Mon, 28 Oct 2024 13:18:08 +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 32 32 https://www.patriotsoftware.com/blog/accounting/what-is-single-entry-bookkeeping-system-example/ Thu, 03 Oct 2024 19:15:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-single-entry-bookkeeping-system-example/ As your small business begins to make transactions, you must record them in your books. If you want an “easy” way to track business finances, you may consider using single-entry bookkeeping instead of double-entry bookkeeping. Single-entry bookkeeping lets you record transactions quickly so you can get back to running your business. But what are the […]

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]]> https://www.patriotsoftware.com/blog/accounting/scorp-vs-llc/ Thu, 03 Oct 2024 14:03:00 +0000 https://www.patriotsoftware.com/?p=51679 When you start a company, there are several business structures. Two popular types of business structures are an S corporation and LLC. Are you choosing between these structures? Find out the key differences between S Corp vs. LLC and learn which is best for you. S Corp vs. LLC Many business owners decide between starting […]

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]]> https://www.patriotsoftware.com/blog/accounting/tax-relief-disaster-situations/ Tue, 10 Sep 2024 15:58:00 +0000 https://www.patriotsoftware.com/?p=50390 When disaster strikes, you have a lot on your mind. Your first thoughts might be of repairing damages and getting your business back up and running. But then, it hits you … Oh no, my taxes are due soon. Thankfully, there’s tax relief in disaster situations. Tax relief isn’t the only type of government assistance […]

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]]> https://www.patriotsoftware.com/blog/accounting/beneficial-ownership-information-reporting/ Thu, 29 Aug 2024 16:04:00 +0000 https://www.patriotsoftware.com/?p=65406 A new rule, known as company beneficial ownership information reporting, took effect on January 1, 2024, impacting small business owners nationwide. Depending on your business structure, you must report beneficial ownership information (BOI)—aka who owns and controls your company—to the U.S. government. If you fail to comply, you could face hefty penalties of $591 per […]

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]]> https://www.patriotsoftware.com/blog/accounting/how-do-i-issue-a-corrected-form-1099/ Wed, 14 Aug 2024 14:58:00 +0000 https://pslohio.wpengine.com/uncategorized/how-do-i-issue-a-corrected-form-1099/ Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099. “Mistake” is the last word you want to hear in business. But, […]

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]]> https://www.patriotsoftware.com/blog/accounting/how-much-do-small-business-owners-make-average-income/ Tue, 13 Aug 2024 15:18:00 +0000 https://pslohio.wpengine.com/uncategorized/how-much-do-small-business-owners-make-average-income/ Running a small business takes passion, gumption, and determination. But, becoming a small business owner isn’t a fast track to getting rich. So, how much do small business owners make? How much does a small business owner make a year? Incomes vary because of factors like industry, geographic location, and experience. Being a small business […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-zero-based-budgeting-example-process/ Fri, 05 Jul 2024 20:08:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-zero-based-budgeting-example-process/ To stay on top of your business expenses, you need to constantly plan and update your small business budget. When you make a traditional budget, you use the previous budget and tweak it. This might not be the most effective way to make a budget, especially for small companies. Another option is zero-based budgeting. What […]

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]]> 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 […]

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]]> https://www.patriotsoftware.com/blog/accounting/how-to-conduct-a-market-analysis/ Fri, 05 Jul 2024 19:48:00 +0000 https://pslohio.wpengine.com/uncategorized/how-to-conduct-a-market-analysis/ When you start a business, do you just wing it? Or, do you take time to plan and research your strategies before you jump into the market? If you’re like most entrepreneurs, you probably prepare your business before taking the plunge. Before diving into a market or switching up a strategy, you need to do […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-suspense-account-journal-entry-example/ Fri, 05 Jul 2024 18:14:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-suspense-account-journal-entry-example/ Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries. What is a suspense account? A suspense account is an account where you record unclassified […]

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