Why you should keep business and personal purchases separate?
The New Entrepreneur's Guide Series - Why You Shouldn't Mix Business and Personal Purchases? Keeping company and personal finances separate is one of the most fundamental aspects of accounting. However, everyday situations can arise where a business purchase is paid for with a personal bank card or a personal purchase with a business card. In a rush, using the wrong card is a human error, and a single transaction usually doesn't cause problems. If company and [...]
What does an income statement tell you about your business?
A New Entrepreneur's Guide series What does an income statement tell you about your business? You won't get a complete picture of your company's finances just by looking at your bank account balance. The bank account balance tells you how much money the business has available right now, but it doesn't tell you whether the business has been profitable. An income statement, on the other hand, shows what makes up your company's income, what kind of costs are incurred by operations, and whether the company has a profit or loss at the end of the financial year. […]
How does automation reduce accounting costs?
A New Entrepreneur's Guide - Series Admin 31 March 2026 How does automation reduce accounting costs? Automation is often perceived as a technological innovation, but in practice, it is above all a way to reduce manual work. The less time spent on routines, the fewer costs are incurred. One of the biggest areas for savings is the processing of purchase invoices. When invoices arrive directly into the system as e-invoices, they no longer need to be scanned or saved […]