Expenses Archives - Patriot Software

Expenses Archives - Patriot Software Tue, 29 Oct 2024 12:21:40 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Expenses Archives - Patriot Software 32 32 How to Use Business Bank Statements [+ Example] https://www.patriotsoftware.com/blog/accounting/bank-statement/ Wed, 05 Jun 2024 21:38:00 +0000 https://pslohio.wpengine.com/uncategorized/bank-statement/

If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances. So if you’re tossing your unopened business bank account statements in a drawer or—worse—the trash, this one’s for you. Read on to learn what is a bank […]

]]> Examples of Contingent Liabilities Your Small Business May Need to Record https://www.patriotsoftware.com/blog/accounting/examples-of-contingent-liabilities/ Tue, 21 May 2024 17:34:04 +0000 https://www.patriotsoftware.com/?p=68257

Woman looks at her company's contingent liabilities.

You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event? These potential financial obligations are known as contingent liabilities. Examples of contingent liabilities include lawsuits, product warranties, and pending audits. Understand […]

]]> The Average Cost of Living by State, and Why Ignoring it Could Sink Your Business https://www.patriotsoftware.com/blog/accounting/average-cost-living-by-state/ Thu, 04 Apr 2024 21:05:00 +0000 https://pslohio.wpengine.com/uncategorized/average-cost-living-by-state/

You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living in my state? But, how often have you thought about the relationship between the cost of living in your state and your business? If […]

]]> Your Go-to Small Business Tax Deductions Checklist https://www.patriotsoftware.com/blog/accounting/small-business-tax-deductions-checklist/ Thu, 21 Mar 2024 18:57:07 +0000 https://www.patriotsoftware.com/?p=67579

Business owner reviewing her small business tax deductions checklist

Business expenses add up—fast. Fortunately, there are extensive tax deductions available for small business owners to offset the cost of running a business. Unfortunately, tax deductions can be complicated and confusing. Use our small business tax deductions checklist to simplify tax time, check out common FAQs relating to deductions, and get tips. Small business tax […]

]]> Resilience During a Recession: Strategies for Business Survival https://www.patriotsoftware.com/blog/accounting/recession-how-to-survive-business/ Tue, 09 May 2023 19:24:50 +0000 https://www.patriotsoftware.com/?p=62611

For months, the looming recession has been on everyone’s mind. In October 2022, 91% of CEOs said one would occur within the year. And in December 2022, Forbes found that large tech companies, banks, and manufacturers had laid off nearly 125,000 employees to prepare. With the March 2023 Silicon Valley Bank collapse, concerns of a […]

]]> Should You Lease or Buy a Car for Business? https://www.patriotsoftware.com/blog/accounting/lease-or-buy-car-for-business/ Fri, 24 Feb 2023 17:01:08 +0000 https://www.patriotsoftware.com/?p=61767

Whether it’s your first day in business or your 10-year anniversary, it may be time to get a business vehicle. A business car can make running your company easier than ever—from errands to deliveries. So, if you’re wondering, “Should I lease or buy car for business?” We’ve got you covered. Read on to learn what’s […]

]]> What to Do When Your Business Runs Out of Money: Effective Strategies https://www.patriotsoftware.com/blog/accounting/what-to-do-when-business-runs-out-money/ Tue, 24 Jan 2023 20:34:11 +0000 https://www.patriotsoftware.com/?p=61138

Cash flow problems happen—often. It’s why 82% of small businesses fail. But if you have issues with your cash flow, you’re not doomed to close up shop. Instead, it’s like coming to a fork in the road. Turn right to power through, or turn left to call it quits. To get out of the red, […]

]]> Liability for Debts: Are You at Risk of Losing Your Personal Assets to Business Debts? https://www.patriotsoftware.com/blog/accounting/liability-for-business-debts/ Fri, 13 Jan 2023 15:13:00 +0000 https://www.patriotsoftware.com/?p=60984

Business owner using a calculator and holding a notepad.

The average small business owner is roughly $195,000 in debt. Imagine paying that amount from your pocket, and if you can’t, how it’ll reflect on your credit report. Daunting! Especially if you already have personal financial obligations like credit card debt, student loans, or payday loans to pay off. So, how does liability for debts […]

]]> What Are Allowable Business Expenses for Your Small Business? https://www.patriotsoftware.com/blog/accounting/what-are-allowable-business-expenses/ Wed, 09 Nov 2022 16:29:00 +0000 https://pslohio.wpengine.com/uncategorized/what-are-allowable-business-expenses/

Man reviewing allowable business expenses.

As a small business owner, you may run on a tight budget. Your business expenses might add up fast between equipment, inventory, overhead, and payroll. Luckily, many of your business expenses are tax-deductible. But, what constitutes an allowable business expense? What are allowable business expenses? Business expenses refer to costs incurred or money spent while […]

]]> What Is Depreciation? https://www.patriotsoftware.com/blog/accounting/what-is-depreciation/ Wed, 09 Nov 2022 16:18:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-depreciation/

For your small business, you might make some big purchases on items to keep you in operation. When it’s time to report your expenses for taxes, using depreciation in your accounting books could help you save money. You depreciate high-cost assets that will stay in your business for a long time. Usually, depreciation applies to […]

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