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IRS Form 1099 is a series of forms used to report certain types of income that don’t come from a direct employer in the form of wages, salaries, tips, etc. Form 1099-NEC (nonemployee compensation) is the most common version, frequently used by small business owners. If

A shift differential policy is a set of guidelines and rules for handling non-mandatory premium pay offered to eligible employees for working hours that deviate from the standard or regular work schedule. A strong policy outlines the details of how the pay is calculated, who

Point-of-sale (POS) reconciliation is the process of manually checking your POS sales records against your cash on hand and credit card processing statements to ensure there are no discrepancies. Not difficult but often tedious, it is a key part of the cash-handling process and helps

An employment background check is a process for verifying a candidate’s background and qualifications and screening for red flags by checking criminal records, credit reports, driving history, and more, when applicable. Before conducting one, it is important to implement a background check policy to ensure

The I-9 form is a Department of Homeland Security (DHS) document used to verify a person’s eligibility to work in the US. Workers provide identification such as a Social Security card and driver’s license or passport. The employer then physically verifies these documents to confirm

Cash management is the process of managing cash inflows and outflows and utilizing idle funds to generate passive income. It involves collecting from your customers punctually so that you can pay your bills on time, avoiding penalties and interest. The lack of available cash can

A business money market account (MMA) is a type of business deposit account that lets you earn competitive interest with low risk. It typically offers higher yields than a business savings account but lower yields than investment accounts and certificates of deposit (CDs). Most MMAs have

Sell-through rate (STR) is a critical retail metric that tells you how well products are performing based on the amount of inventory sold compared to the amount of inventory received during a set period of time. Typically, retailers will measure sell-through rates weekly, monthly, quarterly,

A real estate commission split is the percentage of earnings agents and brokers receive when they assist a buyer, seller, or renter in closing on a property. There are various types and ranges of commission agreements, with standard models paying 60% to 70% to agents

The accounts receivable (A/R) turnover ratio is helpful in managing your A/R and measures how effectively a business collects payment from customers they have extended credit to within a given period―generally one year. Analyzing the A/R turnover should include industry benchmarks to give you a

Borrowing base refers to the maximum amount of funds that can be borrowed based on the value of collateral being pledged for the loan. It is calculated by multiplying a lender’s advance rate or loan-to-value (LTV) threshold by the value of the collateral. For example,