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Mike Price

Mike Price has worked with small businesses in banking and accounting capacities for the past six years. He specializes in bookkeeping, projected financials and debt restructuring.

Recent Articles

How to Find a Private Investor for Your Business
A personal investor can bring more money and mentorship to your business. Learn how to find personal investors for your small business in three steps.
Should You Go to the SBA for CRE Loans?
If you are in the market for commercial real estate (CRE), here are the pros and cons of using a conventional loan or an SBA loan for your next CRE purchase.
What You Need to Know About the SBA SOP
The SBA SOP is a document that lenders use to underwrite and originate SBA loans. Here we detail several questions you should consider before applying for a loan.
How a Bank Underwrites Your SBA Loan
Underwriting an SBA loan isn't a simple and straightforward process. From the bank's perspective, we outline what documents you need and how to prepare.
How to Use Your Accounts Receivable to Get Cash Now
Accounts receivable financing is when you use the balance to secure a short-term business loan. Here are the pros and cons of accounts receivable financing.
How to Get a Business Term Loan
The three types of business term loans are conventional, hard money, and government guaranteed. Learn how to apply for a business term loan in five steps.
How to Finance Your Next Equipment Purchase
Equipment financing allows you to arrange leasing terms for the life of the asset. Here are three common eligibility requirements for equipment financing.
How to Use the Government to Your Advantage With Small Business Loans
Today, you can access PPP, SBA, and USDA government loans. Each program has its own set of rules. Here are the requirements to secure one of these loans.
How to Get Your PPP Loan Forgiven and Apply for a Second One
The Paycheck Protection Program (PPP) offered pandemic relief to small businesses. Now, you can get your first loan forgiven and apply for a second. Here's how.
How Do 504 Loans Work?
An SBA 504 loan provides financing to purchase fixed assets for expansion or modernization. Find out if you're eligible and how to apply for a 504 loan.
What You Need to Know About SBA Express Loans
An SBA Express loan can be accessed quickly and can be used for various different things. Here are the pros and cons of using an SBA express loan.
Should You Pay Off an SBA Loan Early?
Depending on your loan covenants, cash position, or interest rate savings, you may want to payoff your SBA loan early. Here’s how you can pay back your loan.
How to Use a Business Line of Credit
If your business is having cash flow problems, you may still qualify for a line of credit. Learn how to use a business line of credit to support your business.
How to Get a Short-Term Small Business Loan
A short-term business loan can be what your business needs if you run into a one-time liquidity crisis. We cover the pros and cons of short-term business loans.
How Do Unsecured Business Loans Work?
An unsecured business loan can come in the form of SBA, lines of credit, credit cards, and merchant cash advance. Here are the pros and cons of unsecured loans.
How to Know if You’re Ready for Entrepreneurship
Wealth rarely falls into one's lap; you have to go out and build it. Here are four things to keep in mind if you want to try your luck at entrepreneurship.
An Interview With the Owner of a Service-Disabled Veteran-Owned Small Business
Rusty Hansen runs a Service-Disabled Veteran-Owned small business in Ogden, Utah. He shares the story of how he started and what it has been like since COVID.
Should You Get a Loan to Fund Your Startup?
Is your startup in need of cash? Explore a small business startup loan. Here are a few places you can try, as well as the pros and cons of getting a loan.
SBA Collateral Discount Rates
The SBA discount rate considers the age of the collateral, ease of resale, and how well the collateral maintains value. Learn how it can affect your SBA loan.
How to Juice Your Cash Position With a Working Capital Loan
A working capital loan can be used to pay yourself, reduce the cash conversion cycle, and make payroll. Here are five types of working capital loans to consider.
Venture Capital Funding: Essential Things to Know About Venture Debt
Venture debt is an alternative form of raising capital without giving up ownership in the company. Here are the three types of venture debt that are available.
How to Start a Business With No Money
Starting a business with no money is not a likely scenario that will work. Instead, here are a few strategies to raise money and get your business started.
7 Skills You Need to Be an Entrepreneur
Are you interested in pursuing a career as an entrepreneur but not sure if you can do it? Here are seven entrepreneurial skills you should learn to succeed.
A Beginner's Guide to Business Models
Planning on starting a business but not sure which business model to use? Here are eight types of business models that will achieve a return on your investment.
A Beginner's Guide to SPACs
Special purpose acquisition companies (SPACs) offer a less expensive route to going public and raising needed funds. Here's why you may want to consider a SPAC.
When to Start Series A Funding
After an initial seed round of raising funds from angel investors, you're ready for series A funding. Here are the pros and cons of using series A funding.
How to Get a Small Business Loan With Bad Credit
Small businesses with bad credit can find it difficult to secure a small business loan. Here are three steps you can take to get a loan if you have poor credit.
How to Get an SBA Loan
Small businesses that normally would not qualify for a bank loan should consider an SBA loan. Here are the minimum loan requirements for getting an SBA loan.
