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Top 10 Small Business Bookkeeping Tips

Top 10 Small Business Bookkeeping Tips

These small business bookkeeping tips will help you get your books up to date and keep them that way in less time. They’ll help you maintain financial control, and help you manage your working capital more effectively and securely.

  1. Before you contemplate recording any transactions in your ledgers, organize your paperwork in your files according to these bookkeeping basics. It will save you time, and time is money.
  2. Work out how much you earn in your business per hour. If the answer is more than what it will cost to hire a professional bookkeeper, then hire one. If not, then do the transaction processing yourself. Get a tax accountant to do your year end filing so you don’t have to keep up with arbitrary government rule making, and miss out on tax allowances.
  3. When you’ve got your paperwork in order then consider how you’re going to record your transactions. This could be in a traditional hand written ledger, or more likely using software. Understand your bookkeeping software requirements before you buy anything to prevent dissatisfaction.
  4. If you don’t have much money for investing in financial software, then consider using open source accounting software.This can be obtained for little or no cost. Click the link above to learn the advantages and disadvantages of using open source.
  5. After you’ve decided what you’re going to record your transactions in then follow these basic bookkeeping tips to make sure you record your transactions in the most efficient manner possible.
  6. Make sure all cash is accounted for by performing a bank reconciliation. Ensure the transactions that are recorded on your bank statements are recorded in your books, and the balance on your statement is in agreement with that in your books. Make sure that you know the amount of any uncleared and unpresented checks (cheques) which will explain any actual difference between the statement and the account on your ledger.
  7. Likewise, make sure all petty cash is accounted for by counting the cash in your cash box and agreeing it to your cash book.
  8. Perform routine counts on items you carry in stock, and ensure that what is recorded in your books agrees with the quantity you have on the shelf. This is an area where strict control pays dividends as unexplainable differences often occur usually due to sales ‘samples’, spoilage, quality defects, returns etc. This is an important area to get right as any differences will have to be reflected in the financial statements and usually affect the profit line directly.
  9. Keep a Fixed Assets register. While not a ledger in your books as such, a fixed assets register is essential to keep track of essential business equipment. This means the cost, the location the depreciation, the purchase date and the remaining life. The value of these assets are carried in your balance sheet. It can be surprising how, as you grow, things you thought you had have gone! Especially small high value technology.
  10. Follow these small business bookkeeping tips, but don’t forget to use the information kept within your books intelligently. Working capital management is how you manage your daily, weekly, and monthly cash, debtors, supplier payments and inventory/stock control to keep you in business, and really make a difference to the bottom line (the profit line) of your business.

Source: Source by PJ Germain

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Starting a Homemade Pasta Making Business

Starting a Homemade Pasta Making Business

Starting a Homemade Pasta Making Business

The first thing that you should know if you are starting a homemade pasta making business is the basic process of making fresh pasta. This kind of pasta is made from fresh ingredients and has a shorter shelf life compared to the commercially made or dry pasta.

Manufacturing fresh pasta is better because the business owner can tailor fit it to the consumer’s needs and demands in terms of the shape, size, color and flavor of the finished product.

Below are some suggested steps in starting a homemade pasta making business, categorized into: Initial Stage, Regulatory Compliance and Marketing.

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Anil Ambani – A Successful Entrepreneur

Anil Ambani – A Successful Entrepreneur

Anil Dhirubhai Ambani – a Bachelor in Science from the University of Bombay (Now, University of Mumbai) and Masters in Business Administration from the Wharton School at the University of Pennsylvania was born on June 4, 1959; is the second and the youngest son of Dhirubhai Ambani a famous Indian Business Tycoon. His mother is Kokilaben Ambani; he is married to Tina Ambani who is an Indian Actress and has two sons Jai Anmol and Jai Anshul.

He joined Reliance in 1983 as a co-chief executive officer and before the split in Reliance group; he was Vice-Chairman and Managing Director in Reliance Industries Limited (RIL). After the split of Reliance he incorporated Anil Dhirubhai Ambani Group (ADAG), of which he is the Chairman and includes companies like Reliance Communication, Reliance Capital, Reliance Energy, Reliance Natural Resources Ltd. He is a man of courage and conviction; he believed; “It is hope in this wider sense which enabled my father to build, from scratch, one of India’s largest modern enterprises. His was an undertaking powered by hard work, initiative, self-belief but, above all else, the capacity, as he would often say, “to dream with your eyes wide open”.

