In essence auditing means checking the accounting data to ensure it’s accurate, meets all relevant standards and regulations. When you think about it, isn’t it something you also could do yourself?

Yes, there’s the compulsory audit, but regardless if you fall into the category of someone who has to have one or not, you can and should audit yourself. By no means should it be to the same extent as the auditor would come and look at your accounting, but in some areas it will probably go into more detail.  Continue reading →

No matter which type of agreements – client, supplier, employee etc., they all need to be managed and kept in certain manner.

First things first, all agreements need to be stored properly and safely considering their nature. For an example, employee contracts shouldn’t be accessible to unauthorized personnel and should be locked away securely. The same goes for bank agreements containing information that not everyone should have access to. Client agreement are most probably needed for sales representatives and accountants and vice a versa, supplier agreements should be accessible to people dealing with suppliers themselves and purchases in general.  Continue reading →

The problem with the suppliers’ contracts is that they are all in different formats; they are on different terms suiting mostly the suppliers’ needs and what’s more, they are representing your business’ needs.

When dealing with your suppliers’ agreements, the first thing you ought to do is read the general terms. It’s an essential part of the contractual relationship wording out the basis of it. One hint here is to also take notes for your own base agreement you sign off with your own customers – maybe there’s an idea for you there.  Continue reading →

You may be in a business without any need for customer agreements, like selling goods in a store, but you may also every now and then need to have signed contracts with your clients, i.e. you’re in a longer term relationships or where you’re not selling on spot, but making credit sales (meaning they get an invoice and will pay at a later date, usually in such situations you need signed agreements).  Continue reading →

Accounting routines is something you’ve probably heard about. The reason we talk about routines in accounting is apparent – it’s something you’ve got to do on daily basis, something you got to do with some form of discipline and routine in itself. I would say that there’s very little creativity in accounting itself, as it’s something that has strict rules and basic fundamental structure that needs to be followed. As such there are routines that you’re strongly advised to take a habit and applying to your everyday business life.  Continue reading →

Your bread and butter, something that tells you which accounting entry you’ve decided to be most appropriate for specific transactions, which documents are obtained and where they are stored etc.  Continue reading →

Number one thing when it comes to accounting is making sure it’s accurate – all your figures need to add up correctly, be accounted for using compliant measuring procedures and obviously be supported with source documents for all entries. Accounting is keeping proper books about your company’s financial performance. How else would you ensure you’ve really got a viable business for an example?  Continue reading →