Preparing a budget is an essential part of managing a business effectively. A budget is a financial plan that outlines the expected revenue and expenses for a specific period. It allows a business owner or manager to plan and control finances to achieve business objectives. A budget helps to ensure that a business has enough …
Starting your own business is often seen as a dream for many people, as it offers a chance to be your own boss, work on something you are passionate about, and potentially achieve financial success. However, it is important to recognize that entrepreneurship comes with a set of challenges and risks. In this article, we …
Starting your own business can be an exciting and rewarding experience, with numerous benefits that can be both personal and professional. While starting a business can be challenging, it can also be incredibly fulfilling, allowing you to build a career that aligns with your passions and values. Here are some of the many benefits of …
Deciding to leave a stable job and start a business is a major life decision. While it can be exciting and rewarding to become an entrepreneur, it is also a risky and challenging endeavor. There are several steps that individuals should take before quitting their job to start a business to minimize the risk and …
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Inflation refers to the general increase in the price level of goods and services in an economy over a period of time. It affects businesses of all sizes, and small and medium-sized enterprises (SMEs) are particularly vulnerable to the negative effects of inflation. This is because they often have limited resources to cope with rising …
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In Nigeria, the Company Income Tax Act allows businesses to deduct certain expenses from their taxable income. Here are some tax-deductible expenses for businesses: Employee Salaries and Wages: This includes the salaries, wages, bonuses, and allowances paid to employees. It also includes contributions made to pension funds and group life insurance. Rent: Rent paid for …
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Introduction A recession can be a challenging time for small and medium-sized enterprises (SMEs). During a recession, demand for products and services tends to decrease, which can lead to reduced revenue and cash flow issues. In such times, SMEs need to adopt recession-proof strategies to survive the economic downturn and emerge stronger on the other …
Small and medium-sized enterprises (SMEs) often face cash flow problems due to a variety of reasons, such as delayed payments from customers, unexpected expenses, or slow sales. Managing cash flow is critical for the survival and growth of an SME. In this response, I will highlight and explain several ways SMEs can deal with cash …
Tax planning, tax avoidance, and tax evasion are all concepts related to taxation. While tax planning and tax avoidance are legal and ethical methods of reducing one’s tax liability, tax evasion is illegal and involves concealing income or assets to avoid paying taxes. Here’s a detailed explanation of each term and how they apply in …
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Introduction: Internal and external audits are both essential components of a company’s financial management and control processes. While they share some commonalities, such as the goal of evaluating the effectiveness of a company’s internal control system, there are fundamental differences between the two that are important to understand. This article will discuss the differences between …
