{"id":22861,"date":"2024-04-23T11:20:37","date_gmt":"2024-04-23T15:20:37","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=22861"},"modified":"2026-07-09T10:27:22","modified_gmt":"2026-07-09T14:27:22","slug":"what-is-the-security-exchange-commission","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/what-is-the-security-exchange-commission\/","title":{"rendered":"What is the Securities &amp; Exchange Commission (SEC)?"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/trends-insights\/\" class=\"entry-header__link\">Trends &amp; Insights<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tWhat is the Securities &amp; Exchange Commission (SEC)?\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Published <time class=\"entry-date published\" datetime=\"2024-04-23T11:20:37-04:00\">April 23, 2024<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"What is the Securities &amp; Exchange Commission (SEC)?\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-the-security-exchange-commission\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/douglasbonderud\/\">\n\t\t\t\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2019\/11\/Bonderud-Headshot.jpg\" class=\"entry-author__image\" height=\"40\" width=\"40\" fetchpriority=\"high\" \/>\t\t\t\t<span class=\"entry-author__name\">Douglas Bonderud<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What is the purpose of the Securities &amp; Exchange Commission?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Securities and Exchange Commission (SEC) was created to ensure fair market activity, enforce financial regulations, and encourage capital formation. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, the SEC played a key role in helping the economy recover after the Great Recession of 2008 prosecuting the financial institutions responsible and returning billions of dollars to the market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While this benefits investors and big organizations, small business owners are often left wondering what role the SEC plays in their day-to-day operations, and how the SEC can help them succeed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this piece, we&#8217;ll explore the history of the SEC, the role it plays in U.S. markets, and what this means for your small business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-here-s-what-we-ll-cover-in-this-article\">Here&#8217;s what we&#8217;ll cover in this article<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"#what\">What are securities? What is an exchange?<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"#sec\">What is the SEC?<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"#role\">What role does the SEC play in US markets?<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"#help\">How does the SEC help small businesses?<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"#final\">Final thoughts on the Securities and Exchange Commission<\/a><\/strong><\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Small business survival toolkit<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get your free guide, business plan template, and cash flow forecast template to help you run your business and achieve your goals.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-aee5a8c2-281d-42bb-8da2-eda5b62f63c6\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download your free toolkit<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"single-cta__downloads\">\n\t\t\t\t\t\n\t\t\t\t\t10,548 readers have downloaded this toolkit\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1327127856-1440x810.jpg\" class=\"single-cta__image\" alt=\"Female hands working on a laptop\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1327127856-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what\">What are securities? What is an exchange?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Before diving into the details of the SEC, it&#8217;s worth breaking down the basics: What exactly is a security, and what is an exchange?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Securities are <a href=\"https:\/\/www.tn.gov\/commerce\/securities\/investors\/what-is-a-security.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>broadly defined<\/strong><\/a> as financial instruments that are negotiable and hold some type of value. Common examples of securities include stocks, bonds, and options. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s also important to note that securities are fungible. This means they can be interchanged with assets of the same value and type. Consider currency. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While not a security, cash is fungible \u2014 one U.S. dollar bill can be exchanged with any other and retain the same value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An exchange, meanwhile, is any marketplace where securities can be traded. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historically, these marketplaces were physical \u2014 stock exchanges are a good example \u2014 but many of these marketplaces are now digital. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC oversees securities and exchanges no matter where they&#8217;re located and no matter what form they take.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sec\">What is the SEC?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC is a regulatory and administrative agency created by the U.S. government in 1934 under the Securities Exchange Act. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This Act was passed in response to the stock market crash of 1929, which sent the American market into a tailspin and led to significantly reduced investor confidence. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC was given a <a href=\"https:\/\/www.sec.gov\/about\/mission\" rel=\"noopener noreferrer\"><strong>three<\/strong><\/a><a href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/role-sec\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>-part mission<\/strong><\/a> to help stabilize markets and encourage investor confidence:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-ensure-fair-market-activity\">1. Ensure fair market activity<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">According to the SEC, the U.S. capital markets &#8220;are the deepest, most dynamic, and most liquid in the world. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They also have evolved to become increasingly fast and extraordinarily complex.&#8221; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of 2023, the SEC is responsible for the oversight of more than $100 trillion in securities trading across both digital and physical markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The primary goals of this oversight are fairness and transparency. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC is responsible for ensuring that both buyers and sellers of securities are forthright and truthful about the value of securities, along with potential risks associated with these securities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-enforce-financial-regulations\">2. Enforce financial regulations<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Part of ensuring fair market activity means enforcing financial rules and regulations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As evidenced by the full text of the <strong><a href=\"https:\/\/www.ecfr.gov\/current\/title-17\/chapter-II\/part-240\" target=\"_blank\" rel=\"noreferrer noopener\">General Rules and Regulations of the Security Exchange Act<\/a>,<\/strong> much of this enforcement comes down to reporting and review. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Case in point, under section 240.14c-3, security holders must provide the SEC with an annual report. Under section 240.15d-21, meanwhile, companies must provide reports for employee stock purchases, savings, and other similar plans. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agency then reviews these reports to ensure both buyers and sellers are acting in good faith.