Your Partner In Growth
It may seem counter-intuitive, but firing certain types of paying customers could actually help your company grow. You’ve probably heard the saying “cash is king” 10 million times. Well, that’s because it’s a true statement – and it applies to businesses of all shapes, sizes and ages. But, for young businesses in particular, every dollar …
Business managers, creditors, and investors rely on financial reports because these reports provide information regarding how the business is doing and where it stands financially. Like newspapers, financial reports deliver financial “news” about the business. One big difference between newspapers and business external financial reports is that businesses themselves, not independent reporters, decide what goes into their …
Accountants and bookkeepers record transactions as debits and credits while keeping the accounting equation constantly in balance. This process is called double-entry bookkeeping. Double-entry bookkeeping records both sides of a transaction — debits and credits — and the accounting equation remains in balance as transactions are recorded. For example, if a transaction decreases cash R25,000, then the …
You can compare reading a business’s financial report with shucking an oyster: You have to know what you’re doing and work to get at the meat. You need a good reason to pry into a financial report. The main reason to become informed about the financial performance and condition of a business is because you have …
Officially, there are two types of accounting methods, which dictate how the company’s transactions are recorded in the company’s financial books: cash-basis accounting and accrual accounting. The key difference between the two types is how the company records cash coming into and going out of the business. Within that simple difference lies a lot of room for …
Small businesses require close tracking of expenses and cash flow. It’s important for business owners to ensure their finances are handled, which includes recording transactions and assessing or processing data. While this may seem easy enough to do independently, it can be more difficult and time-consuming than you realize. There are two types of financial …
What happens if you don’t keep track of your books? Everyone around you continually stress the importance of keeping accurate business finance records. These reminders typically come in the form of positive reinforcements—all the things great bookkeeping habits and practices allow you, a small business owner, to do. But what about the downside? What can happen if you …
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