Should I be concerned about balance sheets and income statements for my business?
These financial reports are important to understand for the health of your business and should be well understood.
What is the difference between cash based and accrual based accounting?
Accrual based accounting means you record your transactions when they are meant to happen, not when the cash comes or goes.
What is cash-basis accounting?
Cash-basis is what most people are familiar with, it is how you handle your personal or household finances.
What is accrual-basis accounting?
The distinction is you recognize the income when you record it, not when the deposit hits your bank account.
What does it mean to be a W2 worker?
There are many differences between being a wage earner and being self-employed, but a few of the relevant ones are that your employer pays half of your FICA taxes on your behalf.
What does it mean to be a 1099 worker?
A 1099 worker is also considered self-employed worker. You are your own 1-person business in the eyes of the IRS.
Financial Accountability is Easier Than You Think
Keeping yourself financially accountable can be hard. We live in a world where buying almost anything is as simple as clicking a button. Namu has a list of tricks and tips that can help you stay financially accountable.
Namu Update, September 2020
Founder’s Notes to the Namu Community
Freelancer Finances: Invoicing
Working as freelancer is a tough undertaking. I’ve been doing it full-time for about six months now, and there are a lot of challenges associated with working for oneself that aren’t obvious until you experience them first-hand.
Freelancer Finances: Navigating Tax Withholding
When it comes to taxes, freelancers are especially prone to making mistakes that can put them at financial risk.
