Payroll is the process by which companies pay wages or salaries to their employees. In the actual business setup, procedures to achieve this involve more than just recording time worked. Other payroll activities include identifying overtime, recognizing vacation or sick leaves,
What Are Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP) encompass the standards, principles, and procedures companies must follow when compiling financial reports. For starting and small business owners who do their accounting on their own through business accounting software, understanding the GAAP will minimize the
Modern Accounting Tools and Techniques for Small Businesses
Accounting tasks used to be so time-consuming and complex. But with the help of modern tools and techniques, small businesses can now complete accounting activities quickly and without much difficulty. Increase productivity, generate more accurate reports and enhance data analysis of
How to Understand and Use the Financial Statements (Infographic)
Being able to understand financial statements is one of the vital skills every investor, manager, and entrepreneur should possess. With this ability, investors can better identify opportunities, while managers and entrepreneurs can make more strategic decisions. The financial statements provide a
How to Do a Cash Flow Analysis for Small Businesses (Infographics)
Cash flow is one of the main reports produced by the accounting function through business accounting software. This report reveals how the company spends its money (outflows) and from which sources this money comes (inflows). The company can rely on the
5 Ways to Make Your Business More Agile
The pandemic is one of the circumstances that challenge the business’s ability to adapt quickly. Agility is a rising strategy used by organizations to gain a competitive advantage and remain on top amidst the risks and demands of the industry, economy,
5 Practical Ways to Stick to Your Small Business Budget
Budgets are critical in controlling where company resources go. Budgeting is not about spending every available money there is. Rather, it is about properly allocating resources to maintain normal operations and help the company achieve its growth plans. Therefore, budgets ensure
How to Ensure Positive Gross Profit Margin for Your Business?
Making a profit is one of the fundamental objectives of a business. However, achieving this is more difficult than it actually seems. Different factors and situations will affect how favorable or unfavorable the business’s bottom line will be. In starting businesses,
Money Management Strategies for Small Business Owners – Infographics
Money management is a business activity that ensures the optimal utilization of company funds. It involves budgeting, saving, investing, spending, and overseeing capital usage. Money management is critical as businesses need it not only to maintain operations but also to achieve
5 Accounting Principles Every Small Business Owner Should Know
Accounting principles are guidelines and rules in recordkeeping that ensure the completeness, consistency, and comparability of the output of accounting – the financial reports. As many small business owners do their accounting on their own, understanding the principles is critical for