Why budgets in business are a must have!

Many business owners fail to set a budget and don’t consider this to be important for them. They either think they are not big enough to need one or they have one ‘in their head’. So, why is it important for every business to set a budget? A budget is the success plan for a […]

How do I increase profit with limited time available?

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?

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. […]

How to understand what your accountant is saying!

All professions have their own jargon and accountants speak a language foreign to most business owners called ‘accountanese’. Just the same as website designers and IT guys speak a language I call ‘ITgeekspeak’. Do you sometimes feel overwhelmed when you leave your accountant’s office thinking, ‘Why can’t they just speak English?’ You have just spent […]

How to choose a good bookkeeper

In any business, the bookkeeper is the source of all information relating to the business’ performance. So, if you have a bookkeeper who is not allocating expenses correctly or is not accurately keeping track of everything within your business then the information you draw out in terms of your Profit and Loss Statements and other […]