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
Below is an article on the Basics of Book Keeping
How KSMBOA can help?
Trainings to enable you or your employees
Free/Nominal Cost of Account Management Tools
Talks from Industry Experts
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:
- 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