Category: Running a Business

Chargebacks and their Effect on Credit Score

February 26, 2020 Anna Baluch

At first glance, credit card chargebacks appear to be just like refunds. However, there is one very distinct difference between a chargeback and a refund. With a chargeback, the customer contacts the credit card company or bank for a refund, rather than the business they made the purchase from. While chargebacks are designed to protect consumers from unauthorized transactions, it's important to understand chargebacks and their effect on credit score so you can avoid any detrimental impact to your business. … Read More

12 Ways to Increase Cash Flow in 2020

February 3, 2020 Jennifer Lobb

There are a variety of metrics that can be used to determine the health of your business, but few are as indicative of success or failure as negative cash flow, or the net amount of cash that flows in and out of your business. A positive cash flow is essential for growth, as it's indicative of spending that's under control and flourishing sales and income. But how do you go about improving cash flow? There are two primary ways to… Read More

In Accounting, Why Do We Debit Expenses and Credit Revenues?

January 22, 2020 Susan Guillory

You didn’t go into business to become an accountant, so it’s understandable that you’d have questions like: “are expenses debit or credit?” In short, because expenses cause stockholder equity to decrease, they are an accounting debit. It’s helpful to understand why. Understanding Debits and Credits Let’s start with some basic Accounting 101. We may have moved away from “managing the books” in an actual paper ledger and painstakingly entering each journal entry with a quill pen, but the premises of… Read More

What is a Profit and Loss Statement (P&L) & Why Is It Important?

January 8, 2020 Michelle Black

A profit and loss (P&L) statement is a report that details a company’s revenue and expenses over a period of time (usually a quarter or fiscal year). The P&L statement, also called the income statement, shows whether a company lost money or made a profit during the reporting period. When Your Business Needs a Profit and Loss Statement As a small business owner, you probably already have a number of responsibilities on your to-do list. Depending on your situation, you… Read More

6 Tools to Set Your Business Up for Success in 2020

January 3, 2020 Jennifer Lobb

There are multiple factors that contribute to the overall success of a business, and while some of them are directly tied to your effectiveness as a business owner– motivational level and overall attitude and acumen, for example – many others depend on how you leverage resources to maximize efforts and increase productivity and organization. In today’s diverse workplace, that often means incorporating tools and apps that make working easier and smarter. Fortunately, there are a variety of easy-to-access and affordable… Read More

The 9 Small Business Conferences You’re Missing Out On in 2020

January 2, 2020 Linsey Knerl

If you ask small business owners about their favorite ways to grow their sales and get new customers, they almost always include networking somewhere on that list. That’s because it’s just that effective. But sadly, networking opportunities and small business development efforts can be pushed aside in the busy day-to-day of running a business. That's where small business conferences can come in. While they can be an efficient way to get industry insights, learn skills, or find vendors, it's the… Read More