The Financial Statement for your business is probably the single most referred to report that your company will produce. It comprises several other documents including the Balance Sheet and the Profit and Loss statement and provides all of those looking for a complete financial picture of your business with a detailed account.
So, who actually uses the information in a financial statement? Which groups of people find such things essential and why?
Owners & Managers
First and foremost you will need the information yourself as the owner of the business without the information in a financial statement it would be very difficult to make any important business decision. Read more
Canadian business, during its search for new and innovative financing solutions keeps hearing about asset loans and accounts receivable financing solutions. These two types of financing for Canadian business owners and financial managers are a subset of what is known as an asset based line of credit.
The financing is newer to Canada, growing in traction and popularity, and still widely misunderstood as a total financing strategy for your company. Read more
In the accounting world, there are two main ways of preparing your books and financial statements. These two methods are accrual and cash. Although they have some similarities, there are large enough differences between the two to make accrual the most widely used because of its greater accuracy.
For statement purposes, accrual accounting is much more fair and accurate when compared to cash accounting. Read more
When you are wanting to start up a business and you would like to get a bank account that suits your business, then you may want to look into business banking comparison.
When choosing the right type to open for your business, you want to make sure that you are getting all that you can from your bank. When comparing them to use for your business banking be sure to check everything. Read more
As a business owner there are many jobs that need to be delegated, you cannot do everything yourself, even if you try, some things simply require a specialised skill-set that you don’t possess and couldn’t even if you had a life time to learn; bookkeeping is not one of those things.
Although there are of course very many brilliant, qualified bookkeepers available to take on the task of keeping your company’s books for you and your accountant would doubtless also do it for a nice fee, the keeping of your business’ records is something that is arguably best left to you the business owner.
Many business owners however bulk at the idea of bookkeeping, usually citing ‘too little time’ as the reason; they prefer to spend money on outside intervention. Read more
A very common question new users of QuickBooks have is “How do I record personal money used in my business?” One way is to use and equity type account called Owner’s Investment. Another method is to use a credit card type account. I prefer the latter.
Using a credit card type account allows you to keep business records completely separate from personal. Read more
Accounting is often a tedious activity that involves book keeping, tax and payroll and balance sheet preparation. The need for accounting is important in any firm and, without it; most of the companies cannot make accurate standing on their financial position and determine their actual profits and losses. It becomes necessary to outsource this task to qualified professionals and accounting firms so that you are able to save time and concentrate on your major line of work. Read more
Are you and your business in need of new accounting software? Are you dreading the buying process because of stories you’ve heard? Many times, the stories you hear are just that. Check out these four myths about buying accounting software, and you might just gain the confidence to make the software purchase you need for your business.
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As a business owner, you’re constantly jugging a host of decisions. Is it time to move your business to a new location? Do you need to expand your staff? Is it time to increase your advertising budget? Is it time to add a new product or service to your business’ offerings? These are not easy decisions. Read more