You need accounting software if you’d like to avoid time-consuming report generation and manual data entry, improve organization, stay compliant, have a scalable accounting solution, and benefit from mobile access, among other things. The decision of whether your company needs accounting software hinges on several factors, including business size, complexity, financial acumen, and time constraints….
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What Is Venture Capital? How It Works & Where to Get It
Venture capital (VC) is a type of financing that is provided to help scale high-potential startup businesses. Generally, this type of financial arrangement involves pooling funds from investors in exchange for equity within the company they’re financing. As a form of private equity, it’s usually offered by venture capitalists who are experienced investors and can…
What Is a Petty Cash Voucher or Slip?
A petty cash voucher, also referred to as a petty cash slip, is a formal document used to record small cash disbursements from a petty cash fund.
It is used to record small expenses paid with cash, such as office supplies, small repairs, courier fees, and small gifts for clients or customers. By implementing a petty cash voucher system, you can effectively track expenses, enhance financial control, and simplify the accounting process. Important Items on a Petty Cash Voucher A petty cash…
What Is the FIFO Inventory Method? First-In, First-Out Explained
First-in, first-out, also known as the FIFO inventory method, is one of four different ways to assign costs to ending inventory. FIFO assumes that the first items purchased are sold first. Companies must make an assumption about their flow of inventory goods to assign a cost to the inventory remaining at the end of the…
What Is Equipment Financing? Loans vs Leases
Equipment financing can be used to acquire equipment necessary for your business operations. You can get a loan or a lease, depending on whether you want to utilize it for short- or long-term business purposes. The main difference between the two is that loans allow business owners to retain ownership of the equipment once the…
A Simple Explanation of Section 1250 Property With Examples
Section 1250 property is your depreciable real property—like buildings—owned for more than one year and used in your business, trade, or rental activity. It’s important to identify your 1250 property because the gain on the sale of such property is taxed differently than ordinary assets, capital assets, and other 1231 assets. What Is Section 1250…
Unsecured Business Lines of Credit: What It Is & How It Works
An unsecured business line of credit is a revolving loan that allows you to withdraw funds up to a certain credit limit. You can get quick access to funds by drawing upon the line in any amount you may need, receiving the funds in your account, and paying back the drawn funds over time. What…
Landscaping Insurance: Cost & Coverage for Your Business
Landscaping insurance refers to a policy, or combination of policies, that protects your business assets against claims that your business was negligent and caused harm. Landscapers need coverage for third-party claims, employee injuries, and business property damaged by theft or vandalism. Landscape insurance costs for general liability will range from $500 to $2,300 annually. Landscaping…