You can either build your own competitor analysis or use a competitive analysis template. It is important to analyze your competition at various stages of your business to ensure that you are providing the best possible product or service at the right price for your customers. Learn more about what a competitor analysis is, why conducting …
If you choose to include expenses, you’ll have the option to attach an expense report, which will include any uploaded images of receipts. You can also attach this report once the invoice is saved if you don’t do it during this step. Some businesses invoice every week or every two weeks. But the truth is, it’s best to send …
It’s well worth the extra time and money to have inventory management set up by the experts who made the software. Work with them to make sure you’re utilizing the proper techniques and features to get the most bang for your buck. The goal of inventory management systems is to know where your inventory is at any given time and …
This is why market analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it. It should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research …
Usually, new companies use this method to record revenue and expenses when a payment is made. However, sometimes, the IRS requires you to use accrual accounting if you sell a product or have inventory. With the accrual method, you document your income and expenses when they are billed instead of when you actually receive the money. Pick an …
The IRS has specific guidelines and formulas, but it’s an easy way to take money off of your tax bill. As an independent contractor, you must act as your own administrative assistant, data-entry clerk, accountant and more. If you don’t want to work in this capacity, you may have to hire employees, increasing your costs. Although …