There are generally two ways of managing business transactions or records: (1) manually, through the use of notebooks or exercise books and (2) electronically, through the use of computerized accounting software like Built. In managing your accounting records or business transactions, these three (3)points should be of great concern: Recognition of revenue Accounting standards provide two main bases for this:…
While some businesses have attempted and found it difficult to make statutory payments, others do not have any idea on how to go about making their statutory payments in this period of COVID-19. This article seeks to give relief from such distressing situations. Statutory payments: what they are and when to pay them These are payments that, per the provisions…
The priorities for a business for any new calendar year may differ from another. However, it is noteworthy some activities should be a priority for every business for any new year, irrespective of the size or nature of business. In each new calendar year, there are 7 things every business should prioritize. These form the basis for this article. Find…
In this critical moment (i.e. this corona virus era), business owners might run low on cash and might find it very difficult financing their expenses as a result of potential economic recess worldwide. So the predominant question from business people is: “can I finance my business activities through short term loans”? To begin with, there is no straight forward answer…
Cash flow is very crucial to the survival of any business. An increase in the profits of a business is a good sign of growth but the focus should also be placed on how to manage your cash. Negative cash flow can harm the business even if the business is profitable. You may be making a profit but there might…
The Registrar-General’s Department (RGD) has extended the deadlines for the filing of annual returns for companies limited by shares, companies limited by guarantee, external companies, and also for the renewals of partnership. The dates have been extended from 30th April, 2020 to 30th June, 2020. According to a letter from the regulatory body, dated 31st March, 2020, this has become…
Cash flow refers to the movement of money into (inflow) and out (outflow) of a business. Money here refers to cash and cash equivalent, thus cash itself and other short term assets that can turned into cash within a period of a year or less ( examples include savings and current accounts, a 3-month fixed deposit and a debt payable…
As a firm, it is vital to know that implementing your chosen strategies means that you would carry on business. In doing so, you will experience money and other financial resources “coming in” and “going out”. These are generally what are termed revenues and expenses. In this article, I share with you more about revenue and expenses. I start by…
In preparing for a new year and in some cases in the early part of each new year, business owners make a list of important considerations for their businesses. One of the things that features in most of such lists is the need to get a working budget for the year. Such a move by business owners is due to…