Cost of goods sold (COGS) represent the total costs in making or purchasing a product. In simpler words, COGS is the amount you paid when you produced or purchased the products that were sold during the period. Selling costs like commissions are not part of COGS. Rather, these are recorded as part of operating costs….
Ultimate Guide
How Much Are International Calls? What Small Businesses Need to Know
International calling costs vary based on the country you’re calling and the service provider you use. Voice-over-internet-protocol (VoIP) providers offer the cheapest per-minute international call rates, ranging from 1 cent to $1 per minute. They also have different international call plans for specific needs. In this article, find out how much are international calls, learn…
FDIC Insurance for Business Accounts: What It Is & How It Works
The collapse of Silicon Valley Bank (SVB) brought Federal Deposit Insurance Corporation (FDIC) insurance for business accounts into the forefront of every business owner’s mind. The FDIC protects against all bank failures for up to $250,000 per depositor, per insured bank. Amounts above $250,000 can be insured using separate banks, insured cash sweeps (ICS) alternative…
SBA Disaster Loans: Everything You Need To Know
If a disaster has caused damage to your business and you couldn’t get a loan, a Small Business Administration (SBA) disaster loan, an affordable financing method, can give you the funding needed to restore operations as quickly as possible. Many types of SBA disaster loans have rates below 4% with repayment terms of up to…
How Payroll Outsourcing Services Work: Ultimate Guide
Outsourcing payroll can be an easy way to save time and money. Rather than tracking and calculating employee payroll by hand or using spreadsheets, you can hire a bookkeeper, use an accountant, or work with a professional employer organization (PEO). Many small business owners outsource their payroll and HR because of how complicated and time-consuming…
Common Invoice Payment Terms and Tips on Setting Them
Most companies will set payment terms to ensure that they’re paid on time, with the most popular terms being 30 days (or Net 30). Setting payment terms is an essential part of accounts receivable (A/R) management, and making terms transparent to customers by displaying them on every invoice that’s issued is an important bookkeeping task….
How to Lease a Retail Space in 6 Steps
Leasing or renting a retail space requires careful planning, as the space you choose will not only be one of your most significant operating costs but will determine your location, product quantity, storage, and store layout. To effectively rent a retail space, you need to set a budget, look for a few quality options, and…
Swim Instructor Insurance: Best Providers, Cost & Coverage
Swim instructor insurance is a policy providing liability coverage for someone who directly oversees training. The providers of this insurance sometimes lump swim instructors into “sports instructors,” which cover a range of athletic activities, so insurance options vary widely. Also, some insurers offer a policy that carries both general and professional liability insurance, but general…