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…
Why Profitability Is Key to Assessing Your Business Growth Every emerging organisation be it small, medium or large has certain inherent reasons for its conception. The nature and characteristics can further explain the type of business in question, as to whether or not the business is profit making, nonprofit or a charitable organisation. In this article our focus will be…
As a small business owner, you wear many hats – developing the product, handling distribution, doing sales and chasing customers for payments, closing fund raising with investors and on top of all these managing your finances and keeping your books. This can be very overwhelming and you may need to outsource certain functions to in-house staff or independent contractors out…
Capital Allowance: is a practice of allowing a company to get tax relief on tangible capital expenditure by allowing it to be expensed against it annual pretax income. They are treated as another business expense and so reduce your taxable profit within the basis period. It’s an expense, but because it is non-cash, it is often effectively a tax write-off.…
After speaking to a few professionals who had had the opportunity to work with at least an SME either as an account officer, finance officer or during an audit, it was gathered that, most of these business owners wanted to have ultimate control of their financial information without sharing. Others also had not had a holistic view of the need…
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…
In the past, most businesses never saw the need for financial reporting, they never appreciated how it will contribute to business growth and survival. Such businesses were often denied credit facilities they sought for business expansion and related reasons. They also suffered from losing a lot of business opportunities that having financial statements came with. The situation sadly still persists…
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…