Category: Running a Business

How to Get Your Small Business Out of Debt in 2020

How to Get Your Small Business Out of Debt in 2020

Rising interest rates and high levels of corporate debt have lots of investors concerned. Should small businesses be worried? The majority of small businesses (in most industries) are able to pay their bills on time. According to Experian/Moody’s Analytics Main Street Report, overall delinquencies for businesses with fewer than 100 employees were slightly down in the third quarter of 2018. Credit utilization rates were also down slightly. At the same time, that same research has found that rates for delinquencies… Read More
6 Ways to Make Your 2020 Taxes Easier

6 Ways to Make Your 2020 Taxes Easier

Thanksgiving leftovers are dwindling, the holiday season is in full swing, and many people are looking ahead to the new year— a time traditionally saved for fresh starts. As a small business owner, it’s likely you’re balancing year-end activities with new year planning, making it the perfect time to identify areas of your business that could benefit from a resolution or two. Office organization, company culture, and spending habits always make their way to the resolution list, but what about… Read More
Chase Business Checking vs. Bank of America: Which Is Better?

Chase Business Checking vs. Bank of America: Which Is Better?

Having a business checking account seems like a given for any small business owner. Part of separating your personal and business finances simply has to involve a business checking account, along with applying for and using new sources of credit. While a business checking account can’t usually offer the rewards of business credit cards, it is vitally important. Unfortunately, not having a business checking account isn't just inconvenient, it could also spell bad news for your business.  In a survey… Read More
LLC vs. Sole Proprietor: How to Make the Right Choice for Your Business

LLC vs. Sole Proprietor: How to Make the Right Choice for Your Business

There’s a famous quote that says: “Life is all about making choices. Always do your best to make the right ones and always do your best to learn from the wrong ones”. The decision to incorporate or not incorporate your business can be a very important choice, so for this article I wanted to hone in on a limited liability company (LLC) vs. the sole proprietorship, to assist you with making the right choice in terms of whether or not… Read More
Everything You Need to Know About the New Overtime Law for 2020

Everything You Need to Know About the New Overtime Law for 2020

Cash is king for business owners, plenty of it can make your dreams come true, and a lapse in cash flow can sink everything. One of your most important expenses as a business owner is payroll, and things could get a lot pricier starting Jan. 1, 2020, thanks to a change in overtime rules. New Overtime Rule In 2004, the US Department of Labor (DOL) established $455 per week as the earning level at which employees would become exempt from… Read More
Balance Sheet vs. Income Statement: What’s the Difference?

Balance Sheet vs. Income Statement: What’s the Difference?

A balance sheet details your company’s assets, liabilities, and shareholder equity at a specific time. An income statement shows what income is going in and what spending is going out, detailing a net profit or loss for a company. Balance Sheet Template Income Statement Template What is a balance sheet? A balance sheet is a financial statement of what a company owns, what it owes, and how much shareholders invest.  The balance sheet formula is: Shareholders’ equity + Liabilities =… Read More