Entrepreneurship

What to Expect from Your Accountant, by ANN ICHUNGWA

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Most entrepreneurs are lost when it comes to what they expect from their accountants. In addition, not all business owners are adept at handling finances. However, it’s important as an entrepreneur to familiarize yourself with basic bookkeeping and money management principles and activities. Having consulted for several SMEs, I’ve developed an easy checklist with timelines, that you can use to gauge your understanding of the financial state of your business, as well as what to expect from your accountant.

Preparing for Elections [Entrepreneur's Guide], by CHRIS ODONGO

 

Preparing for Elections - Entrepreneurs Guide

 

It's exactly twenty days to election day in Kenya and as an entrepreneur and business owner, you have to plan for that day..... No scratch that you have to plan for the day before and the day after..... scratch that... you have to plan for two days before and three days after the election.

In my view, the eve of the election is possibly going to be very calm as campaigns will have ended over the weekend. Most companies will keep their doors closed on that day and you can expect your employees who vote up-country to have taken that day as a leave day and travelled the previous weekend to be ready to cast their vote on 8th August.

That said election day will come and go as people queue and exercise their democratic rights. The day after the election is bound to be too tense for anyone to venture outside and most of your employees will remain glued to the TV set watching results trickle in. 9th of August most MP's position will have been announced and perhaps the presidential results will be called in the evening with two possibilities; celebration or chaos. If it's celebration then you can expect no work to take place on 10th as well and so the entire week will be gone just like that.

The above being the case what should your plan as an entrepreneur look like?

Getting Back Control Over Your Business' Recurrent Expenditure, by ANN ICHUNGWA

GETTING BACK

 

It is only too true that expenses tend to outstrip income at the start of a business venture and only too few, if any, new businesses are profitable as soon as they are launched. It takes time for a business venture to reach its break-even point and to start making a profit. Hence, keeping a tight control on working capital is essential for entrepreneurs who are focused on a long-term horizon, as a sustainable business can only be built on efficient working capital management systems.

 

Before diving deeper into the vast domain of working capital management, it is important to define precisely what constitutes working capital.