Canadian entrepreneurs launch new businesses by the thousands each year, while just as many close their doors due to financial struggles . A clear separation between business and personal finances stands as a significant foundation to keep financial records organized . Many business owners still find this basic practice challenging. Small business owners face … Read more
Did you know that almost half of all trademark applications get denied? Business owners face this harsh reality while trying to protect their brand identity. A trademark serves as a distinctive sign, symbol, word, phrase, logo, or combination of these elements that identifies a product or service’s source. The path to register a trademark needs … Read more
![How to Set Up a Chart of Accounts for Small Business [Free Template Inside][2025]](https://thecorporateblawg.com/wp-content/uploads/2025/06/Bookkeeping-101-Essential-Business-Guide-27.webp)
The accounting software market will expand from $19.74 billion in 2024 to $30.66 billion by 2029, with a 9.20% CAGR. These numbers tell an interesting story. A chart of accounts for small business goes beyond being just another accounting tool. It is the foundation of your entire financial system. This structured index of all financial … Read more
![How to Master Business Laws: A Plain-English Guide for Small Business Owners[2025]](https://thecorporateblawg.com/wp-content/uploads/2025/06/Bookkeeping-101-Essential-Business-Guide-26.webp)
A new business law requires 32.6 million small businesses to register their beneficial ownership information with the Financial Crimes Enforcement Network by January 1, 2024. The numbers reveal a startling fact – 90% of small business owners surveyed didn’t know about this new ownership information reporting requirement . This gap in small business compliance … Read more
![Cash vs Accrual Accounting: Which Method Will Save You Money?[2025]](https://thecorporateblawg.com/wp-content/uploads/2025/06/Bookkeeping-101-Essential-Business-Guide-25.webp)
The choice between cash vs accrual accounting can affect your business’s financial picture and tax obligations by a lot. The cash method records income as it reaches your bank account and expenses after payment. The accrual method records revenue once earned and expenses once incurred. These methods differ in more ways than just bookkeeping. Small … Read more
Legal business contracts serve as the foundation of every successful small business operation – not just mere paperwork. Many entrepreneurs pour their energy into product development and marketing but overlook the agreements that safeguard their work. Running a business without enforceable contracts opens dangerous legal gaps that others might exploit. Business agreements between parties set … Read more
The difference between bookkeeping vs accounting is significant to manage your business finances well. Bookkeepers record daily transactions and earn a median of $47,440 annually. Accountants analyze financial data to provide strategic insights, and their median salary is $79,880 per year. This difference in pay shows how their roles and qualifications vary. Most bookkeepers don’t … Read more
A recent survey shows 18% of small business owners consider “high taxes and expiring favorable tax provisions” one of their top three concerns. Tax planning for business will become even more crucial as we move toward 2025. The tax scenario for companies of all sizes will see major changes during this period. Business owners can … Read more
Bookkeeping for small business can eat up 5 to 10 hours of your precious time each month. This essential business practice will affect your financial health and ability to make decisions. Many entrepreneurs push it aside until they face problems. Small businesses that ignore proper bookkeeping basics often run into compliance troubles and risk penalties. … Read more
Did you know that bank reconciliation errors can lead to under-reporting sales and might trigger a tax inspection? Many small business owners don’t realize this until it’s too late. Bank reconciliation works like your financial health check-up. It helps you find and fix data entry mistakes, detect wrong payments, and spot potential fraud. Getting it … Read more