Controlling and monitoring your company’s financials is an important task that will keep the business in the black and making money in Memphis. Here you'll find ideas on how to make sure you're on top of all the financial aspects of the business, including budgeting, spending, taxes and much more.
If you are awash in red ink and can't pay your bills, you need to act quickly to rebuild your credit. There are a number of solutions, with bankruptcy as a last resort.
The value of a typical small business should be greater than the total values of its hard assets. For a buyer, the key is that an ongoing business has everything necessary — equipment, location, and inventory if applicable, not to mention experienced employees, suppliers, business processes, and a customer list — all in place, in the right amounts for successful operation of the business.
A partnership is not a taxable entity under federal law - there is no separate partnership income tax, as there is a corporate income tax. Instead, income from the partnership is taxed to the individual partners, at their own individual tax rates. Read more.
Accounts receivable are unpaid customer invoices, and any other money owed to you by your customers. The accounts receivable ledger, which can also double as a customer statement, is a record of each customer's charges and payments.
Credit and collections is essential, but is something that a lot of small employers put off developing until they absolutely have no other choice. As their customer base builds, and more and more customers want to pay by credit, they realize that they need to open up a credit card account or offer credit terms.
Accounts payable are the unpaid bills of the business; the money you owe to your suppliers and other creditors. The sum of the amounts you owe to your suppliers is listed as a current liability on your balance sheet .
Accounts receivable are unpaid customer invoices, and any other money owed to you by your customers. The accounts receivable ledger, which can also double as a customer statement, is a record of each customer's charges and payments.
Debt collectors take the threat of bankruptcy seriously because it can have such powerful consequences. The laws give the federal bankruptcy courts the right to wipe away your customer's debt to you in one stroke of the pen.
To succeed in business, one of your most important tools is financial analysis, based on your business records. Accurate financial records will help you answer some very important questions. Are you making money, or losing it? How much? Is your business on sound financial ground, or are troubles lurking ahead? A sound bookkeeping system is the foundation on which all of this valuable financial information can be built.
The value of a typical small business should be greater than the total values of its hard assets. For a buyer, the key is that an ongoing business has everything necessary — equipment, location, and inventory if applicable, not to mention experienced employees, suppliers, business processes, and a customer list — all in place, in the right amounts for successful operation of the business.
Credit and collections is essential, but is something that a lot of small employers put off developing until they absolutely have no other choice. As their customer base builds, and more and more customers want to pay by credit, they realize that they need to open up a credit card account or offer credit terms.
If you are awash in red ink and can't pay your bills, you need to act quickly to rebuild your credit. There are a number of solutions, with bankruptcy as a last resort.
The IRS has provided a rather lengthy list of fringe benefits that are not subject to payroll taxes, as long as you meet certain rules. For the most part, these benefits are exempt from both FICA and FUTA taxes. Furthermore, they are not taxable to the employee for income tax purposes, so there is no need to withhold income tax on the value of the payments.
If you don't have an accountant, you should shop around for one just as you would for any other service provider. Many small business owners are more comfortable choosing a CPA as their accountant because, as a rule, they feel it assures them a high level of professional competence
Brand-new business owners are sometimes surprised to find out that in addition to their federal income taxes, they must also pay a significant percentage of their income to the government in the form of SECA taxes. The Self-Employment Contributions Act (SECA) tax is basically the business owner's version of the FICA tax that employees pay
A partnership is not a taxable entity under federal law - there is no separate partnership income tax, as there is a corporate income tax. Instead, income from the partnership is taxed to the individual partners, at their own individual tax rates. Read more.
Whenever you transfer something of value to an employee as compensation for the employee's services, you've potentially made a taxable wage payment. However, the laws do provide for a number of exceptions. There are some types of compensation and fringe benefits that are not always considered taxable wages, for some or all payroll tax purposes.
As a general rule, the method of payment has no effect on whether a sale is subject to sales tax. Credit sales, installment sales, lay-away sales, conditional sales, and sales involving trade-ins or other exchanges of property are no less taxable than are sales for cash.
