Cash is KING!
CASH is KING! You may have heard that “Cash is King” and it has never been more apt than now. What does it mean? It is simple – if you have cash (or money in the bank), you are king. the more the better. Everyone should be aiming at living debt-free. Not owing anybody anything […]
Expenses, what are they and how do they work?
Expenses are costs incurred in order to run your business. They are paid for by the income your business earns from sales. The costs are used in the calculation of nett profit and the taxable income. Expenses and cost of sales are often confused and used for the same meaning. They are different and they […]
To outsource or not to outsource? The debate
The debate whether to outsource. There is a myriad of information out there regarding the use of outside consultants. The debate raging on and probably will do so for years to come. This debate is whether to outsource or not. Some are pro the idea, outsourcing work to others whilst some are against the idea. […]
5 questions to ask your accountant
We have drafted 5 questions to ask your accountant so you know what is required from you and what you can expect from them. 1) How much do you charge and how do these suit my needs and pocket? Fees are worked out according to your specific needs. There is no “one package for all […]
Business lessons from Bob
My son (let’s call him Bob) at the time of writing is about 10 months old. That was 10 years ago now. As with any kids can (and do), he has taught me various lessons in life. He has already taught some lessons about business too. Here are just 3 tips that my son has […]
Non Profits DO make money!
We all know about charities and Non-profit organizations and the amazing work they do worldwide. While we know they bring in money in way of donations and other sources, this does not mean they do not make a profit. On a technical note: Non-profit organizations are entities created for purposes other than making a profit, […]
Customers: Are they all good for your business?
Customers. Any and all are good for your business, right? The answer to that is always “yes”. Well, for most people, that is. The correct answer, however, is “no”. And that’s because not all customers are good for your business. When businesses open, any and every sale or customer is grabbed and held onto for dear […]
The importance of collecting outstanding monies
In business, the income or sales cycle is critical to your company’s survival. It brings in the money to move the company forward. Simple. Well, yes. The customer or debtor can pay you at a later time (up to 60 days) depending on your terms. This has all been captured in your accounting system already. The […]
3 ways to know if your numbers are complete and accurate.
In order to have useful financial information (or numbers), they have to be complete and accurate. Complete and accurate is crucial for your numbers to be useful. So what does complete and accurate mean? Complete and accurate can be separated by definition only. Complete means that ALL the transactions that occurred in your business have […]
5 Small business accounting tips for growth
Discover the small business accounting tips that every small business should implement to make your business grow! Establishing a Clear Budget One of the most important small business accounting tips small businesses is establishing a clear budget. A budget serves as a financial roadmap for your business, helping you allocate resources and plan for the […]