Business Accounting
Business accounting – another language Over the years, I have come across loads business owners who run their business and that’s where it ends. They rarely (if ever) glance at their financial statements. Also called financials or reports – it has many names that all mean the same. You know what they are – those […]
Be aware of these sneaky charges
Sneaky Charges We all have a bank account and it is just a way of life currently. The ranges and options from all banks in SA are plentiful BUT there is just one constant – BANK CHARGES! These can be some seriously sneaky charges, like a spider lurking in the dark! I reviewed my business […]
Time is money, so save it by doing this!
Time – never brought back again Time is an illusive beast and is the most valuable commodity in the world. this is because once spent, you can never get it back or get more by buying it. We all know the old saying of “time is money”, well it is 100% accurate. Today, more than […]
Records of expenses are critical
Records and business Accurate records of expenses are vital for business and without them, your accounting will never make sense. Nothing will be accurate. This will only lead to problems and much frustration down the road. Consider the following scenario: At the till or restaurant, you make a note of keeping the slip for your […]
Payroll function? Do you know what it is?
What is the payroll function? Payroll is a critical part of a business in that it pertains to all the salaries and the payments that are involved with them and there is often confusion between payroll and HR (Human Resources). Payroll is the payments side of the department whereas HR is the more legal side […]
What are cost of sales? How do we use them?
Cost of sales A cost of sales (COS) is an expense you incurred in order to make a sale. COS and expenses are often used with the same meaning but are vastly different in the function they serve. As stated above, a COS is cost to your business that you had to spend in order […]
Technology will save me!
Even accountants like technological advancements. They don’t just sit in the corner smashing away on the keyboard. It is true. Technology has brought a whole new level of convenience to a lot of life, even accounting, but it is also true that it does not solve everything. Accounting packages Accounting packages simplify the accounting process […]
Mixing personal and business accounts
Why separate? Failing to separate personal and business accounts is a common and sometimes dangerous mistake people make. To some, it might seem obvious to separate the two accounts. However, some people will expose their business to risks by combining the two accounts. Ideally, there should be two different bank accounts – one for business […]
The Importance Of Outsourced Accounting Services
Why outsourced accounting? Accounting is the most vital aspect of any business because it ensures that financial decisions made are based on a sound base. However, many people either do not understand accounting or just do not want to do it. Hence, most business owners would rather hire a full-time accountant than outsourcing accounting services. […]
Accountants and bookkeepers – Do I need them?
I thought bookkeepers and accountants were the same? Not a lot of people actually know what the difference between a bookkeeper and an accountant is. This creates confusion as to which one they should hire and do they need one (or both)? Why you should consider hiring someone to help manage your accounting, to begin with. […]