If you’re interested in using your own money to start a business, you’ll need to open a business bank account, select your funding source, provide instructions for completing the transfer, and then record it for accounting purposes. Each of these steps involves certain nuances as well as additional considerations that can impact your ability to…
How To
How to Convert Minutes for Payroll (+ Conversion Chart)
If you are an employer with hourly workers, it can be challenging to calculate pay if they work only a fraction of an hour. To pay employees working partial hours, you need to know how to convert minutes for payroll. Failing to calculate minutes for payroll causes errors and creates more work on the back…
Hiring Seasonal Employees in 8 Easy Steps
Hiring seasonal employees—temporary workers hired when a business typically experiences increased demand—is a strategic move for managing workload during peak periods. In this guide, we’ll show you how to hire seasonal employees, from initiating recruitment early to correctly classifying your seasonal employees. By following our steps, you can attract, recruit, and onboard the right talent,…
How to Organize Inventory for Small Businesses in 9 Steps
Inventory management is the process of maintaining the right products, in the right quantities, at the right time to sell to customers. Accurately managing inventory can increase revenue by preventing stockouts, excess inventory, and unsold products. While I have seen it done manually, the easiest and most reliable solution for managing inventory is to use…
Units of Production Depreciation: How to Calculate & Formula [+ Calculator]
I’ll walk you through how to calculate units of production depreciation. First, you divide the asset’s cost basis―less any salvage value―by the total number of units the asset is expected to produce over its estimated useful life to get the depreciation rate. Then, you multiply this rate by the total number of units produced for…
How to Do Payroll in Minnesota: An Employer’s Guide
Learning how to do payroll in Minnesota can be a bit challenging. Minnesota payroll tax withholdings are complex, with special taxes for entertainers, a different rate for supplemental pay, and more. It also varies rates according to the portion of salary for which you’re calculating taxes, with part of a salary (the first $30,000+ for…
How to Pick a Website Color Scheme in 4 Steps [+ Examples]
When building your business website, the right color scheme or palette enhances legibility, appeal, user experience, and brand recognition. Picking the right color scheme is not just an aesthetic choice. It’s a method that requires strategic thinking around understanding color theory and psychology, integrating your brand identity colors, and possibly leveraging color palette tools. In…
How To Use Excel for Accounting [+Free Templates]
Microsoft Excel is an incredibly powerful tool for accountants, especially when it comes to handling complex calculations that most bookkeeping software can’t. While I wouldn’t suggest relying on Excel as your main bookkeeping system, it’s perfect for filling in gaps where your primary tool might fall short, like with reconciliations and specialized calculations. In this…