A balance sheet displays a company’s assets, liabilities, and owner’s equity at any given point in time. It provides a snapshot of what a company owns and owes as of the balance sheet date and the amount invested by its owners, so note that the owner’s equity isn’t equal to the company’s fair market value….
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Internal Cash Controls for Small Businesses: 19 Best Practices
Internal controls, in general, are procedures used to safeguard assets and implement financial and operational objectives. Creating internal cash controls for small businesses involves setting policies for handling physical cash and checking accounts and delegating responsibilities in keeping it. Cash controls are a crucial component of cash management best practices because cash, being the most…
What Is Owner’s Equity in Accounting?
The owner’s equity of a business is the residual amount left after deducting all liabilities from book value of company assets. It isn’t a measure of the value of a company, but rather a way to track both paid-in capital and retained earnings. Paid-in capital or contributed capital are contributions of the business owners while…
What Are Assets in Accounting? Types & Examples
Assets are resources that you own, control, and expect to provide a future economic benefit. For example, cash is an asset because it can be used to pay for future expenses. Other common assets are equipment, buildings, and investments. Assets are classified based on three criteria: Current vs noncurrent: An asset can be classified based…
7 Effective Customer Service Channels for Small Business
Customer service channels are platforms businesses use to communicate with customers. Maintaining an open line with customers, whether through one or multiple channels, is crucial as it provides essential information that can lead to a sale or influence a customer’s sentiment toward a company. In this article, we share the seven most common customer service…
What Are Expenses in Accounting? Variable & Fixed Explained
An expense is a cost incurred by a business in its operations to produce revenues. Expenses in accounting can be either variable or fixed. A fixed expense doesn’t change with the level of usage or production, such as the rent paid for a building, whereas a variable expense changes with the production or the amount…
What Is Cold Calling? The Ultimate Small Business Guide
Cold calling is a traditional sales activity primarily used to create and qualify new sales opportunities. It allows you to solicit initial conversations with key decision-makers that result in an immediate answer regarding interest in learning more about your products and services. In this article, we explore the cold calling definition along with the goals,…
What a Revenue Operations Team Structure Is & How To Create One
A revenue operations (RevOps) team involves a department or business function composed of team members responsible for driving revenue into one group. Rather than treating each function as separate, a RevOps team combines resources, data, processes, and strategies into a single team structure to maximize profits. In this article, we explore what a revenue operations…