Many businesses live in fear of debt, particularly after the 2008 financial crash and the climate of fiscal austerity that followed. It’s certainly a bad idea for individuals and households to go heavily into debt, but borrowing is a vital tool for a growing business. So when is business debt advantageous, and how can you manage it most effectively? (more…)
By Greg Lindberg, 1800Accountant Writer
In the eyes of most small business owners, bookkeeping is likely one of their least favorite things to do. When you sit down and think about it, who truly enjoys pouring over lengthy spreadsheets and calculating financial figures that will often make your head spin? Even though bookkeeping is not a highly popular task it is still one of the most important priorities on any business owner’s to-do list.
Bookkeeping is a practice that involves maintaining all of the financial records of a business. It is vital to keep a keen eye on the profits a small business generates, the money it pays in the form of expenses, and the taxes it incurs on a regular basis. When you can see a clear snapshot of this information in front of you, the financial side of your small business will immediately become very important to you.