Financials in your Business



Accounting

Accounting is involved in the recording, analysing, classifying and interpreting of the financial affairs of a business. Accounting is a science involved in the recording, monitoring and assessment ...


Accounting Software

Accounting software is a computer program that has been specially developed to help a business record its financial transactions. The work that your accountant performs for you will be made easier if ...



Audit

n audit is a process whereby correctness and accuracy of something, such as business operations, sales and marketing functions, financial books or a tax return etc, is assessed ...


Cost Reduction

Increasing profits by reducing costs has to be based on a plan, which has to be organised and adequate. A proper accounting system has to be in place for the information to be extracted ...



Financial Management

Financial management involves the use of financial statements which reflect the condition of your business and will identify your strengths and weaknesses ...


Annual Reports

If you own shares in any public company then once a year you should receive a copy of the company's annual report. An annual report is simply that - it is a report from the directors ...



Financial Statements & Accounts

Having a good understanding of financial statements is vitally important to the success of any small business. The financial statements can be used as a pointer towards the journey of your business ...


Bank Reconciliation

o make sure that all transactions in your business have been correctly accounted for, you will need to reconcile the position as shown by your cash book records with that shown by your bank's records ...



Bookkeeping

The simple definition of bookkeeping is that - "it is the practice involved in the recording of transactions affecting the operation of a business". Bookkeeping involves a system which records ...


Pricing

A price is taken to be the amount of money that something is bought or sold for. Any product or service will have a price and the seller may have a price that is different from what the buyer thinks ...



Budgeting

A budget is basically the plan of your business shown in money terms because it estimates your sales, purchases and your other business expenses, including drawings you take for yourself ...


Break Even

The use of break-even is important, especially where the business is starting off because you will need to check that your business is sooner or later able to cover costs and therefore not make a loss ...



Business Costs

The important difference between these capital and operating costs is that operating costs are involved and incurred in a particular period and matched against the revenue generated ...


Cash Flow

Cash can be defined as ready money or money (its equivalent such as a cheque) paid for goods and services from a supplier. Cash is referred to as legal currency and is the resource itself ...



Costing

When a business owner has to calculate the cost of producing goods and services, a few costing methods can be used. If the business is in manufacturing, job costing is a standard basis ...


Financial Analysis

Financial analysis is to do with charting the progress of your business. To do this you have to be familiar with the various forms of financial statements, analysis and measurement ...



Profit

Profit is the surplus income your business is left with after the payment of all expenses. It is the business revenue that remains after the payment of the costs of the business ...