Category: Running a Business

What Is A Merchant Account And How Does It Work?

What Is A Merchant Account And How Does It Work?

As a small business owner 20 or so years ago, one of my most confusing and frustrating tasks was reconciling my credit card transactions. They were deposited in my business bank account with a lag of several days from the time the transaction was completed, and at the time, I don’t think I completely understood exactly what a merchant account was or how it worked. I just knew I needed to have one to process credit cards. If your business… Read More
Your Guide to the Best Online Bookkeeping Services for 2023 [Reviews]

Your Guide to the Best Online Bookkeeping Services for 2023 [Reviews]

If financial terms like income and expense, debits and credits, and balance sheet make you cringe, you probably aren’t alone. Most small business owners don’t have a degree in accounting. And unless you have the budget to hire an in-house accounting department, you might not know what your options are in terms of making sure your bookkeeping gets done properly and on time. Online bookkeeping services are a hybrid of bookkeeping software and professional accounting. You get the benefit of the… Read More
How a Disregarded Entity (LLC) for Tax Purposes is Treated by the IRS

How a Disregarded Entity (LLC) for Tax Purposes is Treated by the IRS

“Disregarded entity” is a term used to describe how a business is classified for  tax purposes. A disregarded entity is one that is disregarded (or ignored) as an entity separate from its owner.  While the business may need to file an informational tax return, the income from the business is reported on the owner’s personal tax return. Here’s what you need to know about disregarded entities as a small business owner.  An Overview of Disregarded Entities While the term “disregarded… Read More
What You Need to Know About Managing Cash Flow Post COVID-19

What You Need to Know About Managing Cash Flow Post COVID-19

Poor cash flow management has rung the death knell for many small businesses over the years, making successful cash flow management a very important part of building a sustainable business. Like many business owners, 20 years ago when I was running my own business, I didn’t take my entrepreneurial leap because I was particularly excited about bookkeeping and accounting, but it became a big part of how I spent a lot of my time. In today’s economy, effectively managing cash… Read More
9 Coronavirus Scams to Avoid

9 Coronavirus Scams to Avoid

As individuals and small businesses, as often happens in crisis situations like we’re faced with right now, scammers tend to rear their ugly heads to take advantage of people who are vulnerable and frustrated. Many of the tactics you may have even seen before, but because of the crisis, we are more susceptible because they promise information or remedies that we want to believe in. Here are some of the coronavirus scams to avoid. Don’t respond to emails, texts, or… Read More
Frequently Asked Questions About Unemployment Benefits for the Self Employed

Frequently Asked Questions About Unemployment Benefits for the Self Employed

This article has been updated with January 1, 2021 with information from the stimulus bill signed by the President December 27, 2020. The CARES Act creates three programs that offer unemployment benefits for the self employed that may provide financial relief to those who are contractors, gig workers or self-employed and can’t work due to coronavirus: Pandemic Unemployment Assistance (PUA) Pandemic Unemployment Compensation (PUC) Pandemic Emergency Unemployment Compensation (PEUC)  How does unemployment for the self-employed work, and how do you… Read More