A few weeks ago, we went to open a bank account for a small business. We were asked whether we wanted a debit card or a credit card for our business during the process. While I’d like to think I
Many small business owners pay closer attention to the balance sheet and the income statement and forget about the cash flow statement. Unfortunately, most confuse cash flows and profits, which could lead to the failure of the business. Both of these
Have you ever sold old items to your loved ones or anyone else? If your answer is yes, then that was a financial transaction. Did you need a registration to do that? Probably not. But, if you sell things or render
Is it a bad idea to increase your earning potential apart from your existing full-time job? Is it also a bad idea to go the extra mile to turn that passion or side income into a permanent thriving full-time business?
Business expenses are any payments incurred for the sake of running the company's operations. This definition might seem lucid, but what does it mean for you? First and foremost, you have to be knowledgeable about the business expenses you have
A chart of accounts is one of the most important accounting tools for your small business. Your business’s accounting and finance framework relies heavily on this. That’s why it is important to get it right from the beginning. It helps
The end of the first month of 2021 is around the corner, and I believe it is a great time to remind you of taxes. Yeah, the tax season is upon us, and I doubt few people enjoy this period.
The end of the year is around the corner! And so is the income tax filing season. Yes, that season when your accountant is probably dreaming about numbers because your books are not adding up, and business owners are running
Bookkeeping is the process of recording your business’s financial transactions. As a small or medium-sized business owner, you can hire a bookkeeper or do the bookkeeping by yourself. Whichever way you opt, it is important to have a bookkeeping system
As you run your business, sometimes you’re tempted to inject your personal finances to give it a boost in case things go wrong along the way. But that’s not always the best way to make things work for your business.