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Hub You - I Run A Small Business - What Information Should I Get From My Bookkeeping Or Accounting System?
For their own ulterior motives, there are always certain people who would have you believe that a work at home idea is not what it’s purported to be.These nay-sayers are no different when they point fingers at the new group of work at home property scouts. But – most typically - they really don’t understand what it is. So here’s a brief overview and description of what property scouting really is.1. Legitimate – backed by a well-respected multi-million dollar US corporation, there’s no question that the company and scouting are both as legitimate as legitimate gets, and should be seriously considered as a viable work at home opportunity. Scouting is very
If you really want to get serious - plan what you want to achieve. You are much much more likely to achieve it if you plan for it and commit it to writing. The plan in the form of numbers is what is known as a budget.
If you are serious about your business, and have a budget, look at a report showing year to date profit and loss against the budget.
Other reports y
Deciding to hold a corporate event is just the beginning and to most companies a very time consuming and daunting task. The three most important questions faced by any company are Where, When and How your event will happen. Firstly you need to define your objectives and requirements. All too often we find that these two aspects get overlooked. As with most things in life, if you know what you want and what you need to achieve, you stand a much better chance of success.Where to Stage Your Event – The VenueOne of the most important factors in determining the success of your event is the venue – this factor alone can literally make or break the whole
Unfortunately, fraud does sometimes happen in small businesses. It tends to happen when a busy business owner puts complete trust in someone, and completely 'leaves them to it'. The employee comes to realize that no one is really checking or overseeing what they are doing, and when a grievance occurs or money problems arise at home, they succumb to temptation.
Firstly, keep the means of payment under your own control whilst your business is small enough. Keep your cheque books locked in a drawer. If someone else writes the cheques, check they are all accounted for, instruct that any defaced cheques should have 'cancelled' written on them and stapled at the back of the book, rather than thrown away. For electronic payments, keep the password private. Ask for original documentation to be presented (invoices, delivery notes, statements as appropriate) at the time you make payment.
When your business reaches a size that you cannot personally control the payments, make sure there is segregation of duties. For example one person enters the purchase invoices and prepares the payment run/cheques, a different person signs the cheques and reconciles the bank account.
What reports should I be looking at?
The profit and loss account shows how well (or badly) things are going. However, looking at a profit figure in isolation isn't really very useful. If you were to be told you were on a journey and you were currently in Darlington....would that be good or bad? It's much the same with profit and loss. A figure doesn't mean very much unless you add the context of where you are coming from and where you are hoping to get to. So you really want to see a profit & loss account for the month compared to profit & loss for the same month last year. Or look at year to date profit & loss compared to year to date for the same period last year.
If you really want to get serious - plan what you want to achieve. You are much much more likely to achieve it if you plan for it and commit it to writing. The plan in the form of numbers is what is known as a budget.
If you are serious about your business, and have a budget, look at a report showing year to date profit and loss against the budget.
Other reports yo
With a huge Indian population and a growing economy, the advertising industry in India finds interesting opportunities to establish itself and make profits. Soon after independence there came a number of Indian advertising agency which were promoted by the public sector. However, with liberalization, a number of multinationals came into the country to set up offices and preferred agencies of the same origin.Thus, as the Indian economy opened, Indian ad agencies started selling out their equities to foreign agencies to earn great profits. And today, we have multinational agencies with their offices in India, holding the top positions in terms of annual profits. Not
When your business reaches a size that you cannot personally control the payments, make sure there is segregation of duties. For example one person enters the purchase invoices and prepares the payment run/cheques, a different person signs the cheques and reconciles the bank account.
What reports should I be looking at?
The profit and loss account shows how well (or badly) things are going. However, looking at a profit figure in isolation isn't really very useful. If you were to be told you were on a journey and you were currently in Darlington....would that be good or bad? It's much the same with profit and loss. A figure doesn't mean very much unless you add the context of where you are coming from and where you are hoping to get to. So you really want to see a profit & loss account for the month compared to profit & loss for the same month last year. Or look at year to date profit & loss compared to year to date for the same period last year.
If you really want to get serious - plan what you want to achieve. You are much much more likely to achieve it if you plan for it and commit it to writing. The plan in the form of numbers is what is known as a budget.
