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In order to survive, there are some accounting documents that must be available in your business.

The management of a small business requires the preparation of documents for the filing of business taxes; application for business loans; the internal tracking of revenues; expenses and profitability. There are four main accounting documents that are essential for the performance of the functions listed above:

1. Balance Sheet: A balance sheet is a financial statement. It reports the assets, liabilities and shareholding of a business at a specified point in time. Even more, it provides a snapshot of what the business owns and owes. Also, it portrays what its owners own in the business.

It is often supported by the Income Statement and Cash Flow Statement. Hence, the Balance Sheet is a core financial statement used in valuing the net worth of a business.

The goal of the bookkeeper (and the business) is to maintain a balanced balance sheet. Albeit, this is a condition in which everything the business owns (total assets) equals its liabilities plus the valuation of what the owners own in the business.

2. Income Statement:
The Income Statement is often called the profit and loss statement. Furthermore, it is a summary of the revenues and expenses of the business during the year. Also, it is used in calculating the net profit or loss of the business in a trading year.

The income statement is also critical to determining the break-even point of a start-up business, and the profitability of a business over a period.

3. Cash Flow Statement:
A business needs enough cash on hand to cover its expenses. Hence, failure to achieve and maintain this state of affairs can have a negative effect on the financial health of a business.

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It is easy for the Small Business Owner to feel completely overwhelmed in the strive to manage the finances of the business.

This should not be. It is possible to learn the need-to-know fundamentals of accounting, enough to make the Small Business Owner feel prepared for the task of successfully take charge of a commercial enterprise. Here is a glossary of terms and a quick primer on the basics of business accounting.

As the Small Business Owner grapples with the challenge of financial management, which must be embraced, there is the inevitable encounter with the buzzwords that have become tools of the trade. The Small Business Owner must come terms with the meanings of these words, otherwise reading the finances of the business will be like trying to read a foreign language that has not been learnt.

Presuming that the Small Business Owner has never taken an accounting class, the journey to financial literacy must begin with an understanding of some basic and key accounting terms that must be learn by heart:

1) Gross Revenue: Gross revenue is the total amount of sales made by the business within a reporting period.

Sometimes referred to as total revenue, it is the sum of all monies that the business received from customers in exchange for its products and services, as recorded before any such deductions or expenses as rent, cost of goods sold, taxes, etc.

While the gross revenue of the business expresses its capacity to sell goods and services, it does not guarantee its ability to generate profit.

2) Expenses: In its simplest term, expenses are made up of monies spent or costs incurred as the business engages in activities that aim to create revenue.
Expenses represent the cost of doing business and include anything that prevents the gross revenue of the business from going straight into its bottom line. They consist of items like salaries and wages, rent, utilities, costs of inputs for goods sold, taxes, interest on debt, and sundry operating costs. Click here to continue reading

It is easy for the Small Business Owner to feel completely overwhelmed in the strive to manage the finances of the business.

This should not be. It is possible to learn the need-to-know fundamentals of accounting, enough to make the Small Business Owner feel prepared for the task of successfully take charge of a commercial enterprise. Here is a glossary of terms and a quick primer on the basics of business accounting.

As the Small Business Owner grapples with the challenge of financial management, which must be embraced, there is the inevitable encounter with the buzzwords that have become tools of the trade. The Small Business Owner must come terms with the meanings of these words, otherwise reading the finances of the business will be like trying to read a foreign language that has not been learnt.

Presuming that the Small Business Owner has never taken an accounting class, the journey to financial literacy must begin with an understanding of some basic and key accounting terms that must be learn by heart:

1) Gross Revenue: Gross revenue is the total amount of sales made by the business within a reporting period.

Sometimes referred to as total revenue, it is the sum of all monies that the business received from customers in exchange for its products and services, as recorded before any such deductions or expenses as rent, cost of goods sold, taxes, etc.

While the gross revenue of the business expresses its capacity to sell goods and services, it does not guarantee its ability to generate profit.

2) Expenses: In its simplest term, expenses are made up of monies spent or costs incurred as the business engages in activities that aim to create revenue.

