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Purchase orders in your small business

Purchase orders in your small business

Purchase orders are a great tool in giving you more control over costs and protecting you against fraud. They give you consistency in your dealings with suppliers. They also allow you to better manage procurement cards and petty cash replenishments. Purchase orders are more appropriate than simple cash transaction management in most situations.

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Procurement cards or Company credit cards

Procurement cards or Company credit cards

Procurement cards or company credit cards can be very convenient. They are great for unanticipated or irregular expenditure like travel incidentals. You might have to use cards for online purchases and subscriptions. These cards need; however, strong controls to ensure appropriate use.

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Mixing business and personal expenses – good or bad?

Mixing business and personal expenses – good or bad?

Are you mixing business and personal expenses? What is easy to do now will not be so easy later. You may experience disallowed deductions, greater administration costs and being distracted from your business. Think carefully before having any private expenses in your business. If you do it anyway, make private expenses clear so they can be recorded in owner’s drawing accounts. If you are using a company structure, you will need to ensure what will effectively be loans don’t end up being treated as dividends by tax authorities.

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