How to record Loan Transaction?

One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…

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How to record owner contribution in the business?

Owners or co-founders keep investing in their own businesses during early stage of their startup or even at later stage. This helps them to improve the company’s cashflow or make funds available for new equipment, paid marketing or hiring additional staff. Recording capital investments of your own money or your business partner’s money is important for keeping company accounts…

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30 Cost Cutting Ideas To Survive Cashflow Crunch

Every month, local entrepreneurs in my city get together and share their business experiences. During one such monthly meetup, one of the business owners asked the group an interesting question : What are the simple cost cutting ideas that I can implement today? This question made us put our coffee mugs back on the table. It really…

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