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Loans and Lines of Credit As a Way to Fund Start-Ups and Existing Small Businesses

Loans and Lines of Credit As a Way to Fund Start-Ups and Existing Small Businesses

Starting and growing a small business can be very difficult. However, with proper planning and preparation, it can be done successfully. As a future or existing business owner, one of the keys to success is to use all of the resources available to you. This includes loans and investments from family, friends and angel investors. It also includes loans and lines of credit from a bank, which are resources that many entrepreneurs fail to consider as a viable option for starting or helping to grow their business.

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4 Unique And Powerful Offline Passive Income Business Ideas – A Guide for Future Investors

4 Unique And Powerful Offline Passive Income Business Ideas – A Guide for Future Investors

Generating passive income is a dream for the struggling professionals who have to work hard to make some extra cash after handling all the living expenses. Nowadays, setting up a passive income source online has become extremely popular. But the smart investors know how to use the offline resources to make handsome cash with least or no effort at all. Here you’ll explore some great offline passive income ideas that will help you top up the bank account for the rest of your lifetime.

4 Amazing Offline Passive Income Business Ideas: An Inspiring Guide

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The Greatest Life Insurance Salesman in the World

The Greatest Life Insurance Salesman in the World

I grew up in a small town on the Ohio River called East Liverpool. It is located in Ohio at the junction of Ohio, Pennsylvania and West Virginia. When I was growing up it had a population of about 22,000. Today the population has dropped to just over 13,000. However, some very unique and notable people have come from my town. I want to tell you about one of them who learned the meaning of providing value for his clients so well that he went on to become the greatest life insurance salesman ever.

His name was Ben Feldman (1912 – 1993) and over his 50 year career selling insurance for one company, his sales volume exceeded $1.8 billion, with over a third of it coming after he turned 65. And, he did it by selling out of his office in East Liverpool and not some major financial capital city like New York.

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Nike – Philip Knight’s Success Story – Famous Entrepreneurs

Nike – Philip Knight’s Success Story – Famous Entrepreneurs

“Play by the rules. But be ferocious.”

Starting The Business

Like Fred Smith and the origins of FedEx, Philip Knight’s first ideas of what would become Nike Inc. came to him while he was at

school. While working on his master’s at Stanford, Knight – an accomplished runner during his undergraduate days at the University

of Oregon – wrote an essay that outlined a plan to overcome the monopoly Adidas had on the running shoe market. He thought the way

to realize this was to employ cheap Japanese labour to make a shoe both better and cheaper.

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Small Business Examples For Prospective Entrepreneurs

Small Business Examples For Prospective Entrepreneurs

The unemployment rates are still high globally, and this means that an awful lot of people have to consider what they can do to make ends meet. There has been a trend of entrepreneurship over the last two years that has been driven by the lack of trust in the corporate world’s priorities and a need to improve living standards due to increased costs. There are several options of small business options that are fairly easy to begin with little or no startup capital. Read on to learn what small business options exist for prospective entrepreneurs.

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Capturing New Business Ideas – How to Avoid the Dangers of Darkminding

Capturing New Business Ideas – How to Avoid the Dangers of Darkminding

Everyone seems to agree innovation is important. Consider the following:

• Studies show innovation increases profit and return for investors.

• Being innovative can help you make better business decisions.

• Focused innovation can also increase productivity and reduce employee turnover.

• Searching for ‘innovation’ on Amazon within business books returns 5,757 entries.

Even allowing for duplicates, this indicates a lot of interest in the subject!

So why aren’t more companies innovating more often? Can innovation really work inside a corporate structure?

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Acrow Props – Using Them Safely in Construction

Acrow Props – Using Them Safely in Construction

There may come a time when you want to undertake a structural alteration to your home, to perhaps make better use of your living space, or maybe to make a window larger for example. Before carrying out an alteration, you will need to ensure that any part of the structure you are taking away, does not require support. If it does, then using acrow props will be required.

Acrow props are strong steel tubular like instruments that consist of a 4 part system; A male section, female section, a winding collar and a small stout pin. The way acrow props essentially work is by the female section accepting the male, allowing the 2 sections to be fully adjustable to a suitable height. The sections have holes in them so that the stout pin can be inserted to keep them fixed at your chosen height. The props can then further be adjusted by turning the winding collar.

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