One of the most important decisions you'll have to make as a business owner is which accounting system to use for record-keeping. The good news is that your choice is pretty straightforward – cash basis or accrual accounting. A lot of small business owners choose the...
There’s a lot of business terminology and processes to learn as a new small business owner. Whether you have opened your physical doors or are working as a digital freelancer, you are running a business. You have to understand profit and loss calculation and reporting....
Every entrepreneur gets into some venture believing that they can make some money out of it. But no matter what you are doing in order to start seeing some gains, you will need to invest something first. That could be a lump sum of money. Or...
Isn’t it a great feeling to see that you’ve just made a new sale? But as you’ve perhaps noticed it takes time to see those money being deposited into your bank account. This delay has something to do with how most product businesses operate. In particular...
There’s no denying that managing payroll for an SME is challenging. Even if you only have a few employees, staying on top of the paperwork and compliance can chew up a significant chunk of your time. Per recent survey, 30% of small business owners in...
Every business owner has to track the financials. You need to know how your venture is performing, and if there is enough profit to make the business worthwhile in the first place. And, what’s more important, you need income to scale and grow your company...
Inventory. It’s always an issue with a business. Whether a company is bringing in and storing finished products for resale or holding raw materials, products in process, and finished products, inventory is both an asset and a liability. An inventory is an asset if it is...
You are in business for a reason – to make money. Of course, you also want to offer products or services that provide value to your customers, keep your employees happy and you want to market your business to keep generating new customers. But the...
The best way to determine whether your business is successful is to look at its profitability. This is especially true when it comes to startups and side-hustles. If an emerging business can beat the odds to become profitable early on, that's a great sign that...
When will I start making money from my business? It’s one of the most important questions you should ask before you start even business. Even the "no upfront costs" business ideas still require a certain financial commitment. Let's take dropshipping for example. The main appeal of...