How businesses set and follow budgets is obviously very important. Setting a budget can actually be easier than you think. You need to look at the past three years within your business and ask yourself: how did the business do in terms of revenue and expenditure? Look at trends within your business. What regular payments […]
Archives for October 2011
How do I increase profit with limited time available?
October 19, 2011 by 2 Comments
If your small business falls under the service based industry category and are charging by the hour, increasing profit can often present challenges. There are two aspects to profit: the first is your income, and the second is the expenses you deduct from that income to get your profit. I spend a lot of time […]
What is the difference between a bookkeeper and an accountant?
October 11, 2011 by 1 Comment
There is quite a difference in what your bookkeeper can do for your business and what your accountant will do for your business. A bookkeeper deals with the source documentation of your business. They record data for payments and receipts, they reconcile your bank account, in some cases they can deal with your customers e.g. […]
Do you know what your financial position is going to be like in three months’ time?
October 4, 2011 by 1 Comment
Most business owners do not know what their financial position will be next month let alone three, six or twelve months in advance. What impact would knowing where your business will be financially in say, three months’ time have on your business? Here are five steps to get you on the road to foretelling the […]
