Hsin-Wei is the principal writer of this blog. For more about her, check out the About section.
Most workers in the US know that if you work overtime, you get paid 1.5 times your normal wage. And most workers don’t mind making a little extra money from time to time. But businesses like to have steady, predictable expenditures. Having to pay overtime wages tend to make payroll… Read More »How to Calculate Overtime Pay, for Small Businesses
Supply and demand. It’s basic capitalism. And this concept applies to the labor market too. As a business, when you need help but there aren’t a lot of applicants, you raise wages to get or keep your workers. You typically pay a lot more than the minimum wage. But if… Read More »Understanding Minimum Wage Calculations
Having employees can get expensive. You have to pay all sorts of extra taxes and insurance. We covered the nitty gritty of these extra costs in our how to hire employees article. Independent contractors, on the other hand, are easy. You just pay them for the job. So why don’t… Read More »Contractor vs. Employee: An Explainer for Small Businesses
Congrats! Your business is finally at a stage where you need to hire your first employee. For some of you, this is after a long period of working by yourself or with contractors. For others, you’ve set up the other aspects of your business, are ready for your grand opening,… Read More »How to Hire Your First Employee, for Very Small Businesses
![Two pieces of paper that are a business's financial reports lay on top of each other. The one on top says Income Statement and partially obscures the other. A pen juts out from the lower left of the photo. The paper on top says Income Statement and has lines for Revenue, Sale revenue, Sales, Cost of goods [sold], and Gross profit.](https://www.misseddetails.com/wp-content/uploads/2023/02/ML0122F-Financial-Reports-Every-Small-Business-Owner-Should-Understand-930x620.jpg)
If you run a business, eventually, someone will ask to see your financial statements. What they mean is they want to see your balance sheet, your income statement, and your cash flow statement. These financial reports are supposed to give you a snapshot of how your business is doing. But,… Read More »Financial Reports Every Small Business Owner Should Understand
Every business needs to keep track of its money. But not every business owner has formal accounting training. Of course, the easiest way to solve this problem is to hire a CPA. But not every small business has the money—or, often, the need—to hire a professional. Modern day accounting software… Read More »Basic Accounting Concepts for Small Business Owners
So, yes, if you live for challenges, you can keep your small business’s books with pen and paper. Or a spreadsheet like Excel. But for the rest of us who prefer an easier life, there’s small business accounting software to help us track our business’s finances. In fact, there are… Read More »Which Small Business Accounting Software Should You Pick?
Every business, no matter the size, has to keep a set of books so they know how much money is coming in and how much is going out. There are two accepted ways to keep track of this money. One is called the cash accounting method. The other is called… Read More »Should a Small Business Use the Cash or Accrual Accounting Method?
Business accounting can be pretty intimidating to new business owners. While most people have heard of debits and credits, assets and liabilities, and profit and loss, what do these terms really mean in accounting? And how do you read accounting reports like the income statement, balance sheet, and cash flow… Read More »How to Set Up an Accounting System, for Small Businesses
When someone hands you a contract, the safe thing to do is to hire a lawyer to review it. But lawyers are expensive. And when you’re a nano, micro, or even a mid-tier influencer, those legal fees might eat up all the money you’ll make from the project. In other… Read More »How to Negotiate an Influencer Contract, for Creators
