If you want a new business to make it in today’s economy, it’s all about the numbers. It’s reported that 80 percent of new business owners will fail in the first 18 months, often times this is because of improper money management by the business owner. Not just overspending, but not saving, investing and budgeting …
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Healthy working capital flow is of paramount importance to all businesses. This is especially true for small to medium sized businesses. Accounts payable, when properly managed, can be an effective strategy to free up and protect working capital. Here are ten best practices for accounts payable management: 1. Develop a written accounts payable policy and …
Read MoreMaking mistakes in your accounting can have serious implications for any business, such as significant fines for suspected tax evasion. For a large corporation, this can damage both the finances and the reputation of the company. For a small business however, it can have a huge impact and possibly even cause the company to go …
Read MoreWhether it is a multi billion dollar corporation or a newly set-up small business accounting software is more than a mere convenience. It is absolutely crucial for any business, irrespective of its size. For with no proper accounting software, companies can find themselves unable to meet the mandatory compliance issues. Furthermore some others could even …
Read MoreBookkeeping for your small business is an important, often overlooked, piece to your business success. Sooner or later small business owners realize that they need to get better financial controls in their business and they set out to look for services that can improve their business finances. Small business owners can tell you some horror …
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If you’re planning to start a small business, it is important that you understand the business taxation system. Tax accountants can help you with the taxation aspect of setting up your business. It’s important that you file your tax returns on time and accurately to remain in compliance and to avoid costly penalties. It’s simple …
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There was a time when the accounting was more of book keeping done in huge ledgers and was the purview of select few. It’s not so anymore. Accounting is much more widely accepted as a business function and general people also look for the accounting details of the firms they are associated with. Also lot …
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Direct costs are those costs that can be directly attributed to a product or product line, or to one source of sales revenue, or one business unit or operation of the business. An example of a direct cost would be the cost of tires on a new automobile. Indirect costs are very different and can’t …
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If you have a checking account, of course you balance it periodically to account for any differences between what’s in your statement and what you wrote down for checks and deposits. Many people do it once a month when their statement is mailed to them, but with the advent of online banking, you can do …
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There is an increase in demand for knowledgeable accountants all over the world. When you say knowledgeable, the accountant must know how to perform various duties like bookkeeping, tax preparation, company audits, and even to a certain degree project management. The demand for the best accountants in different industries are due to the updated laws, …
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