When you’re in the business of selling goods, the number one thing you must always watch out for is if you’re shipping / giving to the client on spot the actual right goods. Continue reading
Category Archives: 2 Processes
Trying to do business and then there’s accounting
First and foremost, keep it simple and structured. It only gets messy and stressful if you have to do it ad hoc. It may sound like a cliché, but don’t panic! You can do it all if you just keep a cool head and have it all structured. Continue reading
I need help with an overview of my money!
Running a business is all about funds – resources needed for investing, paying your suppliers, paying your employees and at the end of it all, also paying your owners (in the form of dividends). Continue reading
What if I don’t get an invoice from my supplier?
Every so often it may happen that getting an invoice from your supplier isn’t all that easy. The reasons may vary – technical problems with issuing the invoice, problems with calculating the prices and so on. They may have promised to send you the invoice on a said day, but as it happens, it’s late until further notice. Continue reading
Applying a change in accounting policy
When you’ve opted for a change in an accounting policy, there are two ways it can be applied – retrospectively or prospectively. Continue reading
Changing an accounting policy
According to International Financial Reporting Standards (“IFRS”) an accounting policy should only be change when the change is either required by a standard or interpretation or when it means that the financial statements give more relevant and reliable information about the effects of transactions, other events or conditions on the entity’s financial position, performance or cash flows. The reason I quote IFRS is because it’s the basis for most accounting standards in the world. Obviously one should consult their local legislation, but something as fundamental as changing an accounting policy is most probably treated the same way. Continue reading
Applying and changing accounting policies
Now that you’ve chosen an accounting policy, you’re expected to apply it consistently. Consistently in this sense means from period to period the same way. Continue reading