How do I build a winning business plan? How do I build a winning business plan? Researching the style and pattern of a business plan that belongs to other entrepreneurs will help you understand more about it. Do not ever think of starting a business without a business plan that will be […]

Difference between self-employment and sole trader Sole Trader Definition A self-employed person also exclusively owns a business with a definite structure.  You are the owner of a business, a legal entity entitled to the profit after paying tax. You can have employees but remain as a sole trader; also, you need […]

Difference between accounting cash and accrual basis Most small businesses have a cash basis for many reasons; one is easier for them to record sales and purchases. Besides, you cannot offer your service or product until the cash is received or create records unit the money exchanged. Whereas an accrual basis, […]

Why do small businesses need an accounting system? A robust accounting system helps the business build a strong foundation for your business. You might have a few staff, but you must decide who will do your business’s accounting side. Then you have to choose between a cash basis or an accrual […]