Hello Guys.

I am an experienced chartered Accountant and am willing to offer my services for free for start-ups and struggling businesses. I know we are in difficult times and businesses are trying as much as possible to survive.

From time to time, I will update this thread with cost cutting strategies and survival tips.

You are free to drop your questions here about accounting, bookkeeping, taxation etc and get practical professional advise or you can send a mail to mouconsult@live.co.uk

Business Plan

This is supposed to be the second step every business person is expected to take after the idea stage. However, more often than not a lot of persons jump into businesses they haven't really done any reasonable plan/research about.

Your Business Plan is the research you carry out about an idea that pops up in your head or a business you've seen others do well in. It contains the idea itself and everything that is needed to bring the idea to a real business. It covers the finances you'll need (and how to get them), the people you'll need to employ, the location to site the business, the customers (and suppliers or raw material ), the structure and whether the business is profitable.

It's not enough to see that someone else is making lots of money from the same business. You will need to do your own busines plan.

This is the beginning of Success/failure for business(wo)men. Take some time out to do a proper plan before you start at all.

There are countless articles online for free on how to draft a good business plan.

I will not help you write a business plan from scratch for free but I am willing to help you review the one you've written for FREE.

Finance

This is one very important aspect of any business. Managing it is even more difficult than getting it. Let's assume you already have enough to start and run your business.

There is really nothing like enough money. The need to manage money is actually because there's no enough money. so, how do you manage the little money you have?

The starting point is to have a budget and stick to it. What is a budget? A budget shows how you get and spend money. A lot of people see budgeting as only spending. I repeat; it includes how to get money. This helps you to not only think of spending but how to get more money.

One of the reasons small businesses fail is becuase they do not separate their business expenses from personal expenses. The budget is for your business and not a personal budget. You must maintain this discipline to succeed as a business.

The initial money invest CAPITAL and must not be depleted. if anything, it should be increased. What most business owners do is to be on their business' payroll. That way, they are paid from the business' profits and not from capital.

Once there's a clear cut between personal and business cost, the business(wo)man is really set for business.

Paulipopor:
Finance

This is one very important aspect of any business. Managing it is even more difficult than getting it. Let's assume you already have enough to start and run your business.

There is really nothing like enough money. The need to manage money is actually because there's no enough money. so, how do you manage the little money you have?

The starting point is to have a budget and stick to it. What is a budget? A budget shows how you get and spend money. A lot of people see budgeting as only spending. I repeat; it includes how to get money. This helps you to not only think of spending but how to get more money.

One of the reasons small businesses fail is becuase they do not separate their business expenses from personal expenses. The budget is for your business and not a personal budget. You must maintain this discipline to succeed as a business.

The initial money invest CAPITAL and must not be depleted. if anything, it should be increased. What most business owners do is to be on their business' payroll. That way, they are paid from the business' profits and not from capital.

Once there's a clear cut between personal and business cost, the business(wo)man is really set for business.

There is an online accountancy service by team of professionals visit innerkonsult.com call 0 8 0 38460036

DavidSEO:




There is an online accountancy service by team of professionals visit innerkonsult.com call 0 8 0 384036

Thank you but you know innerconsult is not free. Thank you all the same.

Regulatory Requirement

Most small businesses do not see the need to take this serious until later when it gets too complicated to resolve.

Firstly, every business is expected to register with the Corporate Affairs Commission (CAC). Registration with CAC is the first, there are other regulatory registration(s) required depending on your kind of business. Find out about needed registration (s) in your chosen industry. Don't get too excited and carried away about profit. It gets really messy when you get big before realising this.

One very important registration that every business MUST carry out is TAX registration. Whether the business is TAX exempt is not an excuse. Registration for tax cannot be overemphassized because liabilities starts to accrue from the first day of incorporating the business. For example, non compliance with VAT in a year is not less than 360k; that's just VAT in one year alone! Other taxes abound with their non compliance penalties.

One can get free information online about the different registrations.

I will be here to answer a few questions you may have in this regard.