I get asked a lot about the differences between bookkeeping and accounting. The two are essential financial functions for every business. Many people use them interchangeably and may not know the distinction between them. Understanding the differences between bookkeeping and…
You may be a new business owner, or you possess some knowledge of accounting but have yet to enlist the services of a qualified professional to handle your tax returns. It is important to note that filing accurate and timely…
It’s tax season right now and at the end of the period, most of you will be asking why I have to pay taxes on my business, and yet I don’t see the profits. “I don’t see the money in…
At some point in your business, you probably will have to handle bookkeeping yourself, particularly when you just got started, or hire a bookkeeper to save on costs. You wouldn’t have too many transactions and would want to ensure that…
“Planning is bringing the future into the present so that you do something about it now.” – Alan Lakein Transformation, Transition, or Traction. These are the 3 Ts that may guide your decision to create a 90-day financial plan. A…
Your printer has run out of paper. Do you immediately order another ream because you can afford one? Or do you review your operations expenses and plan to purchase? Urgent needs that appear affordable to the company often lead to…
Something is not right with your business finances! Have you ever looked at your business finances and felt something was off track? You may be a victim of business financial fraud. Studies reveal that the average business may lose up…
How do you record a sale? When you share an invoice with your client, or when your client pays you? Your answer to this question will give you the fundamental difference between cash-based accounting and accrual-based accounting. Cash-based accounting is…
‘Costs do not exist to be calculated. Costs exist to be reduced’ – Taiichi Ohno. This quote is highly relatable to any small business owner. Cutting costs is key to increasing expenses. In today’s global economy, this approach may not…
What is your role as a small business owner? At the start of your business, you most likely would wear multiple hats. You are Head of Sales, Head of Finance, Head of Marketing, Head of Human Resources, and many other…
