Category Archives: Uncategorized

Financial Terms that every business owner should know and understand

As a business owner there are a few financial terms you need to know in order to understand your finances.I am going to break them down and explain them in plain English. Because jargon is no fun at all, and really, they aren’t difficult to understand. 1. Gross Income Gross income is the amount ofContinue reading “Financial Terms that every business owner should know and understand”

The benefits of outsourcing Bookkeeping and Accounting functions in your business.

1. Cost Savings– To succeed in business, accurate and timely financial records are vital. They can help you determine if the business is making money or losing it. Your financial records indicate if your business is financially sound or if adjustments need to be made. Outsourcing your bookkeeping can improve both the accuracy of yourContinue reading “The benefits of outsourcing Bookkeeping and Accounting functions in your business.”

Are you thinking of venturing into business this year?

New year, New ambitions. Are you thinking of starting a business this year? Here are the basic finance details as far as compliance is concerned 1) I started the business using my money. How do I record that in the business books and how do I identify the funds?– an obvious fact is that aContinue reading “Are you thinking of venturing into business this year?”

Common Bookkeeping Mistakes that Small Businesses Make and ways to avoid them.

Making small bookkeeping mistakes that are costly or even damaging to your business is an unwelcome possibility. However, understanding common errors and how to avoid them can help you stay on top of your books and make sure your business stays afloat. Overlooking Deadlines Overlooking deadlines is a common mistake that small businesses make inContinue reading “Common Bookkeeping Mistakes that Small Businesses Make and ways to avoid them.”

Data Capturing,Transactional Allocations and Reporting

Data capturing is important in every business, not for future use only but for the end results. We need to make sure that we understand how each transaction affect our books, as that will have an effect on our reporting. 1. Capital – at no point should money put into the business by the ownerContinue reading “Data Capturing,Transactional Allocations and Reporting”

The important of Independency in Business

Business is not easy, we are most likely the generation that is classified as the ‘FIRST’ to embark in this entrepreneurial journey in our families. And that is thanks to our young democracy.It is also understandable that in your early years in business you will feel the need to have some form of support orContinue reading “The important of Independency in Business”

Saving Cash as a new Business Owner

1. Run Your Business From Home This is one of the easiest ways you can start saving a lot of money that comes into your business. With this, you have to carry out the feasibility of your business within the area from where you want to operate first. Rather than waiting to raise cash toContinue reading “Saving Cash as a new Business Owner”

Income Statement

An Income statement is simply, Revenue less your raw material, less your operational expenses and having the net profit. To simplify it for you, I always refer to the income statement as the “business payslip”. Every entrepreneur / business person need to familiarize themselves with how to read their business income statement. It is, afterContinue reading “Income Statement”

Daily Bookkeeping Routine

Let’s do our books right while it’s still early in the year, shall we? As a small business owner / entrepreneur we often focus more on the operations of the business. Though there is nothing wrong with that, we however need to remember the role the figures play in our entities. Knowing our business performanceContinue reading “Daily Bookkeeping Routine”