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Editor’s Note: Satish Gangam is the owner of Pafohio and has been collaborated with Joel Cordle to develop this article. Pafohio is a Professional Accounting & Consulting (CPA) company providing complete outsourced accounting, tax services & payroll in Mason area. They help you in growing your business with efficiency & support you with proper guidance so that you can save your time and money. A lot of businessmen, especially those who just started and are currently running a small business, find accounting services...

Creating a budget for your business is vital. You may have some loose or rough estimations of how your business will spend its budget over the course of the next year. But, you need to make sure that you are planning your budget in a more detailed and robust way. Breaking the bank should never be an option in an SME.  Should your business be fully operational, planning your finances is a great way to ensure that you remain on track. This may mean allocating budgets to individual departments. It may mean managing and analysing your businesses...

Inflation can affect a lot of people and businesses – startups included. For businesses that have just begun, inflation can make things more challenging. To explain, inflation is what happens when prices for products and services increase. Inflation therefore has a big impact on the value of money. The value of a dollar now will not be the same after a period of time due to inflation. When prices rise and the value of money drops, consumers will see a decline in the purchasing power of their money. There are several factors that can...

What is cash flow and why is it important to a business? The term ‘cash flow’, in layman’s terms, is the amount of money that is flowing in and out of a particular business at any given point of time. Cash flow is an important entity in determining the overall health of a given business, and tends to vary depending upon its usage within a particular context. However, it is important to understand that if a company’s cash level increases during a particular period, it means that it is exhibiting positive cash flow, whereas any...

All companies started with a dream. Dreams must be backed by a plan and plans must be backed by money. For businesses with strong potential, committed leaders, good products or services and realistic goals, the only – and biggest – ingredient most often missing is money. Start-up capital is difficult to secure because investing in new businesses can come with extraordinary potential, but always comes with extraordinary risk. Venture capital firms are in the business of choosing which businesses are worth investing in. The...

Cloud software has many uses, one of which is to help you reduce the fees associated with having your taxes done every year. If you are an accountant, small business or sole trader, here are nine ways that cloud software can help you. Helps You Save Time and Money Saving time and money is important to most of us, and a great way to do so is to use cloud software. This type of software can save you anywhere from 30 to 40% of the total cost you incur when it comes to bookkeeping and accounting. Necessary Tax Expenses Can Be Minimized While...

If you are a fan of online games or any other form of internet-based transactions that require a monetary exchange, you are probably familiar with the term Bitcoin. If instead you are curious about the inner workings of the black market or modern money laundering techniques, you may also have come across the term in reference to Silk Road, an online marketplace that became infamous for making illicit goods available to the public, which used Bitcoins to attempt to protect the identity of its customers. Technologically speaking, Bitcoin...

As another holiday season reaches its peak, so too do visits to the mall and people jumping online to snap up last minute deals. A growing number of us now favor shopping online for its many conveniences and benefits. One of its main advantages is that we do not have to sit in the car, drive all the way to the mall or supermarket, walk around and spend time browsing for the things we need. No, instead we can do all that from the warm and comfort of home, with a few clicks on the mouse that sends someone else to locate and package our...

An Australian start-up success story in the tech field recently made headlines around the world. The founder of one particular emerging business is being heralded as an icon and role model for all those who desperately want to make it in this field. Meanwhile, Australia has also been seeing a host of incubators, training events, and competitions for startups, too. The initiator of one such project has spoken out on the reasons for which entrepreneurs down under aren’t quite making it in the field just yet. This is why today we explore...

Any business owner will tell you how integral having the right set up for your business finances is, it is important to have the right accounts open and advice in place before you start trading. After your business has launched you will need to make sure that you are in a stable financial position at all times and to do this you need a business account. The first and most important thing to remember is that you need to keep your business and personal finances completely separate. It may sound obvious, but however small your business is,...