Basics of Book Keeping

BOOK KEEPING

When starting your own business, you don’t put debits and credits at the top of your priorities. After all, keeping your records organized is not your passion or your strong forte. But at the very same time, ignoring management reporting leads to accounting complications that ends up demotivating you and taking your focus away from the bigger picture

Challenges Experienced by SME’s

  • Being an SME always does not mean that you will have the budget in being able to hire experienced finance managers resulting in you hiring inexperienced accounts personnel
  • End up investing too much time, effort and cost in training the junior accounts personnel
  • Costly software tools to automate the business processes

How KSMBOA can help?

Trainings to enable you or your employees
  • We will roll out training calendars for regular webinars by the best industry experts that will cover technical, non-technical & management topics that can help with employee development
  • The cost will be very nominal or free and there is no limit to the number of employees you would like to register

 

Free/Nominal Cost of Account Management Tools
  • We will provide you with a free/nominal cost of a customized business process automation tools, that will be specific to the requirements of an SME business
  • Free training on how to use these tools will be provided

 

Talks from Industry Experts
  • Inviting subject matter experts to talk at our events covering the basics, best practises, do’s and don’ts on this subject

Below is an article on the Basics of Book Keeping

Basics of Book Keeping

Every small and medium enterprise needs to concentrate on accounting fundamentals as it should be handled with due care and diligence. Small problems in accounting may lead to huge and irreversible problems, and even losses to the company. It is, therefore crucial for a business owner to either possess the knowledge of accounting or employ someone with the knowledge of getting the job done right!

Accounting information consists:

  • Bookkeeping & Cash Flow Management
    Cash flow control is a simple technique of projecting your future needs for cash. It is an income statement covering future periods of time that has been changed to show only cash: cash coming in and cash going out and what your balance of cash is at the end of designated periods of time. This is a great tool because you can predict your future needs for cash before the needs arise
  • Payroll
    This term is commonly used to refer to: the total amount of money that a company pays its employees. A company’s records of its employees’ salaries, bonuses, and due taxes
  • Budgeting & Forecasting
    A budget serves as a control tool to provide standards for evaluating performance. It can cover any of the following:
  • Profit planning – forecast of revenues and expenses
  • Cash budgeting – forecast of cash needs and sources
  • Balance sheet forecasting – anticipating future assets, liability and net worth position of the business
  • Credit and collections
    Maximizing the value of credit reports requires a good understanding of the information they contain. Whether you’re checking the credit of others or ensuring that your own report accurately reflects your business, use this guide to boost your knowledge
  • Financial management reporting
    There are several situations when you may need to fix the market value of a business. Buying and selling a business is the most common reason. Estate planning, reorganization, or verification of your worth for lenders or investors are other reasons

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