Simple Cash flow Management Tips

Cash flow refers to the movement of money into (inflow) and out (outflow) of a business. Money here refers to cash and cash equivalent, thus cash itself and other short term assets that can turned into cash within a period of a year or less ( examples include savings and current accounts, a 3-month fixed …

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What does revenue and expenses mean?

As a firm, it is vital to know that implementing your chosen strategies means that you would carry on business. In doing so, you will experience money and other financial resources “coming in” and “going out”. These are generally what are termed revenues and expenses. In this article, I share with you more about revenue …

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Why your business needs a budget

In preparing for a new year and in some cases in the early part of each new year, business owners make a list of important considerations for their businesses. One of the things that features in most of such lists is the need to get a working budget for the year. Such a move by …

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Understanding the importance of inventory management

For many businesses, specifically in the manufacturing and distribution industry, companies such as manufacturing and distribution, inventory represents a large, if not the largest, portion of their assets. Therefore, it is important that management understands how to effectively manage their inventory. In this article,we will learn the importance of a good inventory management system. Inventory …

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How can the use of accounting software help my business to grow?

There are two ways that a business can account for its transactions: manually through the use of notebooks/exercise books or electronically through the use of accounting software. Each of these has its merits and demerits. However, the benefits the use of accounting software comes with is invaluable and far surpasses the manual approach. In this …

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4 Keys to Effective Bookkeeping Practices

Effective financial record-keeping is essential for business survival and growth. It entails planning, organizing, controlling and monitoring your financial data to achieve the ultimate business objective.  Most small and medium business owners often neglect to follow through religiously, this sometimes may be due to either not having full knowledge of keeping appropriate records or having …

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Investing well

Continuous availability of financial resources, especially cash is key to the survival of every business, including yours. George S. Clason, in his book, “The Richest Man In Babylon” notes that money is plentiful for those who understand the simple laws that govern its acquisition. One such law is what I call the law of safe …

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Why Cloud Accounting is the future

The birth and the introduction of technology  has brought a new face on how accounting traditionally was processed.  Where transactions were manually recorded in columnar papers and kept in a huge folders. Once computers became popular with its accompany affordable software, accounting tasks change from the traditional method  into this medium, where concepts stayed the …

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Bookkeeping, a key to Small Business Success

For any small business that aims to grow and be successful, systematically and comprehensively recording financial transactions must be paramount. Raising and issuing out invoices, filling requisitions and payment vouchers, recording bills and filing receipts, filing tax returns and a well-run financial operation is crucial to success and can help preempt problems that may arise …

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