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?”
Category Archives: Uncategorized
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”
Business Relations
In business, we build relations as we connect with different people on different levels. But how we connect varies. We connect with some as our customers and some as our associates. At times we are customers to others – if you observe closely, it is actually a chain. On this blog I would like toContinue reading “Business Relations”
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”
Running a Professional Business – Invoicing 101
In this new year, may all entrepreneurs and small to medium enterprises commit to run their businesses professionally! Let’s start with the most basic step to compliance i.e data entry Starting a business requires one to have capital or resources. Most of the times we are limited because of the lack thereof. However, that shouldContinue reading “Running a Professional Business – Invoicing 101”
Partnering in Business
It’s a new year, happy 2021. I chose partnership as our first business topic for the year. The reason is thatfor some of us our goals this year is to partner with other individuals or entities to grow our portfolios / businesses. But often we get carried away by overlooking some important aspects that oneContinue reading “Partnering in Business”