Expenses Archives - Patriot Software Tue, 25 Jul 2023 17:50:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Expenses Archives - Patriot Software 32 32 The Average Cost of Living by State, and Why Ignoring it Could Sink Your Business https://www.patriotsoftware.com/blog/accounting/average-cost-living-by-state/ Wed, 07 Jun 2023 16:59:00 +0000 https://pslohio.wpengine.com/uncategorized/average-cost-living-by-state/ You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living? But, how often have you thought about the relationship between the cost of living and your business?  If it’s crossed your mind before, then […]]]> Resilience During a Recession: Strategies for Business Survival  https://www.patriotsoftware.com/blog/accounting/recession-how-to-survive-business/ Tue, 09 May 2023 19:24:50 +0000 https://www.patriotsoftware.com/?p=62611 alt=""For months, the looming recession has been on everyone’s mind. In October 2022, 91% of CEOs said one would occur within the year. And in December 2022, Forbes found that large tech companies, banks, and manufacturers had laid off nearly 125,000 employees to prepare. With the March 2023 Silicon Valley Bank collapse, concerns of a […]]]> Should You Lease or Buy a Car for Business? Here’s What You Need to Know (+ Charts) https://www.patriotsoftware.com/blog/accounting/lease-or-buy-car-for-business/ Fri, 24 Feb 2023 17:01:08 +0000 https://www.patriotsoftware.com/?p=61767 Whether it’s your first day in business or your 10-year anniversary, it may be time to get a business vehicle. A business car can make running your company easier than ever—from errands to deliveries. So, if you’re wondering, “Should I lease or buy car for business?” We’ve got you covered. Read on to learn what’s […]]]> What to Do When Your Business Runs Out of Money (Besides Panic) https://www.patriotsoftware.com/blog/accounting/what-to-do-when-business-runs-out-money/ Tue, 24 Jan 2023 20:34:11 +0000 https://www.patriotsoftware.com/?p=61138 Cash flow problems happen—often. It’s why 82% of small businesses fail. But if you have issues with your cash flow, you’re not doomed to close up shop. Instead, it’s like coming to a fork in the road. Turn right to power through, or turn left to call it quits. To get out of the red, […]]]> Liability for Debts: Are You at Risk of Losing Your Personal Assets to Business Debts? https://www.patriotsoftware.com/blog/accounting/liability-for-business-debts/ Fri, 13 Jan 2023 15:13:00 +0000 https://www.patriotsoftware.com/?p=60984 The average small business owner is roughly $195,000 in debt. Imagine paying that amount from your pocket, and if you can’t, how it’ll reflect on your credit report. Daunting! Especially if you already have personal financial obligations like credit card debt, student loans, or payday loans to pay off. So, how does liability for debts […]]]> What Are Allowable Business Expenses for Your Small Business? https://www.patriotsoftware.com/blog/accounting/what-are-allowable-business-expenses/ Wed, 09 Nov 2022 16:29:00 +0000 https://pslohio.wpengine.com/uncategorized/what-are-allowable-business-expenses/ As a small business owner, you may run on a tight budget. Your business expenses might add up fast between equipment, inventory, overhead, and payroll. Luckily, many of your business expenses are tax-deductible. But, what constitutes an allowable business expense? What are allowable business expenses? Business expenses refer to costs incurred or money spent while […]]]> What Is Depreciation? https://www.patriotsoftware.com/blog/accounting/what-is-depreciation/ Wed, 09 Nov 2022 16:18:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-depreciation/ For your small business, you might make some big purchases on items to keep you in operation. When it’s time to report your expenses for taxes, using depreciation in your accounting books could help you save money. You depreciate high-cost assets that will stay in your business for a long time. Usually, depreciation applies to […]]]> How to Calculate Depreciation Expense https://www.patriotsoftware.com/blog/accounting/how-to-calculate-depreciation-expense/ Tue, 08 Nov 2022 19:59:00 +0000 https://pslohio.wpengine.com/uncategorized/how-to-calculate-depreciation-expense/ As a small business owner, you need equipment to run your company. Whether it’s a machine or vehicle, costs can add up fast. Did you know you can get major tax breaks for business property expenses? You can lower your tax burden with depreciation. Find out how to calculate depreciation expense for your small business. […]]]> Should You Pass Along Swipe Fees to Customers? https://www.patriotsoftware.com/blog/accounting/should-you-pass-along-swipe-fees-to-customers/ Tue, 08 Nov 2022 19:44:07 +0000 https://pslohio.wpengine.com/uncategorized/should-you-pass-along-swipe-fees-to-customers/ Right now, more than 175 million American adults have at least one credit card. With fewer people carrying cash, it’s common for customers to break out a credit card for everyday purchases. While credit cards offer customers more spending options, swipe fees attached to charges could mess with your small business finances. Swipe fees are […]]]> What Are Variable Costs? https://www.patriotsoftware.com/blog/accounting/what-are-variable-costs/ Tue, 08 Nov 2022 15:20:09 +0000 https://pslohio.wpengine.com/uncategorized/what-are-variable-costs/ When it comes to business expenses, there are two different types of costs: fixed costs and variable costs. It’s important to know the difference between fixed and variable costs. But, how do you know what expenses are fixed costs, and what are variable costs? You classify an expense by whether it is affected by a […]]]>