29 August 2014

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Knowing The Numbers

The biggest challenge for most first time entrepreneurs is book-keeping. Book-keeping has always presented a challenge for the entrepreneur. It is astonishing to see so many entrepreneurs even experienced entrepreneurs who have a hard time keeping their financial records in place. This is especially true for entrepreneurs who haven’t had a background in business.

First time entrepreneurs think, they can just outsource their accounting to an accountant and not worry about it. It is okay to outsource your book-keeping, in fact you should outsource your accounting to an accountant but you need to know what the numbers in your financial statements mean. If you have no idea how much money is coming in and how much money is going out then you are going to be in trouble. Remember, accounting is the language of business.

Accounting Basics: An Essential Know How for Entrepreneurs

Entrepreneurs usually spend a vital time developing their product line and fostering their client base. Accounting is also as important as this and without which your business will never reach its full potential. A proper book keeping, is essential to avoid the risks of many tax and legal issues, cash flow crunches, and would even miss out many growth opportunities.

IFRS for SMEs-Overview

INTRODUCTION

On 9th July 2009, The International Accounting Standards Board (IASB) has issued The International Financial Reporting Standards for Small and medium sized entities (IFRS for SMEs), which are the outcome of five long year’s development processes and rigorous discussion processes. It is a simplified version of full IFRS after omitting the topics which are not relevant for SMEs.

Accounting Do’s and Don’ts

The practice of good accounting is always an ‘insurance’ against many legal and tax related problems in an organisation. Without a proper book keeping, you would run many risks.

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