Month: Apr 2019

Importance of Bookkeeping in Business

Why is the bookkeeping important to your business? Bookkeeping is important for any kind of business whether it small or big but nowadays, we see it has neglected the owners of the business. They do not keep any record of accounting transactions. So that reasons business often fails financial management

What is Inventory?

Inventory (also referred to as stock) can be defined as the products or items which are sold by a business or used to manufacture products which are then sold.   In a manufacturing business, inventory falls into three main categories: raw materials, finished goods and work in progress (WIP). Raw Materials

What to Outsource to a Virtual Assistant

The real question you should be asking is, “what can’t you outsource to a virtual assistant?” At Skytrax we tend to always say that the only thing your virtual personal assistant cannot do, is to bring your coffee! However, that is somewhat true, as they could order you a cuppa

How to figure out what delegate to Visual Assistant

The first step to getting help is to admit that you need help. But – then what?  Over our past years in the Virtual Assistance business, this is one of the most common questions we receive.  That’s where the second step to getting help comes in – complete a daily

How to manage cash flow: 5 quick tips

If you’ve woken up in the middle of the night in a cold sweat worrying about how you are going to pay the wages for your loyal staff then read on. All too often I see businesses struggling with cash flow that rely on one of the above happening. For

What is a Financial Year End?

A financial year, also known as a fiscal year, is the period used by governments for accounting and budget purposes. It is not the same concept as a calendar year which is the one-year period that begins on 1st January and ends on 31st December, based on the commonly used

Small Tasks Are Important, So Let a Virtual Assistant handle them 

When it comes to taking back your own time, delegating the non-essentials can actually be essential. Think about it: the more time you spend on the smaller things, the more sight you lose on the bigger picture for your company.  Growth in your business means you should turn your attention

Why Petty Cash is Important for Your Business Finances

Petty cash isn’t what it used to be. In the days when we paid for all small business transactions in cash, it was necessary to be intentional about keeping track of those transactions. In the 21st century, we have better ways to pay for small business purchases and keep track

What is a Invoice

A sales invoice in financial accounting is a tool that a company uses to communicate to clients about the sums that are due in exchange for goods that have been sold. A sales invoice should include information about which items the customer has purchased, the quantities he has bought, discounts

How Bank Reconciliation Works and Why It’s Important

Why Bank Reconciliation Is Important When performing bank reconciliation, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more