When do you need an accountant for your business? As an owner of a startup, you will need financial advice from someone who can help you set up. Also, it depends on your knowledge and the present economic situation. Even when planning to start a business, you need to have a […]
Finance advise for non-finance entrepreneurs. Keep your business and personal finances separate. To save time and avoid hassles at tax time: Open a US dollar savings or checking account if you’re Canadian. I live in Canada, yet most of my freelance writing and blogging income is in US dollars. So, I […]
How do you account for partnerships? Partnership accounting is the same as accounting for proprietorship apart from having a different capital and drawings account for each partner. The fundamental accounting equation remains the same that is Assets= Liabilities + owners’ equity. Still, there will be a difference in the owner’s equity, […]
Step-by-step instructions to start charities. What is philanthropy? Philanthropy is an association that helps poor people, for example, offering garments to individuals in need and nourishment to hungry individuals, offering a place to sleep to the homeless. Somebody or a charity organization must care for these nuts and bolts. In some […]
Entrepreneurs work with no help. Entrepreneurs are trying to wear too many hats. If you are setting up a business, you should never attempt to do everything yourself without help, as it will take a long time to bring your business off the ground. You have to know your strengths and […]
What are typical cash flow problems in business? The common mistake that start-ups make in setting up the business does not have a sound financial plan. Most of the time, they miss out on essential expenses or underestimate the amount they need to spend. Budget & cash flow Starting a business […]
Understand control accounts in Bookkeeping Introduction I am Vathani Ariyam, the author of this online course, “Understand control accounts in Bookkeeping,” It is a valuable course for business owners to master the sales and purchase accounts and check with cash flow and the budget. The students are on the lookout […]
What is the purpose of controlling accounts? Control accounts help in keeping the general ledger clean. If not, it will end up having too many entries in there. But it will have accurate entries to prepare the financial statements at the end of the financial year. Many of the accounts seen […]
What happens when liabilities exceed assets? What is a liability? Liability is the amount a business owes to others, like more loan payments and creditors, which means the company is in debt. What is an asset? An asset consists of land & buildings, equipment, machinery, and debtors, that is, the money […]