Following on from our previous scaling up posts , the next MUST HAVE is keeping two separate sets of books. One for compliance or tax reporting and the other for internal management reporting – the goal of which is to simplify the numbers. Right about now you are probably thinking, how does this save me time and benefit me… “now I need to have two accounting programmes for different reasons”… Read more
Let us commence by understanding and answering the following questions that are relevant: 1. What exactly is Trend Analysis? – This is a technique used to analyse an entities financial data by collecting information from multiple prior periods and using this information to generate valuable insights, to assist in understanding the past and making data based decisions to change the future. 2. What can Trend Analysis be used for :… Read more
Can you log into your accounting system right now and answer the following questions: What was your profit last month/last quarter/last year? How much cash do you have available, and how much is tied up in accounts receivable? Who do you need to pay this month, by when and how much? Can you effectively manage your cashflow ? Cashflow advice for small businesses Do your assets exceed your liabilities? If not,… Read more