Business Planning

What is the Cost to Open a Dispensary?

by Fitz
February 18, 2021August 23, 2021

How Much Does it Cost to Open a Dispensary? Your Marijuana Business Questions, Answered

With the recent spate of marijuana legalization initiatives, several states have now authorized the opening of marijuana dispensaries across the country. In 2014, Oregon approved ballot measure 91, which permitted sales of medicinal marijuana to persons with a doctor’s prescription. In 2017, Oregon put in place a process so that businesses could apply for licenses to sell recreational marijuana.

by Fitz
January 15, 2021

Can a Small Business Get a Tax Refund?

Have you ever wondered how to get a tax refund for small business ventures? In theory, it’s actually simple — if you overpaid on your tax return, then you’ll get a refund from the IRS.

In practice, however, it’s not as clear cut because businesses and individuals are taxed differently. There are rules that determine whether your company is eligible for refunds or not, and unfortunately, these guidelines aren’t always easy for business owners to understand.

So, can a small business get a tax refund? Yes, but here are some of the specifics you need to know.

by Fitz
January 14, 2021

Cash vs Accrual Accounting: Small Business Edition

Should small businesses use cash or accrual accounting?

Well, that depends, as every small business has its specific needs and goals. You’ll ultimately need to choose an accounting method, cash vs accrual.

Regardless of whether you choose accrual vs cash basis accounting, you’ll be recording sales and expenditures. The difference is in how each model processes this information. Your financial reporting method will determine at what point in the transaction process your account for a service being completed.

Deciding between cash or accrual accounting systems will come down to how you want your company to operate. To help, we’ve made this cash vs accrual accounting small business guide, to help you make an informed choice.

Questions to Ask Your Business Accountant | L3 Funding

by Fitz
January 5, 2021

What are the Best Questions to Ask an Accountant?

As a new business owner, you may be tempted to relegate your accounting tasks to a generic online accounting tool. However, without proper consultation with a Certified Public Accountant (CPA), you may find yourself navigating through a challenging series of questions with the IRS.

Once you consult a professional accountant, make sure that you understand what services they can provide for your new enterprise. Learning the right questions to ask a CPA can save you a major headache down the road.

There are many good questions to ask a tax accountant. With that in mind, we’ve broken down some general queries as well as questions to ask your accountant when starting a business.

Small Business Operations – What Does it Mean?

by Fitz
December 18, 2020

Everything You Need to Know About Small Business Operations

Business operations are key to finding your rhythm as a start-up or small business. From production to managing payroll, these everyday tasks can seem daunting for every business owner.

An operations plan is helpful for investors, but it’s also helpful for you and your employees. Having a solid foundation of operating practices can make running a company easier and ensure business continuity in case of unexpected events.

What is “business operations” and why does your company need it? We take a look at what setting up your company for successful operation entails.

Gross Revenue Vs Net Revenue – What’s the Difference?

by Fitz
December 3, 2020August 5, 2021

Gross Revenue Vs Net Revenue Accounting for Small Businesses

All earned income in your small business falls under gross revenue and net revenue, but treating them as the same could land your business in the red financially.

Gross vs net: Knowing the difference can give you an understanding of how well your business can generate revenue. The two also have income tax repercussions if handled incorrectly.

We take a look at the importance of recognizing and reporting revenue clearly according to these accounting categories.

Venmo for Business – How Can it Work for Me?

by Fitz
November 16, 2020

Venmo for Business: What You Need to Know

Venmo is considered one of the most social-friendly payments splitting platforms. It was started for that very reason—two friends were looking for an easy way to pay each other back, and its positioning on social media has seen it become one of the most popular peer-to-peer payment apps. This large user base makes it a platform that small businesses should not ignore.

Is it a good option for you? This article unpacks everything you need to know.