News, Tips and Updates
Access all of our news, newsletters, press releases, tips and business related articles and updates to Uwazi here.
It’s easy to fall behind and let your accounts get out of date. You may be too busy, or simply overwhelmed with running your business. Take action with five key steps to get back in control.
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.
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.
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.
Cash is easy to steal, however purchase orders for every small expense is a pain. Petty cash can be a solution, but controls are needed so petty cash doesn’t be come a big problem.
Imagine you have 10 employees in your small business. These people are doing lots of things. They also traveling travel to lots of places. How can you keep your head around all the work expenses that this generates? When your staff ask to be reimbursed for their...
Subscribe To Uwazi's Tips and Updates Newsletter
Each month, we'll send you the latest news and business tips and insights from the Uwazi team. Get practical tips from experts on how to run your business and get the most out of Uwazi.