As a small or startup business, it’s imperative that you offer customers as many different customer support channels as possible. Not only is it important to reassure them that their investments in your products or services are secure, but it’s vital that you’re able to provide support in case something goes wrong. Thankfully, there are…
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What Is Employee Advocacy?
Employee advocacy is when employees promote the brand, products, or services of the company they work for through social media, word-of-mouth, or other personal interactions. However, it’s more than simply sharing content or words; it’s authentic—an effort done because employees genuinely believe and advocate for the company, as they feel valued by it and are…
Newspaper Ad Cost & Factors Affecting How Much You Pay
In 2024, the average newspaper ad cost for a one-inch column, black-and-white print ad is $756.40. Meanwhile, an ad in an online publication can cost between 3 cents and $5 per click. However, the average cost of newspaper ads depends on factors like location, the size of your ad, and how long your campaign will…
What Is the Meals & Entertainment Deduction?
If you own a business, you may be able to take the meals and entertainment deduction to lower your tax liability. Generally, you can deduct the cost of business-related meals and meals consumed while traveling overnight. Entertainment costs aren’t deductible. The purpose and beneficiary of the meal are primary factors in determining which expenses you…
What Is an Owner’s Draw and How to Record It?
An owner’s draw is a withdrawal of business funds by a business owner for personal use. It’s recorded as a reduction in the owner’s equity on the balance sheet, not as an expense on the income statement.
To record it, debit the Owner’s Draw account while crediting the Cash or Bank account from which you took the owner’s draw. It’s essential to track all draws throughout the year for accurate financial records and, at the fiscal year’s end, transfer the total in the Owner’s Draw account to the Retained Earnings account. This…
What Is Cash Skimming? Examples, Detection & Prevention
Cash skimming is a business fraud wherein an employee pockets customer payments before recording them in the accounting system.
Businesses with very relaxed or nonexistent internal controls over cash transactions are at a high risk of skimming fraud. The best way to detect and prevent cash skimming is to implement a robust internal control system with a strong emphasis on proper and adequate transaction documentation. In this article, we’ll talk about how cash skimming…
SBA Loan Requirements
Small Business Administration (SBA) loan requirements are determined by both the federal government and the participating lender facilitating the loan. Eligibility criteria can vary depending on the loan program and qualifications required by the issuing lender. When determining if you meet SBA loan requirements, your business will be evaluated based on its ability to repay…
The Cost of Unified Communications (+ Cost-saving Tips)
The cost of unified communications (UC) varies based on multiple factors, such as deployment model, number of users, and service provider. Switching to a cloud-hosted solution incurs a monthly fee ranging from $15 to $50 per user, including features, support, onboarding, and maintenance. Meanwhile, an on-premise system entails a one-time equipment cost between $201 and…