Most small business owners have no idea what their business is worth until they need to know—and by then, they’re often negotiating from a position of weakness. Whether you’re planning a sale, bringing in a partner, securing financing, or just want to understand your financial position, knowing how to value a business is fundamental knowledge....
S Corp to LLC Conversion: Quick Answer Converting an S Corp to an LLC gives you unlimited shareholders, flexible profit distributions, and fewer corporate formalities — but it can trigger the built-in gains tax (21% corporate rate) on appreciated assets if done within 5 years of the S election. The average conversion costs $500–$2,000 in...
Running a retail store means tracking inventory, sales tax, and cash flow all at once—while still serving customers. The bookkeeping side of retail has specific challenges that generic accounting advice doesn’t always address. This guide covers the key elements of retail bookkeeping, what to look for in software, and when to bring in professional help....
Driving to client sites, job locations, or supplier warehouses adds up fast. At the 2025 IRS standard mileage rate, every 1,000 business miles is worth $670 in deductions. The catch: the IRS requires a contemporaneous log showing the date, destination, and business purpose for each trip. That means documentation needs to happen as you drive,...
Medical device manufacturers face a documentation burden that would overwhelm most industries—every component traced, every production step recorded, every quality check audit-ready. Generic business software wasn’t built for this level of regulatory scrutiny, which is why medical device manufacturing ERP exists as its own category. This guide covers what specialized ERP software does for medical...
Your LLC worked perfectly when you started out. But now investors are asking about your corporate structure, or you’re ready to offer stock options to key employees, and suddenly that flexible LLC feels like a barrier. Converting from an LLC to a C-Corp is one of the most common structural changes growing businesses make. This...
Running a laundromat means dealing with quarters, cash collections, and utility bills that would make most business owners’ heads spin. Cash-heavy businesses like laundromats face higher IRS audit scrutiny, which makes accurate record-keeping more than just good practice. This guide covers everything from choosing the right accounting method to setting up your chart of accounts,...
Running a business is expensive enough without paying $30 or more each month just to track where your money goes. Free bookkeeping software handles the basics—expense tracking, invoicing, and financial reports—without the subscription fees, which makes it a practical starting point for small businesses watching their overhead. The catch is that “free” doesn’t mean “all...
Engineering firms run on projects, but most accounting systems track finances company-wide—which means you can show a healthy profit while individual projects quietly lose money. The gap between how engineering work happens and how standard bookkeeping captures it creates blind spots that affect pricing, cash flow, and long-term profitability. This guide covers the accounting methods,...
Most founders overthink this. Or worse, they underthink it—defaulting to whatever their accountant friend mentioned once—and end up ripping out their entire finance stack 18 months later when it can’t handle revenue recognition or investor reporting. Here’s the thing: your accounting software isn’t just a place to track expenses. It’s the foundation of every financial...
I saw a thread on Reddit recently that made me cringe. A laundromat owner asked a simple bookkeeping question: “My friend and I run a Wash & Fold service. Should we count tokens, detergent, and dryer sheets as Cost of Goods Sold (COGS), or just expense them?” The top-voted answer? “You are providing a service,...
In the last 12 months, I’ve worked with over 100 small business owners to clean up expensive tax errors. The hard truth? Most of them were preventable. Some clients lost thousands simply by missing a deadline by 24 hours. Others paid double the necessary tax because they didn’t understand how to structure their salary. If...
Author: Lam Nguyen, CentsIQ Publish date: October 30, 2025 Estimated read time: 5–7 minutes Table of Contents1 TL;DR2 What “debit” and “credit” mean in accounting2.1 Debit/Credit effect by account type3 The mnemonics3.1 DEADCLIC (two words: DEAD + CLIC)3.2 DEA‑LER (split as DEA | LER)4 Two quick examples4.1 Example 1: Buy $500 of supplies for cash4.2...
If you’re asking this question, you’re already ahead of most owners. A financial review is the easiest way to spot leaks, improve cash flow, and make confident decisions—without hiring a full-time finance team. At CentsIQ®, we combine approachable bookkeeping with advanced analytics to turn your numbers into clear actions. TL;DR: Yes—financial reviews pay for themselves...
Lenders evaluate your business’s financial health before approving a loan. Having organized financial statements increases your chances of success. Gather core documents. Prepare your profit and loss statement, balance sheet and cash‑flow statement for the past two to three years. If you’re a new business, include projected financials. Explain variances. Large swings in revenue or...