The question of whether it is illegal to not accept cash is a relevant and important question for many small businesses. The short answer is—it depends on where you are located. There is no federal law that requires businesses to accept cash, but there are some states that have laws in place that prohibit businesses…
Ultimate Guide
Rollover for Business Startups (ROBS): Ultimate Guide
A rollover for business startups (ROBS) is a way to use funds from your personal retirement accounts without having to pay the usual taxes or early withdrawal penalties. The retirement funds are transferred to your company’s retirement plan, which must be structured as a C Corporation (C-corp). The retirement plan then purchases stock in the…
Business Owner’s Policy: BOP Insurance Cost, Coverage & Providers
A business owner’s policy (BOP) is advantageous for small business owners because it brings together general liability, commercial, and business interruption coverage—often for a lower price than if you were to purchase the policies separately. Learn what a BOP policy is, how much it costs, and what coverages it typically includes, as well as top…
DUNS Number: What It Is & How To Get One
A Data Universal Numbering System number, or DUNS number, is a nine-digit unique identification number facilitated by credit bureau Dun & Bradstreet (D&B). This number is attached to a D&B business credit report, which is a publicly available profile and can be used to identify data that provides an outlook on the creditworthiness, reliability, and…
Ultimate Guide to Pay Adjustments for Small Business Owners
A pay adjustment is any change made to your employee’s salary. The change can be an increase or decrease in their compensation. It can also be permanent or temporary. Moreover, it can apply to a single employee or to the entire salary structure, where all employees can get an adjustment. There are many reasons why…
A Complete Guide to Consignment Inventory Accounting
Consignment allows businesses to sell goods via third-party sellers without requiring the sellers to pay for the goods upfront. Because consignees are only tasked with selling consigned inventory, ownership remains with the consignor until it is sold to final customers. In exchange, the consignee will get a commission from the sales. In this article, we’ll…
What Is LLC Insurance Coverage & How Much Does It Cost?
Limited liability company (LLC) insurance is a set of policies that LLC owners buy to protect their financial assets. Each policy covers a different type of risk, but the most common ones include general liability and commercial property. The combined policies that make up LLC insurance can cost anywhere from $450 to $1,200 annually, depending…
From Bills to Taps: Why Are Businesses Going Cashless?
Businesses are increasingly opting for cashless transactions as they seek to streamline operations, increase efficiency, enhance security, and cater to consumer preferences. The transition from traditional cash-based transactions to digital payment methods has accelerated, particularly in the wake of the COVID-19 pandemic when contactless payments had become a preferred way to pay. The Rise of…