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As the competition for investment capital continues to grow, and your search for funding intensifies, you are faced with the need to put together a strong and compelling pitch that will convince investors to fund your start-up.

To improve your chance of winning investors for your start-up, here are 10 questions, each tailored to your idea that your pitch must answer:

1. What Is Your Vision Of The Business? Tell your target investors why you are passionate about the business you plan to start. Tell them why the business matters, and why they should be part of it.

Help your investors to envision the outcome you wish to create. Give them a sense of what the business will be when it succeeds. The alignment of your investors with your vision will greatly influence the decision to dream your dream with you.

2. What Problem Is Your Start-Up Planning To Solve? Identify the problem that your start-up will address. The presence of a pain point, among a known audience, is needed to create a customer base, and sustain your business.

Validate the existence of this pain and this audience. Explain how this pain has been addressed in the past. If it is currently being addressed, point to existing solutions or a demand that is not being met, and sign-post how you plan to compete in this market.

3. What Is Your Unique Solution? Having demonstrated the existence of a problem and a gap in the market, present a solution that your potential customers will adjudge to be compelling and worthy of their consideration against other options.
The presentation of your solution should show how it will resolve the concerns of potential customers. It should also point out how your solution will be an improvement on current solutions, and thereby create a unique offering that is not available in today’s market.

Click here to read more

As the competition for investment capital continues to grow, and your search for funding intensifies, you are faced with the need to put together a strong and compelling pitch that will convince investors to fund your start-up.

To improve your chance of winning investors for your start-up, here are 10 questions, each tailored to your idea that your pitch must answer:

1. What Is Your Vision Of The Business? Tell your target investors why you are passionate about the business you plan to start. Tell them why the business matters, and why they should be part of it
Help your investors to envision the outcome you wish to create. Give them a sense of what the business will be when it succeeds. The alignment of your investors with your vision will greatly influence the decision to dream your dream with you.

2. What Problem Is Your Start-Up Planning To Solve? Identify the problem that your start-up will address. The presence of a pain point, among a known audience, is needed to create a customer base, and sustain your business.

Validate the existence of this pain and this audience. Explain how this pain has been addressed in the past. If it is currently being addressed, point to existing solutions or demand that is not being met, and sign-post how you plan to compete in this market.

3. What Is Your Unique Solution? Having demonstrated the existence of a problem and a gap in the market, present a solution that your potential customers will adjudge to be compelling and worthy of their consideration against other options.
The presentation of your solution should show how it will resolve the concerns of potential customers. It should also point out how your solution will be an improvement on current solutions, and thereby create a unique offering that is not available in today’s market.

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A fully functional quarry on approximately 55.406 Hectares (136.914 acres) of land located on the Lagos-Ibadan Expressway in Ogun State, South-West Nigeria.

Valued as a going concern, it has a complete production line with capacity for 300 tons per hour. Equipment and machinery include Compressors, Jaw Crushes, Vibrating Feeders, Drilling Machines for drilling and blasting, Crane for lifting of big blocks, Trailers for transportation, Pay Loaders, etc.

It also has an equipped Nine-Room Office Complex, a Mini Warehouse, Power Room, Workshop and Staff Quarters.

Asking Price: N1.6 Billion.

Title: Deed of Assignment.

For more, call 08133255577 or send an email to adewoyeademuyiwa@gmail.com

A fully functional quarry on approximately 55.406 Hectares (136.914 acres) of land located on the Lagos-Ibadan Expressway in Ogun State, South-West Nigeria.

Valued as a going concern, it has a complete production line with capacity for 300 tons per hour. Equipment and machinery include Compressors, Jaw Crushes, Vibrating Feeders, Drilling Machines for drilling and blasting, Crane for lifting of big blocks, Trailers for transportation, Pay Loaders, etc.

It also has an equipped Nine-Room Office Complex, a Mini Warehouse, Power Room, Workshop and Staff Quarters.

Asking Price: N1.6 Billion.

Title: Deed of Assignment.