If you are serious about your business, and have a budget, look at a report showing year to date profit and loss against the budget.
Other reports y
As soon as you talk to friends and associates about going into business there will be no shortage of tips, advice and guidance offered to you. It's important to talk with others who have are experienced in business, especially those who have been successful. Think twice about taking advice from anyone in business without a successful track record. This includes advisers whose advice contradicts that given by highly successful business owners.The following are 10 bits of advice which are straight out silly and stupid. If you are ever contemplating buying or running a business make sure you ignore these so called "pearls of wisdom" when they are "thrown" at you.
When your business reaches a size that you cannot personally control the payments, make sure there is segregation of duties. For example one person enters the purchase invoices and prepares the payment run/cheques, a different person signs the cheques and reconciles the bank account.
What reports should I be looking at?
The profit and loss account shows how well (or badly) things are going. However, looking at a profit figure in isolation isn't really very useful. If you were to be told you were on a journey and you were currently in Darlington....would that be good or bad? It's much the same with profit and loss. A figure doesn't mean very much unless you add the context of where you are coming from and where you are hoping to get to. So you really want to see a profit & loss account for the month compared to profit & loss for the same month last year. Or look at year to date profit & loss compared to year to date for the same period last year.
If you really want to get serious - plan what you want to achieve. You are much much more likely to achieve it if you plan for it and commit it to writing. The plan in the form of numbers is what is known as a budget.
If you are serious about your business, and have a budget, look at a report showing year to date profit and loss against the budget.
Other reports y
Mergers and acquisitions happen just about every business day of the year. You may not hear about many of them, mainly because they are low key companies. But, having the inside scoop on the latest and greatest mergers and acquisitions can help you to keep your head above water as well. What are these and why are they so important anyway? If you are not sure what mergers and acquisitions are, let's talk for a moment about that.In the simplest of terms, a merger is the combining of two companies. Of course, there will be rules, laws as well as a long list of contracts to cover all of the basics and then some. The acquisition is different because in this case
If you really want to get serious - plan what you want to achieve. You are much much more likely to achieve it if you plan for it and commit it to writing. The plan in the form of numbers is what is known as a budget.
If you are serious about your business, and have a budget, look at a report showing year to date profit and loss against the budget.
Other reports y
Does it sometimes take way longer than you expect to get fundamental ideas across to your audience?When you're promoting new products, processes, services, or best practices, does it take forever to "turn everyone around"? Do customers have trouble getting the most out of your products and services? Do employees have trouble helping your prospects and customers reap the benefits of what you offer?Maybe you -- or the experts who are helping you, whether internal or external -- are too smart!Sometimes we know too much about what we want to say to remember what questions we had when the subject was new.A fluent
If you really want to get serious - plan what you want to achieve. You are much much more likely to achieve it if you plan for it and commit it to writing. The plan in the form of numbers is what is known as a budget.
If you are serious about your business, and have a budget, look at a report showing year to date profit and loss against the budget.
Other reports you definitely should look at each month are the aged debtors report (how much your customers owe you and how old the debts are) and a sales by customer report (the Pareto principle usually applies where most of your sales will come from a small number of customers).
Should I have stock control?
This is a difficult question to answer...........it depends.
Maintaining proper stock control is not easy, it requires a system and it requires discipline. Computer system costs are now at a level where even the smallest shop can afford to implement a full stock control system. However do they have the technical ability to operate it and the motivation and discipline to stick with it?
For a business that is prepared to go through the 'pain barrier' the benefits are
- Advise customers at time of ordering on stock situation
- Reorder stock at the right time
- Have the stock figure available each month for the accounts
- Be aware of margins, and therefore get early warning on potential problems
- Increase potential for bank borrowing, with security over stock
HM Customs and Revenue would expect to see a separate account for your business. In the event of an inquiry they would probably ask to see your business bank statements. If everything is in order it would be unusual to have to provide them with your private bank statements.
From your own point of view, it is much easier to separate things and make sure all business expenses are included in the accounts if you run a separate business bank account.
How do I handle quotes/estimates?
If you are preparing quotes on a word processor, a proper system should make your business much mo
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