Many companies have to wait 30, 60 sometimes even 90 days to receive payment from their customers. By using factoring, your company can receive an advance on your invoice usually within 24 to 48 hours of the customer approving it. The advance amount is dependent on a number of variables, primarily on your invoiced customer’s [...]
While the income statement itself is simple, many non-accountants lack a basic understanding of it because the terms have come to mean many things for them; that is, they aren’t restricted to accounting only.
The income statement is a financial statement that measures the profits (or losses) of a business. And we can enhance our understanding [...]
With the start-up of a new business comes a wide range of choices. Often, accounting software is not the most top of mind concern. However as a company grows, the need for a more robust accounting software package becomes evident. The basic software package that was installed upon startup lags behind and cannot keep up [...]
This is the first article in a series of five: Common, Costly Mistakes Made by QuickBooks Users.
How can not reconciling bank accounts, within 30 days of receipt of the bank statement, be compared to throwing money away? Let me count the ways:
You might never know the bank made a mistake. You typically have up to [...]
In this fast growing world,most of the people want to involve their selves into the term called “Business”. They are setting up their own business according to their financial level and the exposure.Many people are being successful running their business and only the minor level of people got lost. Hence, running a business is not [...]
1. Only claim for expenses that are genuine business related activities.
Business expenses are defined as expenses that are for business generating profits. As HMRC explain, you can only claim for expenses that are “wholly and exclusively” in the performance of your business. A business trip cost is a claimable expense, if it is a reasonable [...]
This looks like a simple question that you are asking, and it is – but let us look deeper. How much do you know about manual bookkeeping? Many business people spend hours trying to decide where each invoice or payment should be listed.
Is this a repair and renewal or is it a capital item? Do [...]
Business bookkeeping is the process of keeping track of the money that flows into a business, usually through revenue, and money that goes out, which are often expenses such as manufacturing and payroll. While bookkeeping for businesses used to be done on paper, it’s now almost universally done through software solutions which made it [...]
Either a multi-billionaire conglomerate or a start up business, cash is the lifeblood of every business. As the money is defined as a ticket for transacting business, so it’s important in our day to day business activities. Just like today’s economic meltdown, when old business are losing their life line, so many more business will [...]
Below we give you some tips on how to make small business accounting more bearable for you.
First, you should make a list of all accounting tasks to perform in your business. Once you have your list, small business accounting is less stressful and takes less time. You will only have to perform one or more [...]