The Puerto Rico Tax Haven: Will Act 20 Work for You?

Looking to cut your business income tax rate by up to 90%? Locating in Puerto Rico might be your answer — if you're willing to play by their rules. What Is Act 20? It's no secret that Puerto Rico needs to boost its economy. And because it enjoys special status within...

Make New Customers But Keep the Old

One is silver, but the other is gold! The old song is talking about friends, but it's equally true of your existing customers — they are your most valuable asset. Long-term, loyal customers put money in your pocket with repeat business, new customer referrals and...

Analyze, Plan, Grow: 8 Tips for Scaling Your Business

Is your small business ready to size up? Here's how to put yourself in a position to seize that growth opportunity when it comes along. ANALYZE your Products This is especially important if your expansion involves introducing new products and services. Perform market...

Getting Paid 101: Accounts Receivable for Small Business

Basically, Accounts Receivable is the invoicing, collecting and recording of money owed to you by your customers. It's all very well to see an Accounts Receivable number in the asset column on your balance sheet — but what are you doing to turn that theoretical money...

Recipe for Success: 5 Must-Have Ingredients of Restaurant Bookkeeping

As a busy restaurateur, you may think that bookkeeping chores are the last thing on your priority list. Yet precisely because the business is so fast-paced, it's crucial to keep your numbers current. One small variance in profit margins or cash flow can turn into a...

Bookkeeper or Accountant: Which One Do You Need?

What's the difference between bookkeeping and accounting? For most people, they mean the same thing — the experts responsible for a company's finances. Traditionally, though, bookkeepers and accountants have different duties and skills. Let's take a look at those...

Bullet-Proof Your Accounts Payable with 3-Way Matching

How do you know whether the supplier invoices you're paying are accurate — either accidentally or on purpose? The answer is the 3-way match system. Here's how it works. Step 1: Purchase Order Make it a rule that your business does not buy anything without having a...

Loan Options for the Woman-Owned Small Business

Did you know that before the Women’s Business Ownership Act of 1988, many states required a woman to have a male guarantor for her business loan? Times have certainly changed since then. In fact, 40% of U.S. businesses are now owned by women. You'd think banks...

What Not to Charge to Your Business Credit Card

You've probably read in some of our other blogs that you shouldn't put personal expenses on your business credit card (and vice versa). But there are also some business-related expenses that shouldn't really go on that card, either. Why Have a Business Credit Card? In...

Hiring an Independent Contractor? You’ll Need These Forms

Whether you're a small start-up with no employees or a larger company just dipping its toe into the "gig economy," here's what you need to know about contracting with a freelancer. What Is an Independent Contractor? Unlike a full-time, part-time or temporary employee,...

Why Should a Sole Proprietor Bother with Accounting Software?

You're just a small business. Is it really necessary to go beyond an Excel spreadsheet to keep track of finances? Well, it may not be absolutely necessary, but it sure would save you a lot of time and hassles. Here are 4 ways spreadsheets let you down — and accounting...

Need More Profit? Reduce Your Overhead

When your balance sheet isn't showing a healthy profit margin, there are two routes you can take: raise your prices or cut operating expenses. Which is the riskiest? Most business owners would say it's raising prices, for a variety of reasons ranging from competitive...

Accounting Software for Ecommerce

The first step in starting up an ecommerce business is building your online store. Now you're ready to start taking orders, processing payments and shipping out your products. The second step is equally important: choosing software that will keep your books up to...

Meet Your New Business Partner: AI

In today's workplaces, a revolution is underway that's as big as the Industrial Revolution of the 19th century. It will transform the way we do business, no matter what industry we're in.  It's called Artificial Intelligence — the integration of machine learning and...

One-Participant 401(k): A Tax-Exempt Option for the Self-Employed

If you're an independent contractor or the owner of a small business with no full-time employees, there's a retirement savings plan just for you. The IRS calls it a One-Participant Retirement Plan; you may also hear it referred to as an Individual 401(k) or a Solo...

Do Retailers Have to Collect Sales Tax on Drop Shipped Merchandise?

The short answer is probably yes. However, the regulations are complicated, and different for every state.   What Is Drop Shipping? This arrangement allows you to avoid the costs of warehousing and labor of shipping your inventory to customers. Here's how it...

How (and Why) to Go Paperless

Does your office still contain piles and filing cabinets full of paperwork? Do you automatically print out everything "for your records?" Are you afraid that if you go completely digital, some documents might be lost? You're not alone. Many business owners still feel...