Income Archives - Patriot Software

Income Archives - Patriot Software Wed, 23 Oct 2024 20:23:27 +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 Income Archives - Patriot Software 32 32 What Is Gross Profit? https://www.patriotsoftware.com/blog/accounting/what-is-gross-profit/ Fri, 05 Jul 2024 20:00:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-gross-profit/

Do you know how profitable your small business’s operations are? You don’t have to be a financial expert to find out. You can calculate your gross profit to compare the funds you put into your business. Gross profit definition Gross profit is the revenue left over after you deduct the costs of making a product […]

]]> 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 […]

]]> The Basics of Revenue in Small Business https://www.patriotsoftware.com/blog/accounting/revenue-basics-small-business/ Wed, 05 Jun 2024 21:31:00 +0000 https://pslohio.wpengine.com/uncategorized/revenue-basics-small-business/

Business owner typing numbers into a calculator.

Revenue is a vital part of your business. Your business needs revenue to survive. So, you must understand revenue. Below you will learn what revenue is, why revenue is important, how to calculate it, and how to increase it. What is revenue in business? Revenue is the money your business receives during a certain accounting […]

]]> What Is Adjusted Gross Income? How to Calculate AGI [With an Example] https://www.patriotsoftware.com/blog/accounting/adjusted-gross-income/ Wed, 05 Jun 2024 21:20:00 +0000 https://pslohio.wpengine.com/uncategorized/adjusted-gross-income/

As a small business owner, you have likely heard of the terms gross or net income. But, are you familiar with adjusted gross income? Learn what is adjusted gross income, how to calculate it, and uses for adjusted gross income below. What does adjusted gross income mean? Adjusted gross income, or AGI, is a person’s […]

]]> How to Calculate Total Revenue in Accounting [With Examples] https://www.patriotsoftware.com/blog/accounting/how-calculate-total-revenue/ Wed, 08 May 2024 15:48:00 +0000 https://www.patriotsoftware.com/?p=53484

Keeping an eye on your business’s finances is oh-so-important if you want your company to thrive and grow. This includes monitoring your financial statements and calculating financial figures, such as total revenue. Get the lowdown on how to calculate total revenue and ways to use it to benefit your business. What is total revenue? Total […]

]]> Margin vs. Markup: Chart, Infographic, & More https://www.patriotsoftware.com/blog/accounting/margin-vs-markup-chart-infographic/ Mon, 06 May 2024 15:16:00 +0000 https://pslohio.wpengine.com/uncategorized/margin-vs-markup-chart-infographic/

Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup—and knowing this difference is how you can set prices that lead to profits. Unsure about the difference between markup vs. margin in accounting? We’ve got […]

]]> What Are the Types of Revenue Small Business Owners Need to Know? https://www.patriotsoftware.com/blog/accounting/what-are-types-of-revenue-accounts/ Fri, 05 Apr 2024 17:19:00 +0000 https://pslohio.wpengine.com/uncategorized/what-are-types-of-revenue-accounts/

Woman using a calculator. Twinkling lights in the background.

To keep business operations running smoothly, you need incoming money. When you make a sale or earn money from another activity, you need to record it. Learn how to record the types of revenue in different accounts. That way, you can keep your accounting books updated, organized, and legal. What is revenue? Revenue, or sales, […]

]]> 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, […]

]]> What Is Ordinary Income? https://www.patriotsoftware.com/blog/accounting/what-is-ordinary-income/ Wed, 09 Nov 2022 20:48:09 +0000 https://pslohio.wpengine.com/uncategorized/what-is-ordinary-income/

As a small business owner, you track the money your company earns in your accounting books. Can you identify the types of income you record? For example, ordinary income is a common type of income that your business earns. What is ordinary income? As a small business owner, you need to account for your company’s […]

]]> Create a Customer Bill Payment Policy for Your Small Business https://www.patriotsoftware.com/blog/accounting/customer-bill-payment-policy-small-business/ Wed, 09 Nov 2022 15:51:02 +0000 https://pslohio.wpengine.com/uncategorized/customer-bill-payment-policy-small-business/

Customer tapping her credit card on a payment processing system.

Do you struggle to collect customer bill payments? If you do not charge your customers the total bill at the point of sale, you need a payment policy to guide your customers through the payment process. A payment policy helps you get paid on time. Knowing when to expect payments helps you plan for business […]

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