Managing Business Finances Beyond #COVID19

Do you have a dashboard to help you navigate the current terrain?

Some of these basic #Financial #Management principles will help #smallbusinesses, #Startups and #Entrepreneurs beyond the #COVID19 challenge.

Financial Management Basics #SmallBusinesses & #Startups

HOW TO SURVIVE A RECESSION

Image Credit http://startuptipsdaily.com

Business as with life has its ups and downs. There are times when everything is going on well and there are those times when you have to tighten your belt to survive. In this article we will look at some tips on how to cope when the economy and conditions for business are not favourable.

Tax Planning Basics #Uganda

How you plan your business affairs can cause you or your employees to pay more taxes than necessary. The ability to understand the tax statues and how you structure your operations plays a key role in tax planning.

Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced.

Although tax avoidance planning is legal, tax evasion – the reduction of tax through deceit or concealment - is not.

The 10 easy steps to Turning Your Passion into Profit

Someone said passion is not what gives you bliss or makes you happy 24/7, but what you’re willing to suffer for — what you genuinely believe to be worth the sacrifice. This is just a disclaimer to let you know that it is not necessarily and easy ride!

At about the age of 9 I realized I loved planting or growing things. We didn't have a garden or a shamba as is commonly known in East Africa but that didn't deter me from my passion. I would collect tins/cans or any container and plant flowers. I fondly remember getting those bulbs (before the energy saver bulbs with twisted designs came) and planting indoor water plants in them. My dear Mum joked that when I grow up, I would not have chairs in my house...she could only envisage plants all over!

I pursued Accountancy to its professional level got both ACCA and CPA-U but didn't stop gardening. After completing my MBA I felt more passionate about my passion....Gardening. I have grown to love accountancy and that's the reason for The Accountancy and Business Clinic Facebook page. However I have remained passionate about gardening hence Maua and More . Maua is Swahili name for flowers but we offer flower pots, flower pot stands and other garden accessories hence the flowers and more. To bring my two worlds together, I chose to be The Accounting Gardener (hence this blog)

A business without financial statements is like a car without a dashboard

Imagine driving around, completely unaware of how fast you’re going or how much fuel you have left. If you ignore the financial dashboard of your business, you could lose your entire business.
In this video, I spoke about this and more on managing business finances at a business conference for small businesses. Watch this video and watch out!