Category: Running a Business

5 Simple Ways to Organize Your Small Business Finances

5 Simple Ways to Organize Your Small Business Finances

Business credit scores are often seen as the number one obstacle preventing small businesses from getting financing. But disorganized financials may be equally to blame. In today’s challenging economic environment in particular, lenders want to make sure your business is viable and will be able to repay the debt. Organized and up to date finances are essential if you want to increase your chances of getting approved.  Here are 5 simple ways to organize your small business finance processes. 1.… Read More
10 Tools That Keep Entrepreneurs Organized and Productive

10 Tools That Keep Entrepreneurs Organized and Productive

We’ve all got our own favorite tips, tricks, and tools that help us organize our task lists, assign projects, and manage deliverables. Today, there are more apps and software programs geared toward business owners than ever. I interviewed 10 entrepreneurs to find out what they use to stay on top of everything. Here are 10 of the best organization and productivity tools for entrepreneurs. 1. Monday: Streamline Communication Channels Aalap Shah, founder of 1o8, an e-comm-focused digital agency in Chicago,… Read More
9 Unemployment and Coronavirus Questions Answered

9 Unemployment and Coronavirus Questions Answered

When Congress created the Pandemic Unemployment Assistance as part of the CARES Act it made unemployment benefits available to the self-employed as well as workers who may not be able to work for a variety of COVID-related reasons. Pandemic Unemployment Compensation (PUC) added an additional $600 weekly payment through July 31, 2020 to certain eligible individuals who are receiving other benefits. And Pandemic Emergency Unemployment Compensation (PEUC) extends certain benefits.  All of these programs provide some welcome relief to those… Read More
The Best LLC Business Formation Services to Set Up an LLC

The Best LLC Business Formation Services to Set Up an LLC

When first starting a business, you have many decisions to make. A key decision is what type of business structure will you operate under. This step of your business setup is critical because it will impact things like your personal liability for your business as well as how you file and pay your taxes. One business structure to consider is the limited liability company (LLC). There are many perks when you operate as an LLC or corporation, and the main… Read More
Debt Collection Software: The 6 Best Collection Software for Small Business in 2022

Debt Collection Software: The 6 Best Collection Software for Small Business in 2022

Having customers who drag their feet on payments can be an accounting nightmare. First of all, your small business needs that revenue to pay expenses. And second, chasing after late-paying clients can be time-consuming or expensive. Certainly, there are collection agencies you can work with to help with the collection process, but you’ll have to give up 25-50% of the amount due to that collection agency. A better solution to collect on what’s owed to you is to use debt… Read More
Owners Draw vs Salary: How Should Business Owners Pay Themselves?

Owners Draw vs Salary: How Should Business Owners Pay Themselves?

Key takeaways: The main ways small business owners pay themselves is through salary and/or owner's draw. Your business structure determines which options are available to you. Owner draws provide flexibility but require careful tax planning, while salaries offer consistency and automatically handle tax withholding. Understanding the tax implications of each payment method can lead to significant savings—especially for owners of S corporations who balance reasonable salaries with distributions. You no doubt went into business expecting to make money. To do… Read More