We’ll cover how to calculate Accounts Receivable (A/R) Net Realizable Value (NRV), which is the estimated amount of cash a company expects to collect from its outstanding customer invoices after accounting for potential bad debts or uncollectible amounts. To get your A/R NRV, calculate the gross A/R and then subtract the Allowance for Doubtful Accounts…
How To
How Do Nonprofits Pay Employees? A Quick Guide
Nonprofits can pay their staff—IRS guidelines permit compensation for employees, including founders and executives, as long as it is reasonable. Salaries should be comparable to similar roles within the sector to avoid penalties for excessive compensation. These organizations face unique challenges in funding and payroll management, making it essential to know exactly how nonprofits pay…
How to Improve Employee Productivity: 5 Proven Tips
Productivity is a measure of how much work is done in a given amount of time. In the workplace, productivity is essential for businesses to be successful. Yet, many factors hinder employees from performing at their best—from ineffective workplace environments to disengagement. By implementing strategies to cultivate a culture of productivity and engagement, businesses can…
How to Use HubSpot CRM for Your Small Business in 6 Steps
HubSpot CRM is one of the most popular and easy-to-use customer relationship management (CRM) systems for general use on the market. Sales teams use this CRM to store and manage all types of information, like contacts and deals. The first step to using HubSpot CRM is understanding how to organize and import your CRM data….
How to Create a New Hire Checklist [+ Free Template]
A new hire checklist ensures that you don’t miss important steps when adding new employees to your team. Make sure to include all the required documentation and steps on the checklist template you create to make their first days on the job efficient and enjoyable. This includes having their employment paperwork ready, setting up their…
Step by Step IRS Form 8027 Instructions
Our article provides Form 8027 instructions by section, from basic business information to the amounts of tips to be allocated. The form is used to report food and beverage sales, report tips declared by employees, and identify any additional allocation of tips by the employer. It must be completed by large food or beverage establishments,…
Step-by-Step IRS Form 8846 Instructions
The steps below are designed to help you make sense of the IRS Form 8846 instructions for claiming the FICA tip credit. Examples of the completed form have been provided for reference. To prepare the form, you’ll need to have the company’s legal name, EIN, and total tips paid to employees during the year. Form…
How to Create a Wix Website in 10 Easy Steps (+ Video)
Wix is one of the top website builders I always recommend to small businesses. It’s simple, free to start, and has hundreds of templates you can easily customize. It also lets you build an online store and, on the marketing side, boasts some of the best SEO capabilities. Below, we’ll go through how to build…