What Is the Bad Debt Expense Formula?
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xendoo Team
When a small business makes sales on credit, there’s a chance of having bad debt expenses. Most businesses use the bad debt expense formula to account for them. Even the customers with the highest credit record can go bankrupt and fail to pay their debts. Tracking and recording these debts gives you an accurate picture […]
What is a Balance Sheet vs. Income Statement?
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xendoo Team
Balance sheets and income statements are indispensable financial tools for all business owners. What should businesses know about the balance sheet vs. income statement? The two complement each other in tracking vital financial metrics such as net income, expenses, profitability, and more. However, there are differences between the two documents. Understanding these statements can be […]
What Do Accountants Charge for Small Businesses?
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xendoo Team
If you run a business, you’ve likely wondered–how much does it cost to hire a tax accountant? Do I need accounting services, and will they save me more money than they cost? While doing accounting and business taxes, you may worry about making mistakes or missing opportunities that a pro would spot right away. Furthermore, […]
How to Set Up Accounting for a New Business: A Full Guide
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xendoo Team
If you are reading this, then it probably means you’ve just launched or intend to start a new business in the near future. As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business. While it […]
How Long Does It Take an Accountant to Do Taxes?
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xendoo Team
As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs, you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in […]
Accounting for Startups — Starting Off on the Right Foot
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xendoo Team
Author’s Note: This blog post was updated on February 22, 2022, to include new information, resources, and links. Accounting for startups means more than just keeping up-to-date financial statements and records. Startup founders wear many hats, from sales to accounting. Accounting may not be on the top of the list, but it is critical to […]
When Can You File Small Business Taxes in 2022?
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xendoo Team
This year, make things easier on yourself by planning ahead. You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. To help you with […]
Fallen Behind on Bookkeeping? Here’s How to Catch Up
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xendoo Team
Tax season can be stressful, especially if your books are behind, inaccurate, or both. We estimate that roughly 25% of small businesses seek information on how to catch up on business taxes and get their financial records in order. The benefits of clean, accurate books extend far beyond tax season. When your books are up […]
The Top 5 Benefits of Catch Up Bookkeeping
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xendoo Team
Whether they coach chess players or sell organic puppy food online, every small business owner shares a common driving force: a passion for growing their business. Increasing sales and gaining new customers is one part of the equation. Consistent bookkeeping provides the financial insight needed to strategize for long-term success. With so many obligations resting […]
How Do I Pay Myself and My Taxes as a C-corporation?
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xendoo Team
When businesses are first created, every responsibility falls on the business owner. As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting, two questions come to mind – how do I pay myself? How do I pay my business’s taxes? Self-payment for small business owners is far from simple. There are certain […]