Archive for May, 2013

Name and Register Your Business … The Basic Tips

May 21, 2013 2:33 pm3 comments
Name and Register Your Business … The Basic Tips

For a business starter, the first key steps in your business planning process would be choosing your business name and business structure that will reflect your brand identity. The next key step is registering your chosen name to give your business a legal personality.

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AUDITING ….. Explained

May 17, 2013 5:30 pm0 comments
AUDITING ….. Explained

The audit process is a vital part of managing a business. Auditing is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose. Financial audit specifically refers to the evaluation of the financial statements of an organization.

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How To Choose Your Accounting Software

May 8, 2013 4:47 pm2 comments
How To Choose Your Accounting Software

For a new business owner who already has a business plan and registered his new business, the accounting set-up would be next in line.  There [...]

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What are Debits and Credits?

12:06 pm0 comments
What are Debits and Credits?

They may sound like foreign languages to you … but in fact, “debits” and “credits” originated from their original Latin words, “debere” and “credere”. Debit comes from “debere”, which means “to owe”. Credit comes from “credere”, which means “to believe”. Hence, in accounting language, debit is abbreviated “Dr” while credit is abbreviated “Cr”.

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What is a “Chart of Accounts”?

May 7, 2013 3:13 pm2 comments
What is a “Chart of Accounts”?

When a company’s accounting system is set up, the accounts most likely to be affected by the company’s transactions are identified and listed out. This list is referred to as the company’s chart of accounts.

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What is Financial Accounting?

1:54 pm3 comments
What is Financial Accounting?

Financial accounting represents just one sector in the field of business accounting.  It is a specialized branch of accounting that keeps track of a company’s [...]

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Taxes …. Tell Them Apart

May 3, 2013 5:24 pm4 comments
Taxes …. Tell Them Apart

Business owners should be able to distinguish the different kinds of taxes being imposed on a business entity.  As the saying goes, “Ignorance of the [...]

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Internal Control – Vital for Business

3:02 pm4 comments
Internal Control – Vital for Business

Running a business requires continuous development.  Business owners and managers constantly search for methods to effectively control the companies they run.  This is the essence [...]

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How To Choose Your Bank

May 2, 2013 2:09 pm2 comments
How To Choose Your Bank

Banking is very important to your business and having a bank account is considered indispensable.  Being the financial institution that acts as your depository and [...]

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Start With Your Business Plan

May 1, 2013 5:11 pm0 comments
Start With Your Business Plan

A business plan is just as important for an established business, irrespective of its size, as it is for a starting business.   For an established [...]

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