Accounting

“Never take your eyes off the cash flow because it’s the lifeblood of business.” (Sir Richard Branson) Managing cash flow is often one of the biggest challenges business owners face and is also the reason for a concerningly large percentage of business failures. Cash flow can be defined as the…

“Creativity is great – but not in accounting.” (Charles Scott, Former governor of Kentucky) Being able to track money as it is coming in and going out is essential for small business owners. Not having proper cash flow management and a full understanding of where your money is going makes…

“What gets measured, gets managed.” (Peter Drucker) Financial reports, such as a balance sheet, income statement, cash flow statement, debtors reports and actual spend vs budget reports, provide an understanding of where your business stands financially at a certain point in time. They detail the business’s financial performance over a…

Bookkeeping is important for helping you maintain accurate financial records. Yet still, many businesses fail to implement this integral process. Besides the fact you are required under law to maintain accurate books and records, doing so will save you frustration later on. In fact, “poor accounting” is one of the…