Accounting Done Timely: an accounting checklist for small businesses

When you are running a business your attention gets pulled in many directions leaving you always stretched for time. But in the midst of all that if you don’t pay a little attention to properly maintaining your accounts and book-keeping, it will come back to bite you hard. If you are a tad careful taking measures to keep your accounting …

Bookkeepers. What does this financial breed of people do?

Whatever kind of business or enterprise you run, if there is money involved then there is accounting involved. And unless you’re doing it yourself, it usually is your bookkeeper who handles this part of the business. So what do they actually do? Who is a bookkeeper? Essentially, your bookkeeper will track and document the daily financial transactions of the company. …

The 7 Basics About Business Budgeting

In business, you keep hearing the word ‘budgeting’ and it really sounds so wonderful to think that with a little planning all your finances will be smooth-sailing. Prioritise, allocate, and done! Theoretically speaking, true. But in truth, making a budget isn’t as simple as you would like to imagine. It is a crucial part of the success of any business …

10 Historically Common Mistakes Small Business Make When They Set Out To Grow

Most businesses start out small and hope to grow over the years. In fact, growth is imperative if a business wishes to continue. However, there are some typical mistakes that small companies make in their attempt to expand their enterprise, that actually cause the business to tank. Take a look to see if you have been making some of these …

Are You Using QuickBooks’ 5 General Features to Its Full Potential for Everyday Accounting?

QuickBooks is the go-to accounting software for small and medium businesses. It’s been designed to make accounting easier for SMBs, helping them automate routine tasks, order and manage files, offer easy and secure access to data, and sync bank updates with accounts, thereby reconciling data faster and keeping everything up to date. Now these are all features that QuickBooks offers. …

What Does Your Business Need: A Controller Or A Treasurer?

The controller and treasurer are both financial managers. However, their roles and skills in a business organisation differ. To help you decide which professional you need to hire, it is good to understand what each position entails.   The Controller: The controller in a company is the head of accounts, supervising other accountants and overseeing the preparation of financial reports …

11 Cash Flow Management Rules for a Rapidly Growing Business

We have said this before, and at the risk of sounding irksome we’ll say it again because it is the gospel truth: companies fail, not because of bad sales, but on account of bad cash flows. And this is especially a problem for companies that are growing rapidly. Bad cash flow is one of the 3 insidious accounting issues that …

What You Need to Know About Accounts Receivable

What is accounts receivable (AR)? Simply put, accounts receivable is all the money owed to the business by its customers or clients, and the processes of collecting it. This includes invoices or bills sent (until they are paid), tracking of the payment, and the reconciliation of payments with invoices. Since your AR is money owed to you, it becomes an …

5 Steps to Recording Daily Sales on QuickBooks Online

In our previous blogs we have discussed how to set up the payroll in QuickBooks and mistakes to avoid when invoicing. However, some businesses don’t require invoicing. What they do need is to know the right way to record daily sales. If you have read our blog where we discussed 4 beginner’s lessons in QuickBooks Online to avoid making a …

Real Estate Companies Can Outsource Their Accounting. But Should They?

At the onset your fears of outsourced accounting can be assuaged in the knowledge that the real estate property management industry is one of the leading sectors to extensively adopt outsourcing in order to improve processes, cut costs, and scale limited overheads. In an earlier blog we talked about when it is the right time to outsource your real estate …