Steps to managing a start-up business account

You are about to launch your online store (or maybe you’ve just launched) – congratulations! It takes perseverance and passion to get to the point you are at. However, as you know, business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you will need to get on top of the accounting tasks that come along with owning a store. These small business accounting steps will give you the confidence to know you have covered your bases, and are ready to move on to the next item on your business to-do list, according to www.shopify.com.

*Open a bank account: After you have legally registered your business, you will need somewhere to stash your business income. Having a separate bank account keeps records distinct and will make life easier. Note that partnerships and corporations are legally required to have separate bank accounts for business.Start by opening up a business account, and then any savings accounts that will help you organise funds and plan for taxes. For instance, set up a savings account and squirrel away a percentage of each payment as your self-employed tax withholding. Next, you will want to consider a business credit card to start building business credit. Corporations are required to use a separate credit card to avoid commingling personal and business assets.

Before you talk to a bank about opening an account, do your homework. Shop around for business accounts and compare fee structures. Most business accounts have fees that are higher than personal banking, so pay close attention to what you will owe.

In order to open a business bank account, you are required to have a business name, and usually be registered.

*Track your expenses: The foundation of solid business record keeping is learning to track your expenses effectively. It is a crucial step that allows you to monitor the growth of your business, build financial statements, keep track of deductible expenses, prepare tax returns, and support what you report on your tax return.

Right from the beginning, you should establish a system for organising receipts and other important records.

*Develop a bookkeeping system: Before we jump into establishing a bookkeeping system, it is helpful to understand exactly what bookkeeping is and how it differs from accounting. Bookkeeping is the day-to-day process of recording transactions, categorising them, and reconciling bank statements.

Accounting is a high level process that looks at business progress and makes sense of the data compiled by the bookkeeper by building financial statements.

As a new business owner, you will need to determine which bