Can I Be a Sole Proprietor and Have Employees?   Yes! As the sole proprietor, you can hire employees but are fully responsible for all business facilities. It’s because, as the sole proprietor, you have no legal separation between you and your business.    In addition, you’ll need to obtain an EIN (Employer Identification Number) from the […]

Can You Write Off a Storage Unit on Taxes for Business?  Yes, you can write off a storage unit on your taxes if used for business purposes. The cost of a storage unit is considered a deductible business expense under rent or storage costs. However, only the business-related portion can be deducted if the unit […]

How Long Does It Take to Get a Plumbing License? The time it takes to get a plumbing license varies by state but typically ranges from 2 to 5 years. Most states require a combination of classroom education, hands-on apprenticeship, and passing a licensing exam.  Some areas allow you to start as a trainee or […]

What Do Uncollected Funds Mean?   Uncollected funds refer to money deposited into a bank account, usually via check, that isn’t available for withdrawal yet. Banks place holds on such deposits to ensure the funds are received from the payer’s account before making them accessible. The length of the hold depends on factors like the bank’s policies, the check […]

What is a Deposit in Transit?  A deposit in transit refers to a payment that has been recorded in a company’s accounting books but hasn’t yet cleared the bank. This usually happens when a business deposits cash or checks near the end of a financial period, and the bank processes them later. These deposits appear […]

What is a Purchase Allowance?  A purchase allowance is a price reduction that a seller grants to a buyer after a sale. This reduction generally happens due to minor defects, late delivery, or other issues with the product.   Instead of returning the goods, the buyer keeps them at a discounted price, and the seller adjusts […]

What is Sale-and-Leaseback Accounting?  Sale-and-leaseback accounting refers to a financial transaction where a company sells an asset and then leases it back from the buyer. This allows the business to free up cash while using the assets. Under accounting rules, whether the transaction is recorded as a sale or a financing arrangement depends on lease […]

Why Is Business Internet More Expensive?  Business internet costs more because it offers higher speeds, better reliability, and dedicated customer support than residential plans. It often includes Service Level Agreements (SLAs), ensuring guaranteed uptime and priority repairs.  Businesses also require static IP addresses, better security, and symmetrical upload/download speeds, which adds to the cost.   Pros of […]

Is Renovation a Fixed Cost?  Renovations are generally considered a variable or one-time capital expense, not a fixed cost. Fixed costs are consistent expenses like rent or insurance that stay the same regardless of business activity.   Renovation costs, on the other hand, vary based on the scope, materials, and labor involved, making them unpredictable. However, […]

What You Need to Know About Revenue Forecasting Revenue forecasting is the process of predicting future income based on past sales data, market trends, and business growth projections. It helps companies make informed financial decisions, plan budgets, and set realistic goals.   Why Revenue Forecasting is Important? Revenue forecasting is a crucial element of business planning, […]