#small-business
Small Business
Financial management strategies and tools for small business owners
How to Reduce Small Business Debt: 8 Proven Strategies That Actually Work
Learn 8 proven strategies to reduce small business debt, including the debt avalanche and snowball methods, debt consolidation, renegotiating loan terms, cutting costs strategically, and boosting revenue. Practical advice with current statistics.
IFRS: What International Financial Reporting Standards Mean for Your Business
Learn what IFRS (International Financial Reporting Standards) is, how it differs from US GAAP, who must follow IFRS, the simplified IFRS for SMEs standard, and what the 2026 updates mean for your business.
IOLTA: What It Is and How Law Firms Manage Client Trust Accounts
Learn what an IOLTA account is, how it works, who needs one, compliance requirements including three-way reconciliation, common mistakes to avoid, and best practices for managing client trust accounts at your law firm.
Law Firm Accounting: A Complete Guide to Trust Accounts, Billing, and Compliance
Learn how to manage law firm accounting, from setting up IOLTA trust accounts and performing three-way reconciliations to optimizing billing, maximizing tax deductions, and staying compliant with ABA and state bar rules.
LIFO Inventory Method: What It Is, How It Works, and When to Use It
Learn how the LIFO (Last In, First Out) inventory method works, how to calculate COGS and ending inventory, LIFO vs. FIFO differences, tax benefits during inflation, LIFO reserve, LIFO liquidation, and when LIFO is the right choice for your business.
Liquidity: What It Is, How to Measure It, and Why Your Business Depends on It
Learn what liquidity is, how to measure it with the current ratio, quick ratio, and cash ratio, and discover eight practical strategies to improve your business liquidity. Includes formulas, worked examples, warning signs, and a real-world scenario comparing two businesses.
Medical Practice Accounting: A Complete Guide to Healthcare Financial Management
Learn the essential accounting practices every medical practice needs, from revenue cycle management and accounts receivable to tax planning and profit distribution models for group practices.
Merchant Fees and Form 1099-K: What Small Businesses Need to Know
Learn how merchant processing fees relate to Form 1099-K, why the IRS sees different numbers than your bank account, how to reconcile the gap, deduct fees properly, and avoid common mistakes that trigger IRS notices.
Modified Cash Basis Accounting: The Hybrid Method That Gives Small Businesses the Best of Both Worlds
Learn how modified cash basis accounting combines the simplicity of cash accounting with accrual adjustments for long-term items. Discover who should use it, IRS rules, practical examples, and how to set it up for your small business.
Outsourced Accounting: When to Hire, What to Expect, and How to Choose
Learn when to outsource accounting, how much it costs, and how to choose the right provider. Includes cost comparisons, common mistakes, and a step-by-step guide to making the transition.
Overhead Costs: What They Are, How to Calculate and Reduce Them
Learn what overhead costs are, the three types (fixed, variable, semi-variable), how to calculate your overhead rate with formulas and examples, and eight strategies to reduce overhead and boost profitability.
Owner's Draw: What It Is and How to Pay Yourself from Your Business
Learn what an owner's draw is, how it differs from a salary, the tax implications for sole proprietors and LLCs, how to record draws in your books, and how much you should pay yourself. Includes journal entries, a comparison table, estimated tax deadlines, and common mistakes to avoid.