Restaurant insurance is a policy, or combination of policies, that protects restaurants from financial harm. This harm can be to your property or the financial stability of your company from a lawsuit brought by a third party for different types of losses (e.g., a lawsuit related to food poisoning). The most common type of policy…
What is
Maternity Leave Policy & Laws (+ Free Templates & State Guide)
A maternity leave policy covers employee eligibility and maternity leave duration, along with benefits and other details associated with your policy. Under the federal Family & Medical Leave Act (FMLA), employers with 50 or more employees must provide unpaid maternity leave. Some states, however, require paid maternity leave, and some businesses choose to offer paid…
Employee Attendance Tracker: Overview, Instructions & Template
An employee attendance tracker is a way to track employee attendance, tardiness, absenteeism, and time off—a major part of managing employees. A good employee attendance tracker allows you to quickly identify repeat attendance-related offenses and act swiftly to discipline and coach your staff to correct such behavior. You can track employee attendance in two ways:…
Bad Debt Expense Journal Entry, Methods & Examples
Bad debts are uncollectible customer invoices that have already been recorded as revenue. The correct bad debt expense journal entry depends on which method you’re using. Direct method: The journal entry debits bad debt expense and credits accounts receivable (A/R). Allowance method: The journal entry debits bad debt expense and credits allowance for bad debts….
What Is an EFT Payment? How It Works for Small Businesses
In a nutshell, electronic fund transfer (EFT), sometimes called “pay by bank,” is a broad term used to classify all types of digital exchange of funds between two banks. While EFTs are generally slower to process than card payments, EFT payments (such as ACH and e-checks) are cheaper and equally secure as card payment transactions….
Closing Journal Entries: Definition, Process & Example
What are closing entries in accounting? Closing entries are journal entries that reduce the balances of all revenue and expense accounts to zero. Since income statement accounts are temporary accounts, their balances don’t transfer from one accounting period to another. Instead, they always start each period at a zero balance by debiting revenue and crediting…
What Are Interchange Fees? Credit Card Interchange Rates Explained
Interchange fees are costs merchants pay to accept and process credit and debit card payments. They consist of a small fixed fee plus a percentage of total sales, set by card networks (Visa, Mastercard, Discover, American Express) to cover the costs and risks associated with processing card transactions. Typical interchange fees range from 1.29%-3.5%. How…
What Is Return Fraud? A Small Business Guide
Return fraud, also called refund fraud or refund theft, is the deceptive practice of returning merchandise or abusing a return/refund process for monetary gain. In 2023, retail return fraud cost up to $101 billion in total losses, and every $100 of returned merchandise resulted in a loss of around $13.70 for retailers. Businesses need to…