How to Find Rural Small Business Grants for Your Business
A rural small business grant can help business owners in rural areas get access to funds they don't have to pay back. Secure a grant with these best practices.
How to Find an Angel Investor
Angel investors are wealthy individuals that invest in businesses not yet ready for venture capital. Here are the pros and cons of having an angel investor.
5 Tips to Pitch Investors for Seed Funding
Seed funding is used to build models of your product and start building an effective team. Here are five tips to help you pitch investors to raise seed funding.
How to Tell if Your Company Is Insolvent
Is your business carrying more debt without the cash flow that you need? Here are five signs that will determine if your business is insolvent.
How to Use an Accounts Payable Aging Report
The accounts payable aging report shows all unpaid invoices that your business needs to collect. Here are six tips for managing accounts payable aging reports.
How Do You Get a Loan From an SBIC?
SBIC funds are for businesses that can't get bank loans because they don’t have the assets to pledge. Find out if your business is eligible for an SBIC loan.
What Are Different Types of Assets and Liabilities?
How do assets and liabilities relate to your company's balance sheet? Here we outline the different types of assets and liabilities you should be familiar with.
How Veterans Can Find Small Business Loans
Many veterans pursue the idea of starting a new business, but funding the business becomes a real issue. Here are six types of small business loans to consider.
Sales Tax: Do You Need to Charge It?
Most states require retail businesses to collect sales tax to help generate revenue for the state. Learn how to collect, report, and pay your sales tax.
Private Equity vs. Venture Capital: Which Should Your Business Target?
Private equity and venture capital firms are investment companies that seek opportunities with different investment parameters. Here are the key differences.
What Is a Limited Partnership Agreement?
A limited partnership agreement shields you from potential liabilities of the business, but you must remain passive. Here are three benefits of one.
Should You Seek Corporate Venture Capital Financing?
Many startups need strategic investors when raising capital. That's when big corporations become a good fit. Here's how corporate venture capital can help.
What Is a Lead Investor and Why Do You Need One?
The lead investor steps in to lead the investment round and attracts other VCs to participate in the deal. Learn how to attract a lead investor with these tips.
How Do Venture Capitalists Get Paid?
Do you ever wonder how venture capitalists get paid? They receive the carry and management fees for running the VC fund. Learn how venture capital carry works.
How Do You Value a Startup?
Finding the startup valuation of a business is a highly contested item when raising venture capital. Here are five ways to estimate the value of your startup.
How and Why to Value a Business
It's a good idea to know the value of your business in case you want to sell (or to know your net worth). Here are three business valuation models to use.
How to Calculate Your Pre-Money Valuation
Pre-money valuation is the value of the company prior to receiving any financial investment. Here are a few things to consider before valuing your company.
What Does Post-Money Valuation Mean?
Post-money valuation refers to the value of the company after receiving investment. Learn how to calculate it and the five benefits of a post-money valuation.
How to Read Your Term Sheet
The term sheet outlines the terms by which an investor will make an investment in your business. Here we detail its contents and why it's useful in negotiating.
A Beginner’s Guide to Venture Capital
Entrepreneurs looking to raise funds for their startup might want to consider venture capital. In this guide, we outline how it works at each stage.
How to Write Off Travel Expenses
If you travel for business, it's probably a good idea to keep track of your business expenses. Learn how to deduct your business travel expenses on your taxes.
How to Get Started in Property Management Accounting
A property management accounting system allows you to keep accurate records of your properties to maximize profits. Learn how to set one up in four steps.
How Is a W-2 Different From a W-4?
The W-4 form is completed by employees when they join your company, while the W-2 form is submitted to all employees annually. Learn how to fill out each form.
How to Complete the W-9 and 1099
When reporting payments you make to a contractor, use a 1099 form. Alternately, the W-9 captures the contractor's tax information. Learn how to fill out each form.
How to Use a Production Budget in Your Business
A production budget determines how many units need to be produced to keep up with consumer demand. Learn how to create one for your business and see an example.
How to Submit an FBAR Form
Individuals or businesses with a foreign bank account balance that exceeds $10,000 must file an FBAR. Learn what situations are excluded from filing an FBAR.
How to Create a Cash Flow Statement Using the Indirect Method
The statement of cash flows summarizes the amount of cash both entering and leaving the business. Learn how to prepare this statement using the indirect method.
How to Set up a Wage Garnishment
Wage garnishments are deductions employers take out of employee paychecks to pay for a liability the employee has incurred. Learn how to apply wage garnishments.
How to Register a Single-Member LLC
A single-member limited liability company (SMLLC) protects your personal assets from any business liabilities. Here are four reasons to form an SMLLC this year.
Are Your Employees Exempt or Non-Exempt?
When it comes to getting paid for overtime, exempt and non-exempt employees are treated differently. Here we break down the overtime regulations for both.
Can You Use the Home Office Deduction This Year?
If you’re working from home, you should consider using the home office deduction to cut your tax bill. See if you qualify, and start taking advantage of it.
