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What is

What Is Merchandise Planning? Guide for Retailers

A failure to plan is a plan to fail. Here’s a breakdown of successfully planning your merchandise for optimized sales.

By July 5, 2024 | Retail, What is

Merchandise planning is the strategic management of product procurement, allocation, and sales to maximize profitability. It is a critical aspect of retail business operations as it involves determining and maintaining optimal inventory levels, which prevents stockouts (and unhappy customers) and too much cash tied to excess or aging stock. The merchandise planning process accounts for…

The Prime Rate: What It Is & Why It Matters

The prime rate is often the interest rate a bank charges to its most well-qualified borrowers.

By July 5, 2024 | Financing, What is

The prime rate can affect the interest rate you get on a loan, although lenders may use varying methods. It can fluctuate over time, so being aware of the prime rate can give you an idea of the range of interest rates you might be able to get. As a general rule of thumb, the…

What Is Form 6252? (+ Example)

By July 4, 2024 | Taxes, What is

Form 6252 is used to report income from the disposition of property sold under the installment method. In the course of a sale, when one or more payments are made after the close of the tax year, the installment method applies. What Sales Are Reported on Form 6252? Generally, when property is sold, a seller…

What Is a Learning Management System? Small Business Guide

By July 4, 2024 | Human Resources, What is

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…

What Is Nanny Tax & How to Pay It

By July 3, 2024 | Human Resources, What is

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

By June 27, 2024 | Retail, What is

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 Notes Payable? Interest Computation & Journal Entry

Notes payable (N/P) is a formal loan with a written agreement (promissory note A promissory note is a borrower’s written promise to pay the lender a certain sum in the future. ) and stipulated interest rate in which a borrower agrees to repay the lender. It is a liability account.

By June 26, 2024 | Accounting, What is

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…