Most mortgage lenders do not accept cash payments due to traceability, security, and regulatory concerns. Instead, payments are typically made via checks, electronic transfers, or online payment systems. Learn why cash payments are generally not allowed and what alternatives you can use.

Discover the five essential components of business management—planning, organizing, leading, controlling, and staffing—that drive organizational success. Learn how mastering these interconnected elements helps businesses achieve goals, improve efficiency, and foster a thriving work environment.

Using your business account for personal purchases may seem convenient, but it can lead to tax, legal, and bookkeeping complications. This post explains why it's important to separate personal and business finances—and how to do it properly.

Yes, you can fund your LLC with personal money, and it’s a common way for small business owners to get started. Whether through capital contributions, personal loans, or equity investments, using your own funds can provide flexibility and control—just be sure to maintain clear financial separation to protect your liability status and ensure accurate tax reporting.

As an LLC member, you can pay yourself either through an owner’s draw or a salary. Owner’s draws distribute profits without payroll taxes, while a salary treats you as an employee with regular wages and tax withholding. The best choice depends on your business structure, tax situation, and financial goals—consulting a tax advisor is essential.

An owner’s draw and a salary are distinct ways business owners pay themselves. A draw is a withdrawal of profits from the business, common in sole proprietorships and LLCs, and doesn’t involve payroll tax withholding. In contrast, a salary is a fixed wage paid to an employee with taxes withheld, typical in corporations where owners are employees.

An excellent example of a service is a professional cleaning service for residential homes or commercial properties. Here’s why it is considered a service: Intangible: Services are intangible, meaning they cannot be touched or held. In the case of a cleaning service, customers receive the benefit of a clean and organized space, but no physical product is involved. Performance-Based: Services are performance-based, depending on the skills, expertise, and efforts of the servi

Using your business account to buy personal items can lead to serious legal, tax, and bookkeeping issues. Learn why keeping personal and business finances separate is crucial, along with practical tips to maintain clear boundaries and protect your business.

A good spending rule, often referred to as a budgeting guideline, can help individuals and households manage their finances effectively and make informed decisions about their spending. One widely recognized rule is the “50/30/20 rule.” This rule suggests allocating your after-tax income into three main categories: Needs (50%): Allocate 50% of your income to cover your essential needs. These include: Housing expenses (rent or mortgage payments, utilities, insurance) Food exp

Wondering if owner’s draws appear on the profit and loss statement? Learn why these withdrawals aren't listed on the P&L, how they affect owner’s equity, and where they’re recorded in your business’s financial reports.