What Every Small Business Should Know About 1099s

To make sure you understand the circumstances under which the IRS requires issuing 1099-MISC forms to vendors, I’m going to provide some basic “must-know” information here.

What Is A Form 1099-MISC?

You must issue an IRS Form 1099-MISC to each person you’ve paid $600 or more in services (including parts and materials), prizes and awards, rents or other income payments. The 1099-MISC only applies to payments you made in doing business; it does not apply to payments made for personal purposes. Continue reading “What Every Small Business Should Know About 1099s”

8 Signs It’s Time To Upgrade Your POS System

AllBusiness.com

When was the last time you updated your point-of-sale (POS) system? Four years ago? Seven years ago? 10 years ago? Do you even remember a time when you were able to refer to your POS software as being new?

If you can’t answer that last question, chance are pretty good that your POS software could use a good revamping. Even if you’ve updated your software within the last five years, you could still be missing out on some pretty groundbreaking technology. Continue reading “8 Signs It’s Time To Upgrade Your POS System”

3 Accounting Terms Your Business Can’t Live Without

Avoided Accounting 101? Does the thought of interpreting financial statements make you cringe?

You don’t want anyone to mislead you, or worse, take your hard-earned money right under your nose just because you didn’t understand key financial concepts. You need to be able to comprehend the importance of the accounting information that your CPA shares with you.

Your recently purchased manual for new entrepreneurs probably didn’t emphasize the importance of gross margin, and your business could be negatively impacted if you are oblivious to this number. Continue reading “3 Accounting Terms Your Business Can’t Live Without”