Weekly Finance Tips

Archive for the ‘Accounting’ Category

When I taught the Small Business Tax & Accounting Workshops SBA Small Business Development Center, the only thing that was emphatic about the need to maintain a good record . While you can complain about it and even hate him, is vital to maintain the heartbeat of a business.

The Bible says we should do Caesar: A what is Caesar’s. Both are true statements. However, though they must pay the taxes that we must be sure not to pay one shekel more we have to do it! Read the rest of this entry »

Finding a good trainer of taxes is not an easy task.

Here are some tips to help you avoid problems that many Americans experience when they randomly choose your preparer of tax .

The trainer has the knowledge?

Visit the website of your preparer to see if they offer jobs or franchises. Click on the tabs and find out what the coach needed someone to buy a franchise or work for them. You will find that most franchises offer without any knowledge or experience in tax and yet the promise of them in operation within three to nine months with minimal training. This means that most of these preparer is taxes have a minimum knowledge of the tax . Read the rest of this entry »

Have a process for sending funds to the client.
Although many lawyers “know” that really should return the funds to the clients customers, very few actually get around to it. Failing to do this results in cumbersome books, and do not want this. What you need is a process for sending funds to the client – particularly when the check has not been cashed. You can not just close these accounts , if they declare controls without sitting there. Nor can simply keep the money. You need to show that you tried to return the funds more than once. Otherwise, the attorney must arrange to send funds to the Bar. They have a Benevolent Fund, and make the decision whether to go to charity, or if you can keep. If less than 50.00 then you can normally go to a charity of your choice eg The MS Society. But you can not do is send the customer an invoice. Some lawyers do, but it is wrong. Read the rest of this entry »

Accounts of lawyers “can be a minefield. The lawyers have enough on their plate without the additional stress of trying to remember and apply all the lawyers of Accounts Rules (SARS) that exist, so for this task, which may well trust their legal cashiers. In this article, we try to outline the top 7 tips that all lawyers should know what concerns the accounts legal.

Purchase invoices / counsel / expense receipts must be retained for VAT purposes.
No matter what the amount, the expenses must be supported with a receipt. If VAT inspection has taken place this information has to be produced.

Accounts money owed to the customer’s account – need a weekly report.
SARS states that the money in accounts of clients, on payment of the bills must be transferred within 14 days of receipt. If these are left for more than 14 days will be in violation of SARS. So the lawyers have to be on top of your books in order to ensure that relevant messages in a timely manner. Read the rest of this entry »

If you ask a person of business s, entrepreneur or executive what the most important thing in business is that it s likely to tell you, people, sales, capital or product and service that people want. Granted, those are important but often forgotten accounts .

A company with a sharp pencil, you know where it is less, at all times, is more likely to make money, have a better cash flow and grow the business over a long period of time. A company that is weak in its accounting has a greater probability of business failure in the first 5 years and the company, small, medium or large is exempt.

If you are a small business and you feel as if there is more to know, why not register and taking some classes in accounting at the local university community? If you’re an entrepreneur, then you need to understand how to create realistic proformas, how to reach the money and how to ensure your cash flow is strong so you can start, grow and succeed in your business work.

Flying by the seat of your pants in your own business and juggling the finances is fun and exciting, but as the business grows larger and larger when hiring an accountant or learn to make some of it too. Not just a good accounting help you make better decisions business s, but also keep you from going to jail for making a mistake on their taxes, withholding or falsifying their income. I sincerely hope you consider all this as we seek to increase their knowledge of the accounting business.

Financial ratios are useful to evaluate the strength of your business. The liquidity ratio (current assets less current liability) shows the amount of cash without your having. A current ratio greater than one indicates that you have enough current assets to meet its current obligations when due.

The debt ratio (total liabilities divided by total equity) indicates the amount of money from their creditors, compared with the amount of their money is supporting its assets. A debt-equity ratio greater than one is a strong indicator that you have used too much. Too much debt is a problem in good times, but can wreak havoc when the business falls.

So take a few minutes and see your balance . Compared to last year and see how your business is progressing. Compare your current ratio and debt to equity ratio last year and see if your business is becoming stronger or weaker. You will be amazed at the amount of valuable information contained in the balance .