Category: Running a Business

In Accounting, Why Do We Debit Expenses and Credit Revenues?

January 22, 2020 Susan Guillory

You didn’t go into business to become an accountant, so it’s understandable that you’d have questions like, “Are expenses debit or credit?” In short, because expenses cause stockholder equity to decrease, they are an accounting debit. It’s helpful to understand why, so learn what you need to know in this article. Understanding Debits and Credits Let’s start with some basic Accounting 101. We may have moved away from “managing the books” in an actual paper ledger and painstakingly entering each… Read More

An Employer’s Guide to Fringe Benefits

January 10, 2020 Gerri Detweiler

Fringe benefits are a way to compensate employees in addition to wages or a salary. Fringe benefits can be part of a salary package or a group of benefits that supplement wages. For employers, fringe benefits can entice and keep top talent. The more benefits you offer, the more likely potential employees will look at your company as a desirable place to work. They can also help supplement employee’s wages in a competitive job market. McKinsey & Company’s 2021 Employer… Read More

Profit and Loss Statement (P&L) Definitions & Examples

January 8, 2020 Michelle Black

A profit and loss (P&L) statement is a report that details a company’s revenue and expenses over a period of time (usually a quarter or fiscal year). The profit & loss statement, also called the income statement, shows whether a company lost money or made a profit during the reporting period. Let’s explore what a P&L statement means for your business, why you need one, a profit and loss statement example, and three free templates you can use to create… Read More

6 Tools to Set Your Business Up for Success in 2022

January 3, 2020 Jennifer Lobb

There are multiple factors that contribute to the overall success of a business, and while some of them are directly tied to your effectiveness as a business owner– motivational level and overall attitude and acumen, for example – many others depend on how you leverage resources to maximize efforts and increase productivity and organization. In today’s diverse workplace, that often means incorporating tools and apps that make working easier and smarter. Fortunately, there are a variety of easy-to-access and affordable… Read More

The 9 Small Business Conferences You’re Missing Out On in 2020

January 2, 2020 Linsey Knerl

If you ask small business owners about their favorite ways to grow their sales and get new customers, they almost always include networking somewhere on that list. That’s because it’s just that effective. But sadly, networking opportunities and small business development efforts can be pushed aside in the busy day-to-day of running a business. That's where small business conferences can come in. While they can be an efficient way to get industry insights, learn skills, or find vendors, it's the… Read More

Getting Your Small Business Out of Debt

January 2, 2020 Gerri Detweiler

Business debt can be a tool for growth, but when it gets to be too much, it can also prevent a business from taking advantage of opportunities to grow. The Experian Oxford Economics Main Street Report Q2 2023 notes that “commercial lending remains open to small businesses,” this year, but small businesses face increasing pressure as interest rates have risen. “A decision to pay some creditors more slowly and hold onto capital longer will continue to increase delinquency rates across… Read More