Book-keeping and Accounts for Entrepreneurs by Martin Quinn

By Martin Quinn

Book-keeping and money owed is a perfect booklet for first-time or really novel marketers. It follows the cycle of occasions of a standard new enterprise enterprise from an accounting view.   After a grounding in a few basic accounting techniques and phrases, the reader is guided at the accounting parts of a marketing strategy and assets of finance for a enterprise enterprise. uncomplicated book-keeping is then defined and this leads into the training of key monetary statements - the source of revenue assertion, stability sheet and funds circulation assertion. eventually, counsel on easy methods to examine bills and price a enterprise is given, either one of that are relatively correct to the entrepreneur who's able to flow directly to the following enterprise or extend an current one.   Examples in undeniable English in the course of the publication clarify key book-keeping and accounting issues. also, QuickBooks accounting software program is utilized in numerous chapters to reinforce those examples and divulge the advantages of accounting software program to a hectic entrepreneur.  

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Find out and note them below. Which sources are most suited to your business? QXD:Layout 1 1/10/09 14:41 Page 50 In this chapter, I introduce what is commonly referred to as ‘keeping the books’. As you trade, the detail of each business transaction needs to be captured and recorded somewhere. This captured information is the basis for the preparation of a set of accounts (financial statements) for a business. The chapter describes how business transactions are recorded in a manual format. Once you know how this works you may want to use a software package which can make more efficient use of your time.

Quite often suppliers will ask for immediate cash payment (called cash with order). After a while, as you build up a reputation with a supplier, they will grant you credit. Once you get credit, paying on time is a good idea. Otherwise your credit rating will be affected. QXD:Layout 1 1/10/09 14:39 Page 43 The bottom line on financing working capital So what does all this mean for the financing of your business? Put simply, if there is a time gap between when you need to pay your supplier and when you get paid from your customer, how do you fill this finance gap?

This transaction has one direct cost, which is the cost of the teller’s salary for the time taken to give me my cash. There are many indirect costs associated with this: the cost of light and heat in the bank, the bank manager’s salary, cost of delivering cash to the bank, and so on. You might have guessed from this example that allocating indirect costs to a product or service is not simple. You must make the effort, however. Some businesses will take direct costs and add a percentage to this figure to cover overhead.

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