For more info: send an email to adewoyeademuyiwa@gmail.com or call 08133255577

A fully functional quarry on approximately 55.406 Hectares (136.914 acres) of land located on the Lagos-Ibadan Expressway in Ogun State, South-West Nigeria.

Valued as a going concern, it has a complete production line with capacity for 300 tons per hour. Equipment and machinery include Compressors, Jaw Crushes, Vibrating Feeders, Drilling Machines for drilling and blasting, Crane for lifting of big blocks, Trailers for transportation, Pay Loaders, etc.

It also has an equipped Nine-Room Office Complex, a Mini Warehouse, Power Room, Workshop and Staff Quarters.

Asking Price: N1.6 Billion.

Title: Deed of Assignment.

For more enquiries, send me an email at adewoyeademuyiwa@gmail.com or reach out to me via 08133255577.

You have been dreaming that some day you will start and run your own business. You are currently employed in a big company and are steadily progressing in your chosen career.

But, deep inside, you have the itch to move into your own line of work, the desire to have no one to answer to, and the urge to do something different with your life.

In this state of mind, what do you need to equip you to take the leap of faith that will propel you towards your goal?

Here are three skills you must have to run a profitable business. Without Any one of them, with everything else, You are guaranteed to fail:

Self Confidence: You will need to believe in your own abilities and judgement. Without believing in your own actions, you will find your self struggling to reach your full potential.

It so often happens that the biggest difference between those who succeed and those who fail is not intelligence or opportunity or resources, even though these elements enhance your chances of succeeding. One quality that is critical to the outcome of your endeavour is the self assurance that you can make your goal to happen.

By having the can-do attitude... Click here to read more

You have been dreaming that some day you will start and run your own business. You are currently employed in a big company and are steadily progressing in your chosen career.

But, deep inside, you have the itch to move into your own line of work, the desire to have no one to answer to, and the urge to do something different with your life.

In this state of mind, what do you need to equip you to take the leap of faith that will propel you towards your goal?

Here are three skills you must have to run a profitable business. Without Any one of them, with everything else, You are guaranteed to fail:

Self Confidence: You will need to believe in your own abilities and judgement. Without believing in your own actions, you will find your self struggling to reach your full potential.

It so often happens that the biggest difference between those who succeed and those who fail is not intelligence or opportunity or resources, even though these elements enhance your chances of succeeding. One quality that is critical to the outcome of your endeavour is the self assurance that you can make your goal to happen.

By having the can-do attitude... Click here to continue reading

One reason financial institutions give for not approving credit applications from small businesses is that they do not have records of their transactions. It is common to find businesses that have been trading for many years but do not keep books.

This situation is made worse in the case of many Small Business Owners. Just as the businesses they run do not have records, they too do not keep records of their financial transactions. This chaos in their personal affairs Invariably spills into the running of their businesses, and stands as a big minus when they apply for credit on behalf of their businesses, particularly when they are required to support the loan applications with personal guarantees.

Here are five simple steps you can take to remedy this condition, and boost your credit worthiness as a Small Business Owner?

1. Cultivate the discipline of saving. Saving money will help you live a frugal but prosperous life. It will help you develop and maintain the habit of not spending all the money that you earn. It will help you understand the importance of budgeting your income and expenditure, and enable you to meet your basic expenses while setting aside portions of your earnings to be invested in maintaining and growing your business.

To this end, a continually updated listing of your banking and investment accounts will greatly ease your effort to track your savings.

2. Keep Spending Records. It so often happens that the average Small Business Owner is hardly sure about where his or her money goes. Or, he or she feels that you the spendings are much more than they ought to. Not to worry. It is time to start storing your purchase receipts in one big envelope.

When you buy big-ticket items, keep the receipts. Once a month, sit down, record your spendings according to categories and total them to produce your spending for the month.

You may choose to do this on a simple spreadsheet.

3. Keep Tax Records. You must organise your records if you plan to get the deductions you are entitled to under the tax law. You should create files or folders for your income, expenses, deductions and any other bits and pieces of information that will make it easy for you to file your taxes....

