It is frustrating sometimes. Your accounting system wants a bank statement from an authorised bank but your transactions come from a different source. Or maybe your accounting system is not compatible with the BIC Planning Model. Two recent cases I have been working with were just these scenarios. No need to manually enter data in… Read More »
Small businesses often pride themselves in the energy and skill of their entrepreneur(s). “We are people of action – that is the secret of our success.” they say. No one is arguing about the mantra that gets things done in a timely fashion. However, there must be a time to stop and review what is… Read More »
In the previous post Welsh and White (1981) argued that just the size of small businesses creates special conditions “which can be referred to as resource poverty – that distinguishes them from their larger counterparts and requires some very different management approaches”. Small businesses usually cannot afford to pay for the professional services they need to implement… Read More »
If your accounting system has been around for a while, you will have many general ledger accounts. New accounts were created when you needed to watch a particular expense for a period of time or your bookkeeper created a new account to allocate an unknown expense when you were overseas that time. It has stayed… Read More »
Why financial planning is not a waste of time. People say to me that they cannot predict the financial outcome of their business and therefore spending time doing a budget forecast is a waste of precious time. The forecast never works they say. This is an outdated view. Given the right tools and consistency of… Read More »