Business or Hobby?

Sara
Whether someone has a business or a hobby is very important from a tax standpoint. Tax authorities all around the world require taxes to be paid on the profits of a business, whereas money from a hobby does not get taxed. The effects of this need to be considered from both sides. For example, in the network marketing industry many people get started on the basis that they are going to get tax deductions for all their expenses including automotive, accommodation and travel as well as the products they purchase for their personal use.

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Promote Your Small Business Using Press Releases

Sara
Large companies frequently make use of press releases successfully, and so there is no question that smaller local companies can benefit as well as one of their sales and marketing tools. Why Use Press Releases 1. Press Releases Are Budget-Friendly It is possible to create your own press releases. The only actual financial outlay is in getting your press release into the right hands. This might be through an agency or a web service such as PR Web or BusinessWire, which can be very cost effective in contrast to paid advertising campaigns.

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Why Business Networking Is A Good Idea

Sara
Whether you have a new small business or have been operating for years, connecting with other businesses and company owners is a crucial ingredient of success. Some business experts call it strategic networking while others call it social networking. In any case, networking and connecting with other company owners is a sure method to grow your business in any market. Connecting with other businesses and company owners is a smart decision for a number of reasons.

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The best accounting method for small business

Sara
There are two types of bookkeeping or accounting methods. The ‘double entry’ method of accounting was invented in the 15th century. A man named Benedikt Kotruljević first wrote about double-entry accounting in ‘Book on the Art of Trade’ in 1458 and then Luca Pacioli who was Franciscan monk in Milan wrote the 'Summa de Arithmetica, Geometria, Proportioni et Proportionalita' in 1494. This is where ‘double entry' bookkeeping is understood to have started.

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Protect Your Business with Good Record Keeping – Part 2

Sara
Maintaining good record keeping can greatly enhance your business practices. Continuing on from my previous article, here are some more ways to protect your business through accounts maintenance. Business records are very important in identifying potential risks to the business. With these records, the business owner can establish the products that most customers prefer and the ones will the least preference. Thus, the investor will reduce those least preferred products, limiting the risk of losses.

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Protect Your Business with Good Record Keeping – Part 1

Sara
Good record keeping can help protect your business, measure your performance and maximize profits. It is critical to keep record of major activities in the business such as purchase invoices, sales receipts, transportation expenses, utility bills, bank statements, payroll records, and any other related business expenses. Let me begin to outline the main reasons why business owners should keep good records for their small businesses. Well kept accounting records can shorten the time taken to audit the business.

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What is Accounting and Why Is It Vital

Sara
Accounting refers to the recording, measurement and analysis of monetary details of a business and is therefore a function that is critical to any business, not only for regulatory purposes but also to ensure the viability of the business. There are various sub-sets of accounting. For example: Tax accounting Every business is required to report and pay taxes. Tax legislation can be extremely complicated and so this is a specialized area of the profession.

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Welcome to The Ken Small Business Blog

Sara
People start their own business for all sorts of reasons. For some it is because they have a great idea that will benefit other people and they can see the possibilities that can come from it. For others it is because they think they can do a better job than their current employers. Or they get disgruntled thinking that their employer is getting rich from all their work. So they decide to set up their own business and do it themselves.

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