Understanding your accounts

tracking-accountsIf the thought of financial statements, trial balances, or audits is enough to make your head spin, you’re not alone – most entrepreneurs admit that accounting is either too complicated to understand or too boring to pay attention to.

Whether you’re confused by accounts or just don’t have time to spend on keeping track of payments and purchases, it’s still vitally important to keep an eye on your company’s books. Even the most dynamic entrepreneur may run into trouble if a cash flow problem develops in their business, or if a dishonest employee is doing financial damage to the business without the owner’s knowledge. Continue reading

Building up reserves for the holidays

planning-holiday-financesJanuary is the month when a lot of people avoid opening their credit card statements, and for good reason – the December spending spree creates a nasty debt surprise for millions of people around the world every year.

December is the month when most South Africans overspend, with year-end coastal holidays, Christmas, and the new school year taking a serious bite out of most family finances. Despite many workers receiving bonuses in December, it’s rare to meet someone who starts the year with solid finances – let’s aim to be that rare person. Continue reading