Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
Looking for an accounting definition? We cover all of the basics in our quick guide to accounting terms, so you can quickly understand important accounting terms and get back to running your business.
Credit bureaus arose to help lenders quickly gauge the reliability of a potential borrower. In the past, you could go to the good ol' general store and the owner would know you, your character, and whether or not putting your items on "charge" (or on credit) was a good idea. That method may have worked in the past, when communities were small and isolated, but there had to be a better way moving forward. Thus credit bureaus were born.
Learn what invoice financing is, whether it’s right for your business, and how to find a great financing company to work with in our complete guide.
Lenders like to know exactly how you plan on using the money they may potentially lend to you. If you've made successful investments in the past, like purchasing additional equipment that increased your sales revenue by 25%, and are planning on purchasing more equipment with the loan your applying for, be sure to tell your lender! It will demonstrate that you're experienced in business and that you're likely to increase your cash flow (which a lender hears as "we're getting our money back").
It’s time to open a business bank account. Are you ready? What do you need to make that happen, and what’s the best way to apply for business banking services? Does your small business even qualify for business banking? Relax. We’ve got you covered! This post will let you know if it’s time to start using a business bank account for your small business or side venture.
Opening a business bank account can save you time and reduce your personal legal liability as a small business owner. These step-by-step guidelines will show you how to open a business bank account.
Switching to a business bank account can help you build a professional reputation and establish credibility, limit your personal liability if your business plans don’t work out the way you want them to, and make it easier to manage your business finances and file your taxes. Let’s dig in further to see what other benefits there are to having a business account, and whether there are any drawbacks.
It’s pretty common for entrepreneurs to use a personal bank account to manage a new business. But as you grow, is it still a good idea to use that personal account? And how do you know when it’s better to open up a business checking account? Read on for a detailed explanation of when it’s okay to use a personal bank account and why you should eventually upgrade to a business checking account.
Relay offers a free business checking and savings account with $0 fees for almost all transactions. The exceptions are outgoing wires, which cost $5 for domestic and $10 for international. Relay also offers a paid account, Relay Pro, which starts at $30/month.
Your original business plan may not have called for seeking a same-day business loan from an alternative lender, but, as you know, things happen. You may not have planned for certain challenges, but when the unexpected happens, it’s possible to get a quick business loan — perhaps even a same-day business loan. Read on for a look at the most reputable same-day lenders.
A business license is a permit to operate your business, and it is non-negotiable. In fact, it is illegal to operate a business without a permit or license. This keeps you accountable to the city in which you operate and helps local government agencies regulate the businesses in their jurisdiction. Learn more about getting and maintaining a license to run a business in your state.
Automation of HR is fairly new, but the benefits for small businesses are immense: Where a small business was priced-out of running enterprise-level HR services, now the market is booming. Ultimately, HR is about hiring the best people, growing the best people, and retaining the best people for your company’s growth.
Find out what the difference is between the terms “nonprofit” and “not for profit”, learn which term best describes your organization, and find out what you need to do to get squared with the IRS.
Need help with payroll taxes? Learn what payroll taxes are, which taxes you are legally required to pay, how to calculate them, and more.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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