Accounting can feel notoriously complex but as a small business owner, good accounting practices are essential to the financial health of your organisation. Taking your accounting seriously from the start is the best way to set your small business up for success and it will allow you to operate much more efficiently in the future.
Losses in business are fairly common. But some business owners tend to attribute them solely to inefficient sales and marketing.
However, that's not the only way a small company can lose money.
Here are some of the lesser-known reasons why your bottom line may not be as high as you'd hoped it would be.
If you're running a business, it's important to understand what gross profit margin is and how to calculate it. This figure tells you how much money your business is making after accounting for the costs of goods sold.
A good customer retention rate is essential to your small business. The more one-off customers you can convert into long-term patrons, the more profitable your business will be.
Your small business may be turning over a decent sum of money, but how much of it do you actually get to keep?
Profitability doesn’t only come from sales numbers. And a profitable business isn’t always the one with the most customers and the highest sales.
Accounting is a crucial part of every business, from small boutiques to multinational corporations. You can’t ignore your accounts, and doing so for even a short period of time can damage your business. However, accounting is complicated, and mistakes can be costly. Hiring a professional accountant can save you a huge amount of time and money, which are often one and the same.
It's February! Which means that provisional tax returns are due in South Africa. If you want to avoid the stress of the tax period, follow these four simple steps to prepare your business in advance.
Book Review of Boss It by Carl Reader. If you are a small business owner, you NEED this book!
There are four ways that the owner of a company can take money out of their company and all four have different tax implications.