However, you should be proactive with tech investments to keep accounting processes running smoothly. But in the context of a growing SaaS business, there are really only two sub-types of accounting you need to think about — cash basis accounting and accrual accounting. And in reality, unless you’re a local small business, your business is going… [Read more]
For instance, when a sale is made, the revenue generated from the sale is recorded in the sales ledger account, while the corresponding entry is made in the cash or accounts receivable ledger to document the incoming payment. Good accounting practices enable businesses to track their cash flow, manage expenses, and assess the financial health… [Read more]
Selling a franchise can have disadvantages, such as losing control of the business and the risk that one store could damage the reputation of the whole brand. It is essential to ensure that your new product does not compete with any products you currently sell. Having products complementing each other can give you a competitive… [Read more]
Merchandising includes all the non-verbal tactics retailers use for presenting and promoting their goods in-store. This includes your store layout, the products you choose to sell, how you arrange them, and even your pricing strategy. Retailers use merchandising in their stores to cultivate their brand image, improve customer experience, and drive sales. Stores display the… [Read more]
We recommend keeping the accounting files of the last three years, to protect the business. We know it might be tempting to throw out bills and receipts once you’re done with them. Also, in case the IRS audits you, it is good to have them as a backup. Now, if you hold this receipt against… [Read more]
