How to Choose the Right Accounting Outsourcing Firm

The benefits of outsourcing are dependent on the person or firm you choose to handle the functions for you. If you have read my previous article entitled I mentioned in my previous articles “Accounting for Small Businesses”, you must have seen the need and benefits of outsourcing your accounting functions. If you have not read it, I recommend that you read the article first. However, I mentioned that it is not automatic that you will stand to enjoy all the benefits of accounting outsourcing. The benefits are dependent on the person or firm you choose to handle the functions for Continue ReadingHow to Choose the Right Accounting Outsourcing Firm

Outsourcing of Accounting For Small Businesses

Accounting for business transactions is a must for all businesses whether small or big. We understand that a good knowledge of accounting is needed for accounting, record keeping and the preparation of financial statements of your business. Unfortunately many entrepreneurs do not possess this skill. Few entrepreneurs with accounting skills do not have enough time to write their own books. It is possible that their businesses have not grown to the level whereby they can employ a skilled person to carry out the accounting for them. If that is the case, accounting outsourcing can adequately bridge the gap. Accounting outsourcing Continue ReadingOutsourcing of Accounting For Small Businesses

Preparation of Financial Statements for Small Business

How to prepare a financial statement for a small business. Financial statements are the outputs of your book keeping and accounting efforts. It can be described as the report card of your business. Financial statements are an important management tool. When correctly prepared and properly interpreted, they contribute to an understanding of financial condition, problems and possibilities of a business. Financial statements are the principal means of reporting financial information about a business to stakeholders. Stakeholders include people within an organization and to people outside the organization such as shareholders, lenders, employees, customers, creditors and the government. It can be Continue ReadingPreparation of Financial Statements for Small Business

How To Set Budget on Marketing

How To Determine The Amount To Budget on Marketing. Now that you know the need to spend money on marketing, you may like to know the amount that will be appropriate to be set aside for this. There is no ‘one fits all’ approach to this.  But generally, amount of a marketing budget can be a function of any of the following: Read Also: Usefulness of email marketing to small business Personal Judgement. This involves you determining how much you think expedient to be spent on marketing your product or service. You are in the best position to understand everything about Continue ReadingHow To Set Budget on Marketing

How to Adjust Price to Maximize Profit

You can adjust your price to maximize profit in your business. You should not be afraid to adjust your price to the amount that helps you maximize profit. Over time, you will have a better understanding of the price that best works for you. . The essence of your business is profit maximization. Generating sales is not equal to profitability. Whatever type of business you are doing, if you are not making profits, it is just a matter of time that the business will close down. Making profits is not difficult if you perfectly understand profit equation. What is profit equation? In accounting sense, Continue ReadingHow to Adjust Price to Maximize Profit