With almost 582 million entrepreneurs worldwide, there is almost an infinite amount of ways to do bookkeeping. Thankfully we have broken down 5 bookkeeping basics for entrepreneurs, so that you can find the best way to manage your business’s finances. Decide on a Method There are a couple of standard methods of bookkeeping,…
In recent years, there has been an emergence of digital technologies to solve complex accounting problems. The solutions seek to address various aspects such as production output, cost of doing business, and return on investment. They are also helping entrepreneurs manage their businesses more efficiently. This article looks at some of the technological solutions that…
Worldwide, there are approximately 582 million entrepreneurs: people just like you who are using their wits, confidence, and enterprising spirits to start their own business. But becoming a business owner does not just require the will to do so. It requires the knowledge and expertise to keep it afloat and keep it successful. If you…
What accounting information do you need? How is this information going to be used? How will it add value to what you are doing? In life, a lot of drama can be avoided if you ask these questions first before scanning a balance sheet or profit and loss report. Of course, you may not know…
A survey conducted by the Global Entrepreneurship Monitor shows that there are approximately 582 million entrepreneurs worldwide. As a small business owner, you need to understand that bookkeeping is an essential part of running your enterprise. Following basic accounting principles is a recipe for success, despite the size of your business. As your new startup…
More Americans than ever are scratching the itch to be their own boss. In 2016, it was estimated that about 25 million Americans had started their own business. Unfortunately, starting your own business can be challenging. One of the things many entrepreneurs overlook is the details like bookkeeping basics. The devil is in the details…
Do you have a certain fire within you and you know you were born to operate your own business? Do you absolutely hate trying to deal with bookkeeping and numbers? Over 62% of the billionaires in the United States are self-made. It’s a safe bet that not every single one of them understood accounting. A…
It’s not enough to know that your business’s financial well-being is critical to success. As an entrepreneur, you need to know how to manage your company’s finances. Therefore, it is important for entrepreneurs and business owners to be well versed in accounting and related practices to ensure they are making the correct financial decisions. There is various…
As an entrepreneur, there are many responsibilities that you will need to handle on your own. The freedom that comes with entrepreneurship can sometimes also come with an increased workload. This can prove to be overwhelming for some individuals and can lead many scrambling for solutions. However, bookkeeping does not have to be challenging and…
As I mentioned in my book, each semester I begin my Managerial Accounting class with the same question, “How many people DON’T have a background in Accounting?” On average, 90 percent of the class raises their hand. I follow up with, “What are some of the reasons that influenced your decision not to pursue a…