How to Write a Job Description
When you’re hiring a new employee, it’s essential to start with a thorough job description, so candidates know what to expect before applying. Once you’ve hired someone for the position, you can use that...
Author: Workful Team
How to Build Customer Loyalty
Loyal customers are easier to sell to than new customers. The probability of selling to an existing customer is 60-70%, but the probability of selling to a prospective customer is only 5-20%. It also...
9 Financial Ratios to Know
Before you start analyzing your small business’s financial health, gather your balance sheet, income statement, and cash flow statement. Then, you can start using these common ratios to analyze your company’s profitability, liquidity, and...
6 Ways to Effectively Use Email Marketing
The typical person checks their email 74 times a day – three times as often as they check their social media accounts or messaging apps. Doesn’t it make sense to use email to reach...
Tax Basics: Form 940
This article was last edited on 1/9/2020. For updated information on Form 940, visit https://www.irs.gov/forms-pubs/about-form-940. The Federal Unemployment Tax Act (FUTA) tax and state unemployment taxes provide funds for unemployment compensation paid to workers...
How to Choose a Business Structure
Before you start your business, you will have to decide how to structure it. You’ll decide the business structure based on the needs of your company. After you decide your business structure, you’ll have...
Accounts Payable Turnover Rate
If you’re buying supplies and materials on credit, it’s essential to keep track of your accounts payable turnover rate. Your accounts payable turnover rate tells you how many times per accounting period (such as...
Back to Basics: Income Statement
An income statement, also called a profit and loss statement, shows all your revenue streams and expenses over time so you can calculate your net income. It shows how much money your company will...
Back to Basics: Balance Sheets
A balance sheet is a snapshot of your company’s assets, liabilities, and net worth at a specific point in time. Balance sheets are usually prepared at the end of a month, quarter, or year,...
Back to Basics: Gross Profit & Gross Profit Margin
When you’re analyzing your company’s financial health, it’s essential to pay attention to your gross profit and gross profit margin. Gross profit Your gross profit indicates how much money your company makes after deducting...