Cloud accounting is characterized by the application or implementation of an accounting system that is accessible through the internet (online). Cloud computing is necessitated through the use of an accounting software that is hosted remotely. In addition to enhancing the security and efficiency of your accounting practices, cloud accounting saves time and resources. With cloud… Read More »
Your personal financial affairs or status as the owner of the business are a direct reflection of the financial health and status of your business. The concept behind conducting financial reviews is to assess spending habits and determine whether or not a person’s spending habits are likely to compromise their financial well-being. As the business… Read More »
Accounting for a small business entails the periodic tracking, recording and analyzing of your business’ transactions in order to keep track of your business’ performance and expenses. The most basic principles for accounting when it comes to small businesses or startups encompasses the understanding of your business’ balance sheet, the P&L statement, and the cash… Read More »
It is important to keep track of your business’ financial operations by creating a monthly schedule to avoid missing out on important financial data and insights that are crucial to the growth of your business. In addition to conducting our daily and weekly accounting tasks, ensure that you incorporate your investment and expenses management operations… Read More »
Any business regardless of size is expected to pay taxes each year. However, the type of tax and amount to be paid varies with the business structure therein. Payable taxes include a combination of myriad taxes that range from income tax, sales tax, self-employment tax, employer tax, as well as estimated tax. Tax management encompasses… Read More »
Regulatory and obligatory requirements refer to the rules and regulations that govern the establishment and daily operations of businesses. Regulations and obligations vary with the type of business and the industry therein and as such, it is advisable to conduct research and seek legal and business advice before establishing a business in a given industry.… Read More »
Your daily financial habits have an impact on your business’ financial health and ultimately affect your business’ growth. Sound financial habits are vital for the survival and subsequent growth of the business thereof. In addition, adopting sound financial habits enhances financial management in the sense that it puts a business in a better position to… Read More »
Every business is obligated by law to keep financial records (bookkeeping) that pertain to its operations. Bookkeeping is instrumental in the sense that it helps keep and track financial records of a business’ financial transactions within a specified period. Effective bookkeeping strategies foster strategic decision-making processes in a business. In addition to keeping a record… Read More »
At some point, considering financing options becomes inevitable for many business owners regardless of the size of the business. The quest for financing varies with the nature of business and the needs therein. When opting for business financing, it is important to clarify why you need financing and whether it is absolutely necessary for you… Read More »
Financial tasks encompass activities within your organization/business that are concerned with the preparation of financial documents and statements. Such tasks should be performed regularly (if not daily) to avoid jeopardizing the quality of your business’ financial data. Essentially, financial tasks are instrumental in so far as the production of P&L statements and balance sheet are… Read More »
Conceptually, investment management entails the creation and maintenance of investment portfolios. Investment management is crucial to businesses and especially startups in the sense that it is an income diversification strategy and further provides a hedge against losses. Effective investment management strategies are characterized by good returns and enable businesses to have access to liquid cash… Read More »
A profit and loss statement (income statement) is among the most effective tools for analyzing the profitability of your business. A P&L statement typically measures a business’ revenue and expenses monthly, quarterly, or yearly. Essentially, a P&L statement uses the business income, the operating costs, and the total expenses to calculate the profit or loss… Read More »
A business loan is one of the most reliable and popular source of funding for many startup businesses. The process of applying for a business loan is daunting at best and requires relentless commitment and hard work. In addition to the loan application process, you are required to prove or demonstrate why your business is… Read More »
Management tasks encompass the day-to-day operational tasks that include planning, organizing, staffing, controlling and leading. In addition to these daily tasks, strategic management tasks in a business include decision making, identifying underlying issues and problems and implementing appropriate course of action and implementing necessary changes in the business. Strategic management tasks are crucial to the… Read More »
A financial plan is important for keeping both your short-term and long-term financial health in check. As such, it is important to conduct frequent reviews of your financial plan to determine your business’ financial position at any given time. Essentially, tracking your financial plan enables you to manage your business’ revenues and expenses, as well… Read More »