News, Tips and Updates
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Don’t need to be overwhelmed by documents in running your business. Take control by going paperless office. Read more to learn about relevant documents, scanning and printing documents, storing and searching documents and how long to keep documents.
Accrual accounting gives a better view of your business’ finances than cash accounting can. Your business activity is shown as it occurs. You can better understand debts and obligations of your business.
It’s easy to fall behind and let your accounts get out of date.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.
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