Many people tempted to manage every single task when managing a company. It is the primary factor that their company experiences slower growth. Just a little change can have substantial effects. Most business proprietors continue to sink their heads into paperwork instead of concentrating on growing their businesses. It is very critical to monitor your […]
Category: Bookkeeping
How does an experienced accountant save you money
Many entrepreneurs are a fan of “Do It Yourself” when it comes to managing their business. No matter what size of your business is, investing in bookkeeping services in Johor Bahru, for something small ass small as a pet shop, will save your business some headaches. You might be tempted to manage everything yourself, but […]
Reasons You Should Outsource Your Accounting Function
To run a company, there are a lot of areas you as an entrepreneur needs to focus on. It is not a simple job to run an organisation, especially when it comes to resources allocation, planning and sustaining. It is ultimately an uphill struggle to manage the accounts on your own. It is the primary […]
Balance Sheet Versus Profit and Loss
Financial statements are one of the most mesmeric document for most entrepreneurs without accounting background. Below is a quick review of both Balance Sheet and the Profit and Loss. Balance Sheet A balance sheet is a financial statement that discloses an entity’s financial status at a given point of time. It has 2 ends that […]
Single Entry System Versus Double Entry System
A business owner might maintain its financial transaction either based on a single-entry system or double entry system of accounting. Single entry system is much less time consuming and also much less tiresome while double entry system needs a great deal of effort and time and that is why it is often seen that an […]
Accounting for Start-up – Part 2
After the first 5 steps in the Accounting for Start-up – Part 1, there are some other steps below that are requited to be taken. 6. Human Resource Management System When you expand your company in the future, you will need an organised system to handle your workforce. Workers are a form of capital in […]
Accounting in Start-up – Part 1
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 […]
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 […]