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 […]
Disaster recovery – are you prepared?
What if disaster strikes? What if your Computer crashes? Computer is stolen? Office is broken into? Best selling product stops selling? Business partner leaves or passes away suddenly? Records archives burn down? How do I prepare for such events? Great question! The answer – BACKUPS. The magic number of backups is 3. One with you possibly […]
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 […]
Financial roots: why should they run deep?
In trees: When is the best time to plant a tree? 25 years ago, BUT the next best time is now.” Deep roots are imperative to a tree for 2 reasons: 1. They provide stability to the tree in tough conditions. A strong wind or rough storm will easily blow trees over but if the […]
To work remotely or not, that is the question!
The world now works in a completely different. The question for all businesses is now, do we actually need an office? Having worked in an office for years, to work remotely may be an attractive option. There are, however, some practical issues to consider before you start setting up your office. When starting, running a […]
Business costs: 4 ways to save
How do you increase profits (or your bottom line)? There are two options – increase sales or cut the business costs and save. 1. Know your options Service providers and suppliers often offer discounts if certain requirements are met. Make sure you know what the options are. These may or may not be feasible for […]
3 Business Tips From My Son
My son (lets call him Bob) at the time of writing is about 10 months old and has taught me various lessons in life. He has already taught some lessons about business too. Here are just 3 business tips that my son has taught me about business: Number one: Focus. If he wants to get […]