How to implement credit control in your business? Maintaining a process by which a small business can give credit to customers who can afford to pay the bill at the specified time is advisable. If you are not careful in having a check on that, you and your business can face […]
What is the difference between assets and inventory? Inventory is a part of the business’s current assets, like goods and materials, to generate revenue. Not all companies have inventory businesses like providing services will not have inventory, but the manufacturing will have inventory and central tat. Whereas assets are concerned, all […]
Accounting for e-commerce business Accounting is a painful necessity for business owners. It is the dull side of the business. However, if you want your business to grow, you cannot avoid it. Packing all your receipts and handing them to a stranger is not good enough. In addition, you do not need […]
How do I de-register myself from self-employment? What is self-employment? A person is self-employed if they run their business for themselves and take responsibility for its success or failure. Someone can be both employed and self-employed simultaneously, for example, if they work for an employer during the day and run their own business in the evenings. […]
Why is accounting an essential skill for entrepreneurs? An entrepreneur needs accounting knowledge to stay on track with the expenses and the business’s income. Acquiring budgeting, cash flow, and the business plan helps them stick to tight budgeting and manage financial responsibilities. If an entrepreneur does not have this knowledge will […]
Beginners Bookkeeping online course. Description I am Vathani Ariyam, the author of the eBook “Beginners Bookkeeping,” created for students and entrepreneurs to help to maintain their books. A proper accounting system is vital for a small business or a corporation. Keep your accounting records to avoid mistakes, and fraud in the […]
How does depreciation help in your business? What is depreciation? The monetary value of an asset decreases over a period for which that asset is usable in the business. For example, Equipment, machinery, and currency will likely depreciate over time. The primary journal entry for that is Debit: The depreciation account shows […]
What is the difference between management accounting & cost accounting? Management Accounting Management accounting is the preparation of financial statements collected from the data available from the bookkeeping work. Managers make short and long-term decisions using these reports. Usually, management accounting gets the data from cost and financial accounting. Managers get […]
What are the purposes of cost accounting? What is cost accounting? It is a form of managerial accounting to assess and calculate the cost of production using variable and fixed costs incurred during every step of the cost of production of products. The manufacturing industry uses cost accounting mainly to set […]
