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How to Accounting Post 9: Prepaid Expenses
A cost can be either be an asset or an expense. What makes the difference between recognizing expenditure as an asset (prepaid expense) or an expense is when the consumption of the resource takes...
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How to Accounting Post 10: Long Term Assets
Like I have said earlier, the main purpose of starting a business is to build assets over time. Assets can be classified as long-term or short-term. Long term assets are assets that will not be...
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How to Accounting Post 11: Accrual versus Cash Basis
Accrual accounting recognizes revenue and expenses in the period in which they occur, regardless of when cash is collected. Under cash basis revenue and expenses are recognized only when cash is...
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How to Accounting Post 12: How to go broke while making a profit.
If you want to know how to go broke while making a profit then mismanage your cash or you could do as this article suggests. Any business that expects to survive over the long haul should do a cash...
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How to Accounting Post 13: The Budget
We previously discussed doing cash flow projections now let’s shift our focus to a budget. First of all, what is the difference between a budget and a cash flow projection? A budget is one of the tools...
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How to Accounting: Employer Requirements
Requirements for employers: Federal Income Tax Withholding (Form W-4) Every employee must provide an employer with a signed withholding exemption certificate (Form W-4) on or before the date of...
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How to Accounting Post: Picking what accounting system to use – An Overview
In picking what accounting system to use consider the following: 1) Inputs: What kind of information do you need to organize and how are source documents generated. What kind of details do you...
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Developing a budget for the non- wage earner
Developing a budget for the non- wage earner You have often heard it said that one should have a budget . A budget is a plan that guides our spending habit. However, for the freelance and small biz...
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If it quacks like a duck, waddles like a duck, swims like a duck – it is a duck.
It is what it is, then what … If it quacks like a duck, waddles like a duck, swims like a duck – it is a duck. As simple as this statement sounds how many times do we overlook what is for what we...
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A solid map for buidling your lifestyle business
Finally, you can have a solid strategy to help you grow your lifestyle business. I have written a book that will guide you through the process. This book lays out a true path to FINANCIAL INDEPENDENCE....
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