Tue, 25 Jul 2023 19:51:41 +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 32 32 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, […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-ordinary-income/ Wed, 09 Nov 2022 20:48:09 +0000 https://pslohio.wpengine.com/uncategorized/what-is-ordinary-income/ As a small business owner, you track the money your company earns in your accounting books. Can you identify the types of income you record? For example, ordinary income is a common type of income that your business earns. What is ordinary income? As a small business owner, you need to account for your company’s […]

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]]> https://www.patriotsoftware.com/blog/accounting/customer-bill-payment-policy-small-business/ Wed, 09 Nov 2022 15:51:02 +0000 https://pslohio.wpengine.com/uncategorized/customer-bill-payment-policy-small-business/ Do you struggle to collect customer bill payments? If you do not charge your customers the total bill at the point of sale, you need a payment policy to guide your customers through the payment process. A payment policy helps you get paid on time. Knowing when to expect payments helps you plan for business […]

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]]> https://www.patriotsoftware.com/blog/accounting/tips-for-accepting-a-cash-payment/ Wed, 09 Nov 2022 15:09:00 +0000 https://pslohio.wpengine.com/uncategorized/tips-for-accepting-a-cash-payment/ A cash business accepts most or all cash transactions. A cash payment system usually doesn’t allow customers to use checks and credit cards to make a purchase. If you’re thinking about accepting cash payments, read on for more information. Pros and cons of accepting cash There are benefits and disadvantages to primarily accepting cash. Weigh […]

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]]> https://www.patriotsoftware.com/blog/accounting/net-revenue-and-discounts/ Tue, 08 Nov 2022 20:56:00 +0000 https://pslohio.wpengine.com/uncategorized/net-revenue-and-discounts/ Do you offer discounts in your business? If so, understand how discounts help—or hurt—your small business’s net revenue. What is net revenue? Net revenue is the money you earn from sales after subtracting your direct expenses. Direct expenses include deductions (e.g., discounts, returns, and allowances) and cost of goods sold. Net revenue is different from […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-negative-cash-flow/ Tue, 08 Nov 2022 20:46:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-negative-cash-flow/ As a small business owner, you need to balance income with your expenses. When you track patterns in your spending and earnings, you are looking at your business’s cash flow. Sometimes, your cash flow is negative. What is negative cash flow? Cash flow explained To understand negative cash flow, you first need to grasp the […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-gross-profit/ Tue, 08 Nov 2022 19:21:23 +0000 https://pslohio.wpengine.com/uncategorized/what-is-gross-profit/ Do you know how profitable your small business’s operations are? You don’t have to be a financial expert to find out. You can calculate your gross profit to compare the funds you put into your business. Gross profit definition Gross profit is the revenue left over after you deduct the costs of making a product […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-net-profit-formula/ Tue, 08 Nov 2022 17:53:16 +0000 https://pslohio.wpengine.com/uncategorized/what-is-net-profit-formula/ You’re a business owner, not an accountant. But, you probably handle some of your accounting tasks. You need to know some basic accounting terms to manage your books. An important term to understand is net profit. What is net profit? Net profit is an important figure on your income statement. What is net profit? Net […]

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]]> https://www.patriotsoftware.com/blog/accounting/cash-burn-rate/ Tue, 08 Nov 2022 16:49:01 +0000 https://pslohio.wpengine.com/uncategorized/cash-burn-rate/ It’s critical for a new company to know how much money they spend each month. And, startup owners need to know how long their capital will last before revenue needs to pick up. How can you manage startup capital spending? You can find and track your business’s burn rate. What is burn rate? Cash burn […]

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]]> https://www.patriotsoftware.com/blog/accounting/net-sales-explained/ Tue, 08 Nov 2022 15:11:00 +0000 https://pslohio.wpengine.com/uncategorized/net-sales-explained/ How often do you offer discounts to customers? Or, how frequently do customers return products to your business? You need to know about net sales if you offer discounts or accept returns. Read on to learn what net sales are, how to find them, and more. What are net sales? Net sales show your company’s […]

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