Advance Payments

Guide On Advance Payments

An advance payment is paying a part of the payment to the seller before the work begins. It has become a norm while taking up large projects.   Small businesses deserve an equal opportunity at work. But they may not have the financial backing to undertake large projects. And here’s where advance payment comes into action.…

Important Financial Statements

3 Important Financial Statements Every Business Owner Should Know

  “You Can’t Improve What You Don’t Measure!” Small businesses must be well informed to survive in a competitive environment and one of the vital competency they must develop is to read and understand important financial statements. Understanding essential financial statements such as ‘Trial Balance’, ‘Balance Sheet’, and ‘Profit and Loss’ statements is paramount as these…

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…