Some of your main goals as a business owner are to boost sales and increase revenue. One way to do this is to increase advertising spend. But is hiking up the money spent on advertising worth it for your company? Ask yourself, Should I increase my advertising spend? and keep a few considerations in mind […]
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Expenses - Tips, Training, and News
Getting New Equipment? You’ll Need to Make a Purchase of Equipment Journal Entry
You probably depend on equipment to run your business. Computers, cars, and copy machines are just some of the must-have company assets you use. When it’s time to buy new equipment, know how to account for it in your books with a purchase of equipment journal entry.
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How to Keep Your Direct vs. Indirect Costs Straight
When you have a business, you have direct and indirect costs. Tracking these expenses is key to having up-to-date books, receiving tax deductions, and making business decisions. So, what’s the difference between direct vs. indirect costs?
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Increase Efficiency With a Routine Supplier Evaluation
As a business owner, you likely evaluate your employees’ performance from time to time. But, your employees aren’t the only ones you should be assessing. If you have suppliers you go to for inventory and materials, you need to evaluate their performance, too. To learn more about supplier evaluation and how to evaluate a supplier, […]
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Your Guide on Selling, General, and Administrative Expense (SG&A)
Your business incurs all kinds of expenses during day-to-day operations. From payroll expenses to selling, general, and administrative expense (aka SG&A), there are a number of costs you need to pay attention to. But, what is SG&A exactly?
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Cost of Goods Sold vs. Operating Expenses: Your Go-to Guide
Part of running a business is recording day-to-day operating costs in your books. These expenses fall into two categories: cost of goods sold (COGS) or operating expenses. But what’s the difference between the two? Read on to learn about cost of goods sold vs. operating expenses and how to tell the difference when doing your […]
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Drowning in Overdue Bills? Find Out How to Minimize Debt in 6 Steps
Approximately 70% of businesses have outstanding debt. Does yours? If so, it’s time to learn how to minimize debt and get your finances back on track. Read on to learn more about business debt and ways to eliminate it.
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What Is the Break-Even Point, and How Do You Calculate It?
Do you want your business to make a profit? Duh, of course you do! But when you’re starting out, it may take a few years before you enter profit territory. And after you start making a profit, you may be at the break-even point for a while. So, what is the break-even point?
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EFT Payments: What to Know About Sending and Receiving
You constantly make payments to contractors, suppliers, vendors, and employees (if you have ‘em). It’s what you do as a business owner. Wouldn’t it be nice to skip cash and checks? Instead of using paper to pay people, you can make EFT payments.
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The Basics of Accrued Liabilities in Business
If you want to keep your business running, you need to fork over some cash to buy goods and services. And sometimes, you might use credit to make these purchases, resulting in accrued liabilities.
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