Don’t Let Your Personal Finances Get Tangled Up in Your Business’ Finances
As a business owner, you will spend a lot of time dealing with financial matters. The way you handle them can make a big difference...
Category: Business
Put Together Your Net Income
Put together your net income for the year. If you had some big expenses, like a car or a home, be sure to include them.Now...
Liquidation of a Business Under Common Accounting Methods
Liquidation of a business under common accounting methods involves many arbitrary estimates, judgements and assumptions. If the business is being liquidated by a receiver, an...
Discuss Outsourcing Vs. In-House Bookkeeping.
I think it is clear that outsourcing bookkeeping is more efficient than doing it in-house. The people who would do the accounting in-house are probably...
Why You Should Outsource Your Accounting and Administrative Work
A lot of small businesses hire people to handle their payroll and other administrative tasks. I don't think it's a good idea. Most companies that...
Keep the Right Information Moving in the Right Direction
An implication of the flow principle is that you are always better off moving information in the direction of your net flow, even when that...
Pay yourself before anyone else gets the money
So here is the rule: pay yourself before anyone else gets the money. And what does that mean? Well, if you are self-employed, it means...
Why use a Periodic Inventory System
The traditional way to track inventory is to count how much you have every time you make a sale (or, if you sell stuff too...
Minimize learning curve and take time to understand the business
The businesses you work in, and the technologies you use, change so fast that it's hard to keep up. There will always be some new...
Learn how to become a good financial decision maker
A bad financial decision can destroy your wealth. Most people do not think about that when they make one. They do not think about it...