Organize a suitable accounting structure for your business. How you operate your business and accounting for all the business transactions will give you satisfaction in running a business; if not will make you feel empty when you don’t know the results of your business achievements. The results mean the month-end accounting […]
Credit transactions and suppliers’ accounts What is a credit transaction? When you sell your goods, allow your customer to pay later according to your credit agreement. https://tinyurl.com/yyt6sqb4 Suppliers account Maintain records for the goods sold to your customers to avoid missed payments or exceeding the credit agreement periods. All this time, […]
Classification of accounts Reasons for classifying the accounts. People think that accounting for a small business is easy, that is, to calculate the income, deduct the total expenses, the leftover id s, your profit, and your asset. That is not the proper way to account, and you need to give detailed […]
I am creating an online course called “Bookkeeping Essentials” and planning to launch it soon. It is helpful for students and entrepreneurs to help to maintain their books. A proper accounting system is vital for a small business or a corporation. Keeping your accounting records in order helps avoid mistakes and […]
Bookkeeping Essentials What you will learn in this online course If you are preparing to own a business, there are some principles you must learn about managing it. When you are a newbie, you must know the tips I mentioned in my first lecture, “Bookkeeping Today.” When you follow the directions […]
Accounting for Petty Cash All businesses must use petty cash for minor expenses like entertainment, food, and stationery. Using debit, credit cards or issuing a cheque to cover those expenses is not advisable. It will create unnecessary complications in maintaining accounting records. Therefore all companies manage an imprest system and reimburse […]
Gross profit and stock The income statement shows gross profit as a figure after deducting all the associated costs in producing your product or services from the sales, called gross profit. In another format, Gross profit= Sales- Cost of goods. The Gross Profit margin ratio It is the most critical ratio. […]
Bookkeeping Today for small business owners. The reason for me to write about bookkeeping today is to show small business owners the reliability of accounting packages. It might look expensive initially, but it helps an entrepreneur massively in the long term. You will know the financial viability of your business. Another […]