No, you would not. Building a house or anything for that matter would need something more than an idea. If you want to build a house successfully, you will need a well-thought out and solid plan. Same with your finances, you will need a plan to be able to build a good foundation for your finances. Remember, if you fail to plan, you are planning to fail! The first step in setting up a good plan for your finances is to look at what your current financial situation. Where you do stand financially? How much debt do you have? What is...

Most businesses may require a vehicle to travel back and forth from offices, pick up supplies meet with clients and other business related activities. Vehicle expenses are a typical deduction for most businesses. Remember, you can only deduct motor vehicle expenses when they are reasonable and you have receipts to support them. So what records do you need to be able to claim the vehicle expenses? You will need to keep a record of the total kilometers you drive and the kilometers you drive to earn income for each vehicle. And for each trip, you will need to list down the...

Record keeping is extremely important for businesses. Good record keeping allows for good bookkeeping which in turn brings accuracy and savings to the business. Having records of your financial transactions in an organized manner allows your bookkeeper to be able to go through your records in a more efficient way which saves you money in the end! Aside from this, good record keeping also shows a business owner where his or her business stands financially. As any business owner will tell you, you will need to stay on top of everything in your business. Having your records on hand when you...

In the previous blog, we looked at a few important points you need to know when managing your accounts payable. As mentioned, you must be able to manage both accounts payable and receivable properly as these are essential in keeping your business running. In this blog, we’ll look at a few things you need to remember about accounts receivable. Accounts receivable is money owed to a business by its debtors for goods and services delivered. So if your business gets paid when the job gets done or you are selling a product without credit terms then you may not have any...