More than ever, accounting matters for your personal and business finances.Of course, strong records will keep you organized and compliant, but your ability to maintain an organized system for record-keeping will ultimately affect your bottom line.   Believe it or not, your accounting has an impact on your profitability.  Organization is KeyWhen your records are in order and well kept, doors of opportunity open to you.  Rather than fumbling through piles of paperwork, you will be able to locate client records quickly and eff....

Improve your business’ profitability with these 5 simple tips!5. Use Good ResourcesFor any business, there isn’t much room for waste.  Take the time to examine the affect your resources have on your business’ productivity.  Durable machines and better employees will save you money in the long run.  Evaluate your current resources and adjust accordingly. 4. Monthly Sales GoalsA business must know exactly how much they need to turn profits and grow. Communicating goals clearly to your staff pushes your business in a stro....

Financial statements are the report cards of your business.  Use them to update investors, assess profitability, and keep your business legal.UPDATING INVESTORSAt any board meeting or shareholders meeting, the presentation of financial statements is a common, if not necessary occurrence. Reports like the financial statement or balance sheet condense necessary financial information into quick, easy-to-understand summaries of the business’ revenue, expenses, profit, assets, and liabilities.  In order for investors and officers to be c....

There are many things required of business owners in Thailand, and keeping absolutely compliant must be a priority.  Just like any other tax responsibility, fines for not paying or paying late can add up. WHAT IS WITHHOLDING TAX (WHT)?Withholding tax, or WHT, is a deduction from payments made to suppliers who provide a service. For example, payments for insurance, rental fees, rent, or water and electricity all require that a certain percentage be paid to Thailand’s Revenue Department.W....

We normally think of profit as a synonym for cash but this is not always the case and this why it is important to know the ways your bank statement can differ from your balance sheet. Accrual AccountingAs opposed to the Cash Method of accounting, the Accrual Method accounts for revenue when it is earned, not when it is received.  A company using the Accrual Method enters revenue when it issues the invoice for services rendered or products sold, giving the client a set period of time to actually pay.What Does this Mean f....

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