‘Getting paid and money management can be tricky business because, in addition to customers, cash flow and managing your accounts properly is what keeps your business humming along. Consequently, getting paid in full and on time, as well as understanding money management, has to become a priority, even if you elect to hire an accountant or bookkeeper to manage the books. You will still need to familiarize yourself with basic bookkeeping and money management principles and activities such as understanding credit, reading bank statements and tax forms, and making sense of accounts receivable and payable. You also have to give careful consideration to the purchase payment options you offer customers, including cash, checks, debit cards, credit cards and online payment options, as well as establishing payment terms and debt collection in the event of nonpayment.’

Read more at The Basics of Money Management

Recent Entries

• Record number of savers look to stash cash in tax-free Isas
• Savings targeted by 43%
• Personal finance advertising lagging behind consumer internet drive
• £1 a week earns 14 years of freedom
• Third of Scots have no more than £100 put away
• Debit accounts can help youngsters learn lessons about money
• £130,000 - the cost of life as a pensioner
• UK set for strong mortgage revival
• Brits break personal finance pledge
• Bankruptcies in Scotland soar by 50%, but worst is still to come

This entry was posted on Tuesday, August 16th, 2005 at 10:44 am and is filed under Personal Finance - General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.