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…
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…
There are two ways that a business can account for its transactions: manually through the use of notebooks/exercise books or electronically through the use of accounting software. Each of these has its merits and demerits. However, the benefits the use of accounting software comes with is invaluable and far surpasses the manual approach. In this piece, I take you through…
Effective financial record-keeping is essential for business survival and growth. It entails planning, organizing, controlling and monitoring your financial data to achieve the ultimate business objective. Most small and medium business owners often neglect to follow through religiously, this sometimes may be due to either not having full knowledge of keeping appropriate records or having a hard time doing so.…
Continuous availability of financial resources, especially cash is key to the survival of every business, including yours. George S. Clason, in his book, “The Richest Man In Babylon” notes that money is plentiful for those who understand the simple laws that govern its acquisition. One such law is what I call the law of safe investment. As a business, you…