good grasp on your cash flow….
What is a W3 Form and How to File it for Your Business
The importance of financial management What is a w3? As a small business owner, financial management can often feel intimidating and overwhelming—especially when it comes to employee forms and documentation….
What is a Remittance? Business Definition & Examples
Need to send or receive a remittance? Confused what the term remittance actually means? This page gives a breakdown of what remittance actually is along with a few examples of…
How to Calculate Opportunity Cost
In the world of business, the specifics of opportunity cost and how to calculate opportunity cost are sometimes misunderstood. This page will tell you everything you need to know about…