Wed, 19 Apr 2023 20:32:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png 32 32 https://www.patriotsoftware.com/blog/accounting/what-is-trial-balance-adjusted-how-prepare-purpose/ Mon, 17 Apr 2023 18:23:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-trial-balance-adjusted-how-prepare-purpose/ Are you an accounting wizard? Maybe, maybe not. Regardless, your math needs to add up. And sometimes, even the greatest mathematicians make mistakes. If you make an accounting error, you must find it—before it harms your business. That’s where a trial balance comes in. An accounting trial balance is for businesses that use accrual accounting. […]

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]]> https://www.patriotsoftware.com/blog/accounting/how-to-fill-out-form-1120/ Thu, 23 Mar 2023 17:57:29 +0000 https://www.patriotsoftware.com/?p=62095 According to the Small Business Administration, 81.2% of large employers and 24.8% of small employers are corporations. Structuring your business as a corporation comes with benefits like limited liability and increased access to capital. It also comes with its own unique small business tax return—Form 1120. Do you know how to fill out Form 1120? […]

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]]> https://www.patriotsoftware.com/blog/accounting/1099-for-credit-card-payment/ Thu, 23 Mar 2023 14:04:00 +0000 https://www.patriotsoftware.com/?p=52882 Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments? If you’re not sure what your responsibilities are for making electronic payments to […]

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]]> https://www.patriotsoftware.com/blog/accounting/how-find-quick-ratio-formula-example/ Tue, 22 Nov 2022 13:53:00 +0000 https://pslohio.wpengine.com/uncategorized/how-find-quick-ratio-formula-example/ Does your business have enough liquid assets to cover short-term liabilities in a pinch? To find out, you can use the quick ratio. Keep reading to learn the quick ratio definition, how to calculate your ratio, and more. What is quick ratio? The quick ratio (aka liquidity ratio or acid test ratio) measures liquidity and […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-comparative-income-statement-example-analysis/ Wed, 09 Nov 2022 20:13:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-comparative-income-statement-example-analysis/ You’re an expert at running your business, not analyzing financial numbers. But as a small business owner, you need to know how your decisions affect your company. By reviewing your accounting books, you can leverage data to grow your company. One important report to look at is the comparative income statement. What is an income […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-financial-reporting-tools-procedures-purpose/ Wed, 09 Nov 2022 19:28:20 +0000 https://pslohio.wpengine.com/uncategorized/what-is-financial-reporting-tools-procedures-purpose/ During day-to-day operations, you make transactions for your business. Knowing how to organize and review this information is key to long-term success. One way to keep track of transactions is to manage financial reports. What is financial reporting? Financial reporting for small business Financial reporting and analysis consists of the records you compile to track […]

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]]> https://www.patriotsoftware.com/blog/accounting/expense-reporting-policy-example/ Wed, 09 Nov 2022 17:12:50 +0000 https://pslohio.wpengine.com/uncategorized/expense-reporting-policy-example/ If you have employees, expense reporting is an important part of your accounting process. Expense reports allow flexibility and make it easier for employees to do their jobs. To save your business time and money, create an expenditure report policy. What is an expense report? Expense reports are used to track purchases that employees make […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-bottom-line-business-management/ Wed, 09 Nov 2022 14:43:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-bottom-line-business-management/ Sometimes, when you talk to someone, they take a while getting to the point. You might tap your foot impatiently until you finally blurt out, “Well, what’s the bottom line?” The bottom line in business is just like the bottom line of a conversation. You want to know if your business is profiting, but you […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-a-1099-misc/ Tue, 08 Nov 2022 19:48:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-a-1099-misc/ If you paid a person that is not an independent contractor during the tax year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC? What is Form 1099-MISC? Form 1099-MISC, Miscellaneous Information, is an information return businesses use to report miscellaneous payments. Before 2020, business owners also reported nonemployee compensation on Form […]

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]]> https://www.patriotsoftware.com/blog/accounting/6-financial-ratios-small-business-owners-need-to-know/ Tue, 08 Nov 2022 19:38:00 +0000 https://pslohio.wpengine.com/uncategorized/6-financial-ratios-small-business-owners-need-to-know/ As a small business owner, you work hard to make your company successful. When problems come up, you face them head-on to push your business forward. Whether you go an inch or a mile, you record all your financial moves in your small business online accounting records. If you simply write down your transactions, you could […]

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