Print on demand (PoD) is a business model where products are only manufactured, customized, or printed as orders are received, unlike traditional manufacturing models where products are created in large quantities and stocked in advance. The print on demand model has allowed many new entrepreneurs and existing brick-and-mortar retailers to test the waters of ecommerce….
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What Is Retail? A Small Business Guide
Retail is a type of business where merchants sell products to consumers for personal use. Retailing is the act of conducting retail business. Ecommerce and omnichannel selling have blurred the lines of physical and online retail, so retail is a term that often encompasses all selling of goods—digitally, in-store, or elsewhere. In this guide, you…
What Is a Section 351 Exchange? A Small Business Guide
A Section 351 exchange is a way to obtain ownership in a corporation by exchanging property for stock while delaying tax. Without Section 351, giving property to a corporation and getting something valuable (corporate stock) in return would be treated by the IRS as a sale of the property and would result in recognizing a…
Medicare Tax: What It Is and How It Works
Part of an employer’s payroll responsibilities is to handle the deduction and payment of their employees’ taxes. One of these is the Medicare tax, which is 2.9% of the employee’s gross earnings (as of writing this). The equivalent amount is split between employers and their workers, each paying 1.45%. However, there are instances where the…
What Is Supply Chain Management? Small Business Guide
Supply chain management (SCM) is the process of overseeing your product from construction to delivery with an eye for creating the best product at the best price. For small businesses, this often involves: Sourcing products, parts, or materials, either domestically or overseas Using a third-party fulfillment service or performing fulfillment in-house Handling logistics and transportation…
What Are Robocalls & Tips on How to Avoid Them
A robocall is an automated phone call containing a recorded message transmitted automatically to multiple phone numbers through auto-dialer software. It can be used for telemarketing campaigns and announcements like flight cancellations or appointment reminders. However, they have become easily exploitable by spammers trying to sell something illegal. Read further to understand what robocalls are,…
What Is GAAP in Accounting? Definition, Purpose & Principles
GAAP, or generally accepted accounting principles, is a set of rules and standards that accounting professionals follow when preparing financial statements and the related disclosures. In the United States, the Financial Accounting Standards Board (FASB) implements GAAP through its Accounting Standards Codification (ASC), a more detailed set of standards that lists down all the accounting…
Certified Management Accountant Defined and What They Do
A Certified Management Accountant (CMA) is a professional certification awarded by the Institute of Management Accountants (IMA) to individuals who demonstrate expertise in financial planning, analysis, control, decision support, and professional ethics. A CMA can help your small or medium-sized business (SMB) by analyzing fixed vs. variable costs, setting a profitable sales price, determining optimal…