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Understanding The Story Of Your Balance Sheet

Do you understand the story your Balance Sheet tells about your business? It’s important you understand the components of your Balance Sheet and the key ratios that measure the health of your business. 1. It measures the net worth of your business. You Balance Sheet is made up of all of your assets and liabilities; your net worth is your total assets less total liabilities. Current assets are assets which are expected to be converted into cash within 12 months; current liabilities are expected to be paid within 12 months Non-current assets aren’t expected to be converted into cash in the short-term; non-current liabilities are long-term liabilities which aren’t expected to be paid within 12

Running Your Own Business? How Much Do You Pay Yourself?

Take The Guesswork Out Of Your Salary For many, the chance to set your own salary sounds like a dream come true. But small business owners know the reality is a little more complicated. You should only pay yourself out of your profits – not your revenue. When you see money coming into your business, don’t assume you can pay yourself a big slice of that. Before you take your cut, you also need to take account of things like taxes, payroll, fixed costs and overheads. Good accounting software will really help you work out how much you can afford to pay yourself. It will let you keep track of all expenses and calculate profit rather than revenue or turnover. It will also help identify areas you

What Is Depreciation & Why Should I Care?

Depreciation affects your bottom line, your tax bill, and the value of your business. Those are three good reasons to learn what depreciation is and how it works. Depreciation lowers your profit, it can also lower your tax bill. If you don’t account for depreciation, you’ll end up paying too much tax. What is Depreciation? Depreciation is what happens when a business asset loses value over time. A work computer, for example, gradually depreciates from its original purchase price down to $0 as it moves through its productive life. There are techniques for measuring the declining value of those assets and showing it in your business’s books. This area of accounting can get complex so it’s a go

What Is Accounts Receivable And Where Can It Go Wrong?

What is accounts receivable? Accounts receivable is what you’re owed by customers. Once you send an invoice (or bill), it becomes part of your accounts receivable – until it’s paid. Accounts receivable is the name given to both the money that’s owed, and the process of collecting it. So the accounts receivable process includes things like sending invoices, watching to see if they’ve been paid, taking steps to chase payment, and matching payments to invoices (also known as invoice reconciliation). The accounts receivable process is sometimes called bills receivable, and some people simply call it invoicing. What is ageing of accounts receivable? If an invoice hasn’t been paid by its due date,

Construction Accounting Basics

Construction is unlike any other business. Building projects can last for months or even years – and you might be both an employer and a contractor. So how do you learn the basics of construction accounting? Why Is Construction Accounting Different? If you work in the construction industry, you’ll know there’s rarely a fixed business structure. The site manager probably doesn’t employ the other people working on a project. They are likely to be a contractor – and so is everyone else. Contractors make up the bulk of the construction workforce. They may be working on several projects at the same time, spending a few hours or days on each. They might also employ their own subcontractors to help

Does Your Business Have A CRM Tool?

Having clean, up-to-date information and data about your customers is a vital part of running your business. But recording, tracking and accessing this customer information can be tricky if you don’t have the right tools to get the job done. Client relationship management (CRM) tools offer a fast and effective way to manage all of this customer information. A CRM solution provides one central hub for recording all your customer data. This data could be the basics of customer name, address and contact details, notes from meetings, records of sales activity or information on the customer’s marketing preferences. So, how does having a CRM tool help you do business? Let’s take a look... A centra

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