Point-of-sale (POS) reconciliation is the process of manually checking your POS sales records against your cash on hand and credit card processing statements to ensure there are no discrepancies. Not difficult but often tedious, it is a key part of the cash-handling process and helps prevent chargeback disputes. Most service and retail businesses will only…
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What Is Cross Merchandising? Techniques & Examples
Cross merchandising is the practice of displaying items from different product categories together to incentivize multi-item purchases. It works by reminding customers of a need, sparking ideas, and streamlining their shopping process. At the same time, cross merchandising benefits business owners by driving more sales. In this article, we’ll explore how cross merchandising is used…
What Is Workplace Safety Training (+ Training Topics & Laws)
Workplace safety training is designed to educate employees about potential hazards in their work environment. These courses help equip the workforce with the knowledge and skills necessary to minimize risks, prevent accidents, and maintain a secure workplace. Although construction and manual labor jobs are the most obvious targets of such courses, office workers need safety…
Blind Hiring: What It Is & How to Reduce Bias During Hiring
Blind hiring involves removing any unnecessary identifying information about a candidate from all stages of the hiring process. This can include information that identifies an applicant’s race, ethnicity, gender, or any identifying class, protected or otherwise. When reviewing resumes, interviewing candidates, and making hiring decisions, blinding the information (e.g., making it anonymous) removes conscious and…
At-risk Rules for Rental Properties & Schedule C Businesses
The at-risk rules limit your ability to deduct losses from your business activities. With these rules in place, the losses you may deduct on your individual tax return are limited to your investment in the company. The most common scenario that might result in a disallowed loss under the at-risk rules is if you invest…
Global Employee Benefits: Small Business Guide
A global employee benefits package is a comprehensive benefits plan designed to meet the diverse needs of an international workforce. This benefits package includes a range of perks, including some that may be required—even for freelancers—in certain countries. A strong benefits plan may be the key to unlocking success for your small business, attracting and…
What Is Form 1042? Who It’s for & How to Fill It Out
US businesses that work with noncitizens or foreign entities may need to file Form 1042, an Annual Withholding Tax Return furnished by the Internal Revenue Service (IRS). It is used for reporting the taxes your company has withheld related to the income paid out to international payees—including nonresident aliens and foreign partnerships, estates, trusts, and…
What Is the 20% Pass Through Deduction (QBID) & Who Qualifies?
The qualifying business income deduction (QBID) lets pass-through entities take 20% off of their qualified business income (QBI); it essentially reduces the amount of QBI exposed to taxation. For the purpose of this deduction, QBI is the net amount of qualified income, gain, deduction, and loss from any qualified trade or business, including income from…