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
What is a Point of Sale system?
In its most simple format, a POS system is a cash register which captures sales. According to Wikipedia, the basic, fundamental definition of a POS System, is a system which allows the processing and recording of transactions between a company and their consumers, at the time in which goods and/or
The 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
The importance of Bookkeeping and Accounting
Bookkeeping is the recording of all financial transactions in a business. The information is captured into accounts, called General Ledger accounts, which can then be used to manage the business’s financial transactions. The information should normally be captured in chronological order and can be captured in different forms. Old fashioned
5 Ways to Detect and Prevent Payroll Fraud
Payroll fraud can be a serious threat for businesses that haven’t safeguarded themselves properly, which can lead to complications with your accounts, putting your business out of pocket as well as your employees. Having safe and secure systems is one of the best ways to prevent Payroll fraud and we
