Planning For The Upcoming Financial Year

Planning For The Upcoming Financial Year

Small Business Guides
There’s no escaping the fact that 2024 may just be a crucial and challenging year due to the previous activities in 2023. However, once you focus and create a financial plan for the upcoming year you should be able to deal with what 2024 has to offer. Yet, while there’s not much we can do to influence the global macroeconomic and geopolitical picture, there are plenty of ways to ensure our own finances are robust enough to deal with whatever the next 12 months bring. In this guide we’ve provided a couple of important tips to assist with the planning for your business for the year of 2024. Auditing An audit refers to the examination of the financial position of the business. It’s important to start with auditing the financial…
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Crucial Accounting Tips For Small/Start-up Business

Crucial Accounting Tips For Small/Start-up Business

Financial Management, Robley Baynes, Small Business Guides
As a small or start-up business owner, one of the major things you need to consider before you commence operations is your business taxes and accounting. Many start-ups regretfully leave this for later, but this is something you’ll want to get to work on as soon as possible. In this article, we’ve provided 6 tips which you should consider before starting a business or in the early stages of business. As Captain Number Cruncher, Robley Baynes can assist you with the specific areas provided below. Track Your Expenses From Day One From the very first purchase, you’d need to monitor and keep track of your expenses to reduce tax liabilities. Often a business owner’s core focus is creating or maintaining products or building clientele whilst neglecting the accounting aspect of…
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Setting Achievable Financial Goals For Your Small Business

Setting Achievable Financial Goals For Your Small Business

Small Business Guides
Goal setting can sometimes be challenging especially when setting goals for your business’development and growth. You might think about what you want to achieve with your money but turning this into a reality requires creating a specific, measurable, and achievable plan to follow.  What are financial goals? A financial goal is considered to be a monetary goal you strive to hit or accomplish. Your financial goals can relate to saving, spending, earning or even investing. Financial goals can often be grouped together with your budget and financial plan but it’s important to remember that your financial goals are completely separate. If you have a specific financial goal sometimes, it may be a bit crucial. Without a financial goal in mind, you may lose sight of what you’re saving for, and…
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A Guide To Management Accounts

A Guide To Management Accounts

Robley Baynes, Small Business Guides
Did you know that it’s very simple to track business growth? Using management accounts, your business can have access to valuable insights that will increase revenue and business growth.  WHAT IS MANAGEMENT ACCOUNTS? Management accounting is a discipline that involves generating and presenting financial and non-financial information to aid managerial decision-making within an organization. While there is no universally agreed-upon set of principles for management accounting, there are several key principles and concepts that are commonly followed.   THE BENEFITS OF MANAGEMENT ACCOUNTS Management accounts allow you to have access to detailed information of the operations of your business. The analytic report usually contains vital information such as the cash flow, the profit and loss position and the financial operations. Without a full grasp of how your business is performing,…
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Six Strategies your small business can use to survive inflation

Six Strategies your small business can use to survive inflation

Small Business Guides
Six Strategies your small business can use to survive inflation. If you’re a small business owner, it’s likely you’re feeling the pressure of uncertain economic conditions, rising costs and the impact of inflation within Trinidad & Tobago. For many small businesses, the natural reaction to inflation is to raise prices for their products or services; however, this can cause you to lose customers and make it difficult to survive in competitive markets post COVID-19 period. In this blog, we’ll share some beneficial tips and strategies on how to deal with inflation so that your small business is able to survive any financial challenges that come it’s way. What is inflation and how can it affect your small business? Inflation is a ascent in prices, which can be interpreted as the…
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