1. Federal business licenses Most businesses won’t need a federal license. However, if you make or sell products regulated by the federal government, you may need a license from the applicable federal agency before you start up. Many of these licenses apply only to larger companies. But if...
The income statement provides an overview of revenues, expenses, net income, and earnings per share during that time. The main purpose of the income statement is to convey details of profitability and the financial results of business activities; however, it ca...
Point of Sale (POS) Sell globally. International sales Sell wholesale & direct. Business-to-business (B2B) Accept online payments. Set up forms of payment Market Market your business. Reach & retain customers Market across social. Social media integrations ...
Inventoryis the goods a company has on hand, intended to be sold as a course of business. Inventory may include finished goods, work in progress that is not yet finished, or raw materials on hand that have yet to be worked. Prepaid expensesare costs paid in advance of when they are due...
Anexpensereportis an invoice that an employee submits to an employer to reimburse business-related expenses. For instance, if you send an employee to a lunch meeting with a client, they cancreate an expense reportto invoice your company for the cost of the lunch, parking, and gas they paid...
of the reports because it shows the asset, liability, and equity accounts at the beginning of the period. From this starting point, we can add or subtract the operating activities reported on the income statement. This includes all revenues and expenses that the company incurred during the year...
Operating expenses, or OpEx for short, are the ongoing expenses a business incurs from its day-to-day operations. They’re the costs of keeping the lights on and the business running — such as rent, salaries, utilities, and marketing. Whether you’re a tech giant or a local bakery, ...
Ajoint ventureis a more general business agreement that may or may not be a partnership. When a joint venture describes the sharing of expenses, short-term collaboration, or the pooling of resources, it doesn’t refer to an official partnership. ...
Depending on your lender's terms, you may be able to finance all construction-related expenses, including the land, equipment, materials and labor. Find the right banking partner Choosing the right type of loan for your business is a complex process, and there are many factors to consider. ...
Types of Overhead Overhead expenses can befixed, meaning they are the same amount every time, orvariable, meaning they increase or decrease depending on the business's activity level. Overhead expenses can also besemi-variable, meaning the company incurs some portion of the expense no matter ...