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC also recognizes that financial regulations aren&#8217;t static. As technology advances, the agency constantly evaluates current procedures and, where appropriate, modernizes rules to accommodate these changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the last 90 years, Congress has passed additional Acts that help the SEC maintain market stability. These include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Trust Indenture Act (1939)<\/li>\n\n\n\n<li>The Investment Company and Investment Advisers Act (1940)<\/li>\n\n\n\n<li>The Sarbanes-Oxley Act (2002)<\/li>\n\n\n\n<li>The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010)<\/li>\n\n\n\n<li>The Jumpstart Our Business Startups (JOBS) Act (2012)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC also creates and enforces new rules to help keep pace with changing economic conditions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To illustrate, in February 2024, the SEC <a href=\"https:\/\/www.sec.gov\/rules\/rulemaking-activity?aId=&amp;search=&amp;rulemaking_status=178631&amp;division_office=All&amp;regulation_year=\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>proposed a rule <\/strong><\/a>to help qualify venture capital funds inflation adjustment. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As part of the approval process, the SEC will ask for public opinion along with conducting internal evaluations and reviews.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-encourage-capital-formation\">3. Encourage capital formation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, the SEC takes an active role in capital formation to help grow the U.S. economy. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In particular, the SEC offers an<strong> <a href=\"https:\/\/www.sec.gov\/education\/capitalraising\/navigator#1\" target=\"_blank\" rel=\"noreferrer noopener\">interactive capital navigator<\/a>. <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Owners can provide details about their business operations and get capital pathway recommendations to help streamline the funding process.<\/p>\n\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Automate your small business accounting<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Easy to setup. Easy to use.<\/p>\n<p>Save time, improve cash flow, and get paid faster with <span style=\"color: #ffffff\"><a style=\"color: #ffffff\" href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/accounting\/\">Sage Accounting<\/a>.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/accounting\/\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tid=\"cta-id-4611\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-button-location=\"cta_box\"\n\t\t\t\t\t\t\t\t\t\t\t>Start your free trial today<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1200\" height=\"640\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2018\/06\/1077496_SBCA_Nuture_Email1_GettingStarted.png\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2018\/06\/1077496_SBCA_Nuture_Email1_GettingStarted.png 1200w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"role\">What role does the SEC play in US markets?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the primary mission of the SEC remains the same, the agency has diversified its role to keep pace with changing markets. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the <a href=\"https:\/\/www.sec.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">SEC&#8217;s official website<\/a>, the agency now performs five key functions:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-informing-and-protecting-investors\">1. Informing and protecting investors<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Investors are kept informed about market trends with regular investor alerts and bulletins. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the SEC provides data on all registered investment professionals, including their current registration status and background.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-facilitating-capital-formation\">2. Facilitating capital formation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC facilitates capital formation with resources such as the Capital Raising Hub for small businesses and the FinHub for financial technology firms.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-enforcing-federal-securities-laws\">3. Enforcing federal securities laws<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Securities laws are enforced through both digital and physical enforcement actions, and the SEC provides a list of the latest court actions and administrative proceedings. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Office of the Whistleblower also allows members of the public to report unfair or fraudulent practices.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-regulating-securities-markets\">4. Regulating securities markets<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC helps regulate securities markets with both final and proposed rules, and actively seeks out investor feedback on current and future SEC rulemaking.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-providing-data\">5. Providing data<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, the SEC provides market data such as Money Market Fund Statistics, information about active broker-dealers, and reports from registered investment advisers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"help\">How does the SEC help small businesses?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are multiple ways the SEC can help small businesses, including:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-capital-formation\">1. Capital formation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In 2019, the agency established the <strong><a href=\"https:\/\/www.sec.gov\/oasb\" target=\"_blank\" rel=\"noreferrer noopener\">Office of the Advocate for Small Business Capital Formation<\/a> (OASBCF)<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Office provides resources for small businesses to understand the capital raising process and navigate the SEC rules associated with this process. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given the increasing volume and variety of potential capital sources, the SEC&#8217;s guidance can help small businesses avoid possible pitfalls and streamline capital generation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SEC also provides guidance for businesses that choose to raise capital by selling securities. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Specifically, the <a href=\"https:\/\/www.sec.gov\/reportspubs\/investor-publications\/infosmallbusqasbsec\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>SEC&#8217;s small business publications <\/strong><\/a>contain information about how to register a public offering, how to report securities data, and where owners can find more information about the SEC regulations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-rules-and-regulations-analysis\">2. Rules and regulations analysis<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The OASBCF also analyzes proposed rules from both the SEC and those from self-regulatory organizations (SROs) to determine their potential impact on small businesses and investors. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Armed with this information, the office can help SMBs effectively navigate these rules to both streamline processes and reduce the risk of non-compliance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This type of assistance is critical for smaller businesses as the pace of regulatory change accelerates and compliance expectations evolve to meet global consumer demand. