Most start-ups fail in their first year. You need to have a strategic plan to succeed. You need to know your products and prepare a great marketing strategy and business structure for your start-up. Here are some steps you should follow in developing your start-up. 1. Have A Company Account You have to separate your […]
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The Relationship Between the Matching Principle and Accounting Period Assumption
The matching principle and accounting period assumption are the assumptions of income measurement when properly measuring net business income (Also see 4 Benefits of Good Bookkeeping). These two presumptions affect the revenues and expenses amount. Through these two assumptions, you can divide the operational business activities into periods so that you could assign revenues and […]
What is Double-Entry Bookkeeping?
The double-entry bookkeeping is a standard system utilised by both big and small business, specifically accounting firms in Malaysia.The main idea of double-entry is the concept that each transaction includes a minimum of two accounts or more (Also see Single Entry System Versus Double Entry System) . For instance, if you take a loan to […]
Different Types of Special Journals and Subsidiary Ledgers
A lot of entrepreneurs, particularly small company, assume that the general ledger can represent all individual business transactions. This is not correct. For clarity and ease of evaluating the accounting information, you have to record individual transactions in special journals and subsidiary ledgers when doing bookkeeping (Also see 3 Top Common Errors in Accounting). Big […]
What Do You Need to Know About Ordinary and Necessary Business Expenses
Many business owners are not professionals in accounting. They might have knowledge relating to accounting but might not be perfect when it comes to accounting for taxation. If you are one of the business owners that do not have a strong understanding of accounting concepts, standard, and principles, do not do it yourself; you may […]
Advantages of Outsourcing Accounting Services
Nowadays, there are increasingly start up companies (Also see Accounting in Start-up – Part 1) are outsourcing their accounts. This is because outsourcing an accounting firm enables the small business owners to focus on their minimal manpower on other tasks. Here are three advantages you could gain from outsourcing an accounting firm in Johor Bahru. […]
The Difference Between Trial Balance and Balance Sheet
The Trial Balance and the Balance Sheet might sound the same, but both statements are different. Here are some of the differences between the Balance Sheet and the Trial Balance. 1. The Balance Sheet does not consist of opening stock, while the Trial Balance does not consist of closing stock. 2. The Balance Sheet offers […]
4 Benefits of Good Bookkeeping
Bookkeeping is really crucial for every business setup, as it helps to measure the true failure or success of a company. It helps to tell the business whether it is doing well or not. Plus, the bookkeeping done by an accounting firm in Johor Bahru also helps businesses to maintain their finances and create a […]
Introduction to Bank Reconciliation
Every business has a general ledger: Cash at Bank account in the Balance Sheet that records every transaction that involves its current account. The bank also records the company’s current account which processes the company’s deposits, cheques, service fee and other items. At the end of the month, a bank statement will be sent to […]
The Importance of a Chart of Accounts
Many people do not view the chart of accounts as important. There are many reasons you should consider preparing the charts of accounts. A chart of accounts means a list of the classifications that is utilized to group and arrange your business transactions (Also see Three Simple Ways to Manage Your Bookkeeping). The chart of […]