For any small business that aims to grow and be successful, systematically and comprehensively recording financial transactions must be paramount. Raising and issuing out invoices, filling requisitions and payment vouchers, recording bills and filing receipts, filing tax returns and a well-run financial operation is crucial to success and can help preempt problems that may arise in the future. Typical of…
As a small business entrepreneur, you are encouraged to sign on to the compulsory Social Security contribution of 5.5% of employees’ salary and 13% of business income. Although it is a retirement plan, it is also a smart way to reduce taxes for both your workers and your business while motivating your workers too. Retirement plans reduce an individual’s taxable…
For all organizations be it multinationals, small and medium-sized enterprises, or not-for-profits, money is needed in order to be sustainable, and achieve their vision and objectives. Business owners are looking out for dividends and capital appreciation hence, the need to declare more profits. Profits are good and much preferable to losses however, it drives most business operators or managers into…
Managing a business’s assets as an entrepreneur can be needlessly overwhelming. This can be made easier all year round with a simple and well-organized asset register template. What’s an asset register? An asset register basically shows the asset the business owns. It details the value of assets, date of acquisition (and of disposal) and other details necessary to compute for…
The first month of the year ended some few days ago and we are in a new month but have you stopped to consider how January performed, especially against targets and against January 2018? This article explains how you can do that by using budgets. If you do not have a budget for your business, we will provide a template…
A new year is fast approaching, and every business owner is looking forward to a much more promising year ahead. There were peak seasons of great sales and months that didn’t look as good; direct or indirect costs were too much to control due to internal and external business pressures. Anyways, 2019 is coming with its own expectations and business…
It is now widely accepted that cash is king and at the same time, the lifeblood of any business. Imagine this situation in a cash strapped workplace: there is little cash to purchase run-out inventory, creditors are making arrangements to sue due to prolonged non-payment of credit granted, workers have not received their remuneration for months, little funds are available…
When was the first or last time you wrote down your day’s expenditure? Do you even take time to reconcile or balance your bank statement or mobile money mini statement with the records of expenditure you may have penned down in a cash book? From our experiences, hardly do small businesses do that. The bank and mobile money statements summarize…
Immediately you leave your comfort zone and launch your business, it might feel like the engine of your brand-new car is running faster than you can control. It is always up to you the driver to apply the brakes to control the speed. Likewise, as a business owner, it is your responsibility to regulate the flow of your business. In…