How and When to Use a Payroll Register
The payroll register keeps track of the gross and net pay for each employee and keeps the payroll process in check. Learn how to use it in your small business.
Why You Should Focus on Operating Profit Instead of Net Profit
Operating profit measures the profit your business generates without the impact of taxes. Learn the benefits of calculating operating profit with some examples.
The Blueprint Guide to the Schedule K-1
The Schedule K-1 is a tax form used to help business owners file their personal income taxes. Learn how banks use it and how to file your K-1 in five steps.
Should You Rely on Accounting Profit or Economic Profit?
Both economic profit and accounting profit calculate the amount of profit earned, but there's a key difference. Here's how to calculate each.
How to Get Your EIN With an IRS Form SS-4
IRS Form SS-4 is used to apply for an Employer Identification Number (EIN). Here are five steps to help you complete the form and easily obtain your EIN.
How to Complete IRS Form 941
Businesses need to file Form 941 if they have employees and withhold income taxes. Learn when the filing deadline is and how to complete it in five easy steps.
How to Use Draws Against Commission to Incentivize Your Sales Staff
Draws against commission provide salespeople with a paycheck while incentivizing them to sell more. Here's how the system can give you peace of mind.
What Is the Specific Identification Method for Inventory Costs?
The specific identification method tracks individual inventory items and determines inventory costs. Here we outline the pros and cons of the method (and give some examples).
A Beginner's Guide to Payroll Analytics
Payroll analytics can help you gain new insights and track fraud, errors, and compensation costs. Here's why you should integrate it into your small business today.
How to Use Per Diem for Travel Expenses
Per diem allows employees to be reimbursed for travel and work-related expenses. Here's how per diem reimbursement works so you know what to expect when traveling.
The Complete Guide to Small Business Compensation
It's important to budget for employee compensation in your small business. Here's how to create a compensation plan that works for you and your employees.
How to Calculate Night Shift Differential Pay
Your business can incentivize employees to work late, but how should you compensate them? It's called night differential pay, and here's how to implement it.
How to Calculate Blended Overtime Pay
Employees who work shifts at different pay rates during the same pay period are working blended overtime. Learn to calculate blended overtime with this guide.
How to Use Capital Budgeting for Your Next Big Purchase
Capital budgeting is important when you're planning for a big investment. We cover the different types of capital budgeting so you can plan your next purchase.
How to Set Up an Efficient and Accurate Payroll System
A payroll system sets up repeatable tasks that need to be completed for each pay period. The Blueprint explores the benefits of an efficient payroll system.
How to Prepare and File W-2s
The W-2 form shows the income your employees made over the last tax year. In this guide, we explain what it is and how employers should prepare W-2 forms.
How to Complete and File Your 1099-NEC Forms
If you use independent contractors, you'll need to fill out the year-end 1099-NEC form. The Blueprint goes through how to fill out and send the 1099-NEC form.
Tax Forms for Sole Proprietors
As a sole proprietor, you're responsible for filling out certain forms when you file taxes. The Blueprint covers what tax forms you'll need to file your taxes.
The Blueprint Guide to Tax Shields for Small Businesses
Learn to increase your cash flow by using tax shields to reduce net income. The Blueprint explains how your small business can shield income from taxes.
How to Find Your Business’s EIN
If you've recently launched a new company and seem to have misplaced your business EIN, here's how to find it. The Blueprint offers a primer on the EIN.
The Blueprint Guide to the Weighted Average Cost Method
Should your business use the weighted average cost method? The Blueprint outlines the benefits and disadvantages of using the weighted average cost method.
A Small Business Guide to Cost Recovery
The cost recovery method allows businesses to recognize profit and defer taxes under certain conditions. The Blueprint explains how to calculate cost recovery.
How to Make Payroll Journal Entries: A Small Business Guide
In payroll accounting, there are several different ways to make journal entries. The Blueprint demonstrates how to make a payroll journal entry.
Perpetual vs. Periodic Inventory: What's the Difference?
Learn the difference between the periodic and perpetual inventory methods, and use this guide to help you select the right system for your small business.
How to Complete and File Your Business Tax Return
Intimidated by the prospect of paying taxes for your small business? Don't be: The Blueprint walks you through how to prepare and file your business tax return.
The FIFO Method of Inventory Accounting
The FIFO method of inventory accounting is the most realistic method to match actual pricing. The Blueprint discusses the benefits of using the FIFO Method.
A Beginner's Guide to Payroll Processing and Reporting
Payroll processing creates a process to pay employees and track all required information. The Blueprint goes through how to set up a payroll processing system.
How to Calculate and Report Medicare Tax
Medicare works by collecting pay during your working years for use when your older. The Blueprint goes through how small businesses report Medicare tax.
1099 vs W2: Which Is Preferable for Employers and Employees?
The 1099 vs W2 distinction is what separates employees from the self-employed. The Blueprint takes a closer look at this for employees and small business owners.