The cost of educating yourself or your employees is a deductible business expense if it is a condition of employment or maintains or improves skills used in the current business—the courses can’t qualify the student for a new career. In some cases, an education expense might qualify for both the business deduction and a personal…
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IRS Business Expense Categories List [+ Free Worksheet]
The list below includes the most common business expense categories that a small business may encounter; it’s not an exhaustive list. In general, you may deduct expenses that are ordinary and necessary for your business. The IRS website defines “ordinary” as something common for your industry and “necessary” as something helpful and appropriate for your…
Supply Chain Transparency for Independent Retailers
With shoppers increasingly holding businesses accountable for their impacts on the environment and their communities, supply chain transparency provides visibility into how products are made.
Consumers are demanding more transparency from businesses than ever before. One way to appeal to this consumer behavior is through honesty and accountability in your supply chain processes. Supply chain transparency involves both internal and external access to information about product development, from sourcing to distribution. Let’s dive in. What Is Supply Chain Transparency? Supply…
Applicant Screening: 5 Steps to Find the Perfect Candidate
In the complex world of business, hiring the right candidate is a crucial task that can significantly impact a company’s success. A key piece of this process is applicant screening, a systematic method to evaluate potential employees. The process of how to screen applicants includes reviewing the initial job application and resume, initiating pre-interviews, performing…
Cash Stuffing: What Businesses Need to Know
Economic conditions are causing consumers to tighten their wallets and carefully monitor spending. Cash stuffing is making a comeback as a budgeting method of choice.
Cash stuffing is a budgeting method that has recently started gaining traction. While many consumers have increasingly gone digital in their spending, rising inflation and cost of living have pushed some—particularly younger consumers—to pursue “old school” approaches to money management. With “cash stuffing” making the rounds across millions of posts on TikTok, it is one…
What Is a Kanban Board: A Small Business Guide
A Kanban board is a visual project management tool that shows teams what needs to be done, what is ongoing, and what’s completed. Its key benefits include improved workflow visibility, enhanced team collaboration, and streamlined task prioritization. When selecting a Kanban tool, prioritize features like customizability, drag-and-drop functionality, and integration capabilities. Our resource will help…
What Is a Phone Extension & How Does It Benefit Small Businesses?
Phone extensions are short numerical codes integral to directing calls and responding to inquiries. Small business owners often use phone extensions to organize communication flows, resulting in more efficient and cost-effective call management. To answer the question “What is a phone extension?”, we’ve outlined key features, examples, and benefits for solopreneurs, multi-location teams, and small…
SBA Microloans: Rates, Eligibility & How to Apply
One of the many financing options offered by the Small Business Administration (SBA) is its microloan program. SBA microloans offer up to $50,000 in funding and are designed to help small businesses and certain not-for-profit childcare centers. Startups are eligible, and funds can be used for almost any business-related expense that helps the company grow….