Click here to read more

One reason financial institutions give for not approving credit applications from small businesses is that they do not have records of their transactions. It is common to find businesses that have been trading for many years but do not keep books.

This situation is made worse in the case of many Small Business Owners. Just as the businesses they run do not have records, they too do not keep records of their financial transactions. This chaos in their personal affairs Invariably spills into the running of their businesses, and stands as a big minus when they apply for credit on behalf of their businesses, particularly when they are required to support the loan applications with personal guarantees.

Here are five simple steps you can take to remedy this condition, and boost your credit worthiness as a Small Business Owner?

1. Cultivate the discipline of saving. Saving money will help you live a frugal but prosperous life. It will help you develop and maintain the habit of not spending all the money that you earn. It will help you understand the importance of budgeting your income and expenditure, and enable you to meet your basic expenses while setting aside portions of your earnings to be invested in maintaining and growing your business.

To this end, a continually updated listing of your banking and investment accounts will greatly ease your effort to track your savings.

2. Keep Spending Records. It so often happens that the average Small Business Owner is hardly sure about where his or her money goes. Or, he or she feels that you the spendings are much more than they ought to. Not to worry. It is time to start storing your purchase receipts in one big envelope.

When you buy big-ticket items, keep the receipts. Once a month, sit down, record your spendings according to categories and total them to produce your spending for the month.

You may choose to do this on a simple spreadsheet.

3. Keep Tax Records. You must organise your records if you plan to get the deductions you are entitled to under the tax law. You should create files or folders for your income, expenses, deductions and any other bits and pieces of information that will make it easy for you to file your taxes...

Click here to continue reading

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, has outlined the apex bank’s plan to develop a sustainable financing model to boost the production of palm oil.

At a meeting with Governors from the South-East and South-South palm oil producing states, on Monday last week, Emefiele said the Bankers’ Committee has created a special sub-committee to introduce measures to enhance access to capital by smallholders in the palm oil value chain.

The scheme will disburse loans to identified core borrowers, at not more than nine percent interest rate per year, through the CBN’s Anchor Borrowers Programme (ABP) and Commercial Agriculture Credit Scheme (CASC).

Lamenting that Nigeria spends $500 million yearly on importation of palm oil, despite its inclusion in the foreign exchange exclusion list, Mr. Emefiele says: “We intend to support improved production of palm oil to meet not only the domestic needs of the market, but to also increase our exports in order to improve our foreign exchange earnings.”

Noting that in the late 1950s and 1960s, Nigeria was the world’s leading producer and the largest exporter of the product, with 40 per cent market share, Emefiele moans: “Today we are a distant fifth among leading producers of palm oil. We barely produce up to three per cent of the global output with an estimated production of 800,000 MT while countries like Malaysia and Indonesia produce 25 million and 41 million tonnes.”

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Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, has outlined the apex bank’s plan to develop a sustainable financing model to boost the production of palm oil.

At a meeting with Governors from the South-East and South-South palm oil producing states, on Monday last week, Emefiele said the Bankers’ Committee has created a special sub-committee to introduce measures to enhance access to capital by smallholders in the palm oil value chain.

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The scheme will disburse loans to identified core borrowers, at not more than nine percent interest rate per year, through the CBN’s Anchor Borrowers Programme (ABP) and Commercial Agriculture Credit Scheme (CASC).

Lamenting that Nigeria spends $500 million yearly on importation of palm oil, despite its inclusion in the foreign exchange exclusion list, Mr. Emefiele says: “We intend to support improved production of palm oil to meet not only the domestic needs of the market, but to also increase our exports in order to improve our foreign exchange earnings.”

Noting that in the late 1950s and 1960s, Nigeria was the world’s leading producer and the largest exporter of the product, with 40 per cent market share, Emefiele moans: “Today we are a distant fifth among leading producers of palm oil. We barely produce up to three per cent of the global output with an estimated production of 800,000 MT while countries like Malaysia and Indonesia produce 25 million and 41 million tonnes.”

Click here to continue reading