A learning management system (LMS) is a software that makes it easy to organize, manage, and deliver your small business’ training content. Also commonly referred to as a training management system or learning experience platform, an LMS streamlines the administration of employee-specific and company-wide training while tracking employee progress, performance, and satisfaction. This makes it…
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What Is Nanny Tax & How to Pay It
Nanny taxes are federal and state obligations from employing household workers like nannies, housekeepers, or personal assistants. Employers must withhold taxes once an employee’s annual pay is or exceeds $2,700. These taxes cover Social Security, Medicare, federal and state income taxes, and unemployment taxes. Employers have their own financial contributions separate from employee withholdings. This…
Product Validation: What It Is & How to Do It
Product validation is an important process whether you’re starting a new retail business or launching a new product for your existing brand. If you’ve ever come up with a product idea, product validation essentially tells you whether your product is pursuing or not. While it’s not foolproof, it is a great way to ensure you…
What Is a Petty Cash Log (+ Free Templates)
A petty cash log (also called a petty cash register) is the official record of all petty cash transactions. The petty cash custodian is in charge of maintaining the petty cash log for all petty cash transactions that were taken out of the fund. We have prepared a free downloadable petty cash log template that…
What Is Notes Payable? Interest Computation & Journal Entry
Since N/P is debt, the borrower incurs interest expense that must be paid together with the principal amount at maturity date. N/P ranges from short-term loans for solving cash flow problems to long-term loans for purchasing machinery or even buildings. In this article, we discuss the purpose of N/P, the interest computation, and the journal…
Level 2 and Level 3 Credit Card Processing Explained
Level 2 and 3 credit card processing are transaction types reserved for businesses that accept payments from other organizations (typically high-volume B2B transactions) instead of individual customers. These processing levels can save your company money—but they come with additional requirements, so you need a card processing service that can handle that additional data. We’ll explore…
Accounts Payable Internal Controls: Best Practices + Free Manual
Accounts payable internal controls are a set of policies, procedures, and practices that ensure the accuracy, integrity, and security of accounts payable transactions.
The main objective of accounts payable internal controls is to reduce the risk of error and fraud that may proliferate in the accounting information system if not detected, prevented, and corrected on time. Having controls in place helps the A/P team deliver on their responsibilities and maintain independence in reviewing and approving all A/P transactions….
What Is a Franchise & How Does It Work? SMB Guide
A franchise is a business model in which a parent company, or licensor, grants permission to a licensee to share its business concept. The resulting business, a franchise, helps the licensor expand while retaining control over products, delivery methods, marketing, and concepts. In return, the licensee receives an established product with permission from the franchise…