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Each year the Office releases an <a href=\"https:\/\/www.sec.gov\/about\/division-office\/advocate-small-business-capital-formation\/annual-reports\" target=\"_blank\" rel=\"noreferrer noopener\">Annual Report<\/a> which contains an analysis of current market trends, SEC rulemaking, and OASBCF recommendations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-issue-resolution\">3. Issue resolution<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the OASBCF helps small businesses and investors resolve issues with the SEC and with SRO by recommending specific policy changes to both Congress and the Commission.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, the organization has recommended changes such as <a href=\"https:\/\/www.lexology.com\/library\/detail.aspx?g=b7219ad7-9fd6-4aaa-a78e-8b06ff23ab50\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>scaling security disclosure requirements<\/strong><\/a> to match the size of the business, improving access to educational resources and tools for SMBs, and modifying the definition of an &#8220;accredited investor&#8221; to give owners more options in demonstrating financial sophistication.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"final\">Final thoughts on the Securities and Exchange Commission<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What is the purpose of the Securities &amp; Exchange Commission? To keep the country&#8217;s evolving financial markets honest, fair, and functional.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the SEC often focuses on larger enterprises and financial institutions, it also plays a key role in the success of small businesses by offering advice for capital generation and assistance in remaining compliant as SMBs make the move into public securities exchange.<\/p>\n\n\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/small-business\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tSmall business\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-23456 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-boss-your-business tag-small-business tag-staying-competitive business_type-small-business card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-642394299-1440x810.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-642394299-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-642394299-768x432.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-642394299-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"card-post__content\">\n\t\t\t\t\t<div class=\"card-post__label\">Recommended<\/div>\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-31T07:18:42-04:00\">July 31, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">15 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/how-to-write-an-invoice\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tHow to write an invoice and what to include\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tLearn how to write an invoice with our practical guide. Discover what to include, common payment terms, invoice types, and tips to help you create professional invoices and get paid faster.\t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-13533 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-boss-your-business tag-business-continuity tag-cash-flow tag-productivity tag-small-business business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/why-you-should-be-doing-cash-flow-analysis\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/12\/BrandShootLDN_Dec2021_Construction_0014-JPG-Sage-Advice-684x384.jpeg\" class=\"card-post__image\" alt=\"Construction professional at desk\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/12\/BrandShootLDN_Dec2021_Construction_0014-JPG-Sage-Advice-684x384.jpeg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/12\/BrandShootLDN_Dec2021_Construction_0014-JPG-Sage-Advice-768x512.jpeg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/12\/BrandShootLDN_Dec2021_Construction_0014-JPG-Sage-Advice-1215x810.jpeg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-31T05:12:45-04:00\">July 31, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">16 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tCash flow analysis guide: Definition, steps, and examples\u00a0\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-23890 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-small-business business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/income-statement-template\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1279589946-684x384.jpg\" class=\"card-post__image\" alt=\"woman putting on headset working on computer\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1279589946-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1279589946-768x432.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1279589946-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-30T09:59:29-04:00\">July 30, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">18 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tIncome statement template: Free Excel download and examples\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-27827 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-boss-your-business tag-business-continuity tag-cash-flow tag-productivity tag-small-business business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/net-30-payment-terms\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-645973033-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-645973033-684x384.jpg 684w, 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matter\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-24727 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-accounting-101 tag-growing-a-business tag-small-business business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/margin-calculator\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-607477465-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-607477465-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-607477465-768x513.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-607477465-1214x810.jpg 1214w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-30T06:19:00-04:00\">July 30, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">1 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tMargin calculator (how to calculate profit margin)\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is the SEC? What is the purpose of the Securities &#038; Exchange Commission, and how does it help small businesses?<\/p>\n","protected":false},"author":924,"featured_media":20165,"menu_order":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"_pwl_sage_podcast_buzzsprout_src":"","footnotes":""},"categories":[49],"tags":[34],"business_type":[40],"lilypad":[],"context":[],"industry":[],"persona":[96,97,95],"imagine_tag":[230],"coauthors":[617],"class_list":["post-22861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-insights","tag-small-business","business_type-small-business"],"sage_meta":{"region":"en-us","author_name":"Douglas Bonderud","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1316107530.jpg","imagine_tags":{"230":"Small business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/22861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/924"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=22861"}],"version-history":[{"count":1,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/22861\/revisions"}],"predecessor-version":[{"id":37088,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/22861\/revisions\/37088"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/20165"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=22861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=22861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=22861"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=22861"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=22861"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=22861"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=22861"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=22861"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=22861"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=22861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}