Being in business means taking a lot of risks, especially financially, and as an entrepreneur, you deserve to be rewarded for those risks. Your pay is just one of the many benefits of your self-employment. But it’s not like the pay you get as an employee; it needs to be more comprehensive than that. Getting […]
Drones were considered fun when they first came out, but they are far from toys. Drones have surprising benefits with extremely high return on investment to certain business owners. A drone is a robot that can fly and that is controlled by a remote device. The technology includes GPS (global positioning system) and built-in sensors. […]
For taxpayers collecting payments through a third-party payment platform (such as PayPal), the American Rescue Plan Act (the “Act”) established a major change to tax reporting rules to prevent businesses and contractors from hiding income through the receipt of electronic payments. Form 1099-K is the tax form issued by credit card companies and third-party payment […]
While spring brings a change in the weather for most locations, it also brings a number of opportunities to refresh your products and services. Spring is a great time to boost your marketing campaigns so that you can boost your business revenues. Adding the theme of spring to your marketing campaigns allows customers to see […]
If you have accumulated more money in your business checking account than you really need for daily operating expenses, that is a nice problem to have! It’s time to consider putting that money to work. A business savings account might be your answer. Every bank is different when it comes to the features and benefits […]
As business owners, we’d like to think that we make rational, logical decisions when it comes to our business finances. However, scientists have discovered that we have built-in biases in our brains and our thinking processes, and one of these biases is the sunk cost bias. A sunk cost is simply money, time, or resources […]
Are you looking for new ideas to market your business? If so, knowledge panels might be something to consider. Most people haven’t heard of them, but they are widely used in search results every day. Knowledge panels are an invention from Google. They are the information panels that appear on the bottom right corner of […]
The equity section of the balance sheet looks different depending on the legal structure of your business. The most common entity types are corporations, partnerships, and sole proprietors. In this article, we’ll take a look at what the equity section of the balance sheet looks like for sole proprietors. The Equity Section As a reminder, […]
Sometimes we just need to slow down. It could be our body telling us it needs a break. It could be our mind experiencing the first signs of burnout. Even if you own your own business, you are subject to burnout, especially if you are a people pleaser or say “yes” to everyone! But how […]
Most small businesses own fixed assets, which include items like land, buildings, equipment, and automobiles. The investments of adding, replacing, or improving upon fixed assets is called capital expenditures (capex). It seems like there is never enough money for all the capital expenditures that need to be done in a business. To make the best […]
