From Martin Quinn, Book-Keeping and Accounts for Entrepreneurs: Once you have set up your business you will have to register for the collection and payment of various taxes. Here’s a very quick guide on what you need to watch out for.
Income taxes
If your business operates as sole trader or partnership you will have to register [...]
Author Archives: Pearson
Registering for taxes–a quick guide
Keeping track of the small stuff–petty cash
From Maritn Quinn, Book-keeping and Accounts for Entrepreneurs: Small expenses are common in all businesses. This does not mean that recording them is any less important. The following, while involving a very small cash expense initially, is a great example of the need to keep good accounting records. I can’t name the business, but the [...]
How to buy accounting software
From Martin Quinn, Book-keeping and Accounts for Entrepreneurs: You have just set up your first business venture. You don’t have enough money to pay an accountant to do all your bookkeeping. You do want to start off on the right foot by keeping good accounting records and decide to do the bookkeeping yourself using some [...]
Here’s why you need a mentor
From Robert Ashton, How to Start Your Own Business for Entrepreneurs:
Every good entrepreneur lives and breathes the business, certainly for the first year or so. They take an almost obsessive interest in every aspect of the organisation they are building. This determination to succeed is positive, but the downside is that they may lose objectivity. [...]
Tax tips
From Martin Quinn, Book-keeping and Accounts for Entrepreneurs: Setting up a business for the first time is an exciting and a somewhat daunting experience! Tax will always be a key element of any business and it’s good to get your tax affairs in order from the get-go. Ensuring you are on top of your tax [...]
A good business plan needs to address finances, too
From Martin Quinn, Book-Keeping and Accounts for Entrepreneurs: A good business plan is something like a map in that it should help you to navigate to where you want to go. It is a necessity not just for you but also for potential investors or banks that may finance your business. A good business plan [...]
Why is a short business plan better?
From Robert Ashton, How to Start Your Own Business for Entrepreneurs: It is tempting to write a traditional and comprehensive business plan, particularly if you are following one of the many templates provided by banks and business support agencies.
Writing a short plan has several benefits. For example:
It will be easier to read and remember;
It will [...]
Turn off the accounting brain–sometimes!
From Martin Quinn, Book-keeping and Accounts for Entrepreneurs: As an accountant, when confronted with business situations my brain turns to costs and revenues. It’s a typical accountant’s problem. In my other life as a parent, there are many hills to climb as you do your best to ensure your child gets the best possible upbringing. [...]
Is it better to take over a business or start from scratch?
From Robert Ashton, How to Start Your Own Business for Entrepreneurs: However appealing the idea of buying an existing business may seem, there are times when you’ll be better to start from scratch. There are lots of benefits to creating a business from nothing. These include:
A marketplace with no preconceived ideas or expectations;
The opportunity to [...]
Measuring monetary value in accounting
From Martin Quinn, Book-keeping and Accounts for Entrepreneurs: You would imagine that in the world of accounting putting a monetary value on an asset is simple. All that is needed is a unit of measurement i.e. a Pound, Dollar or Euro. Measuring things in the natural sciences is easy, as units of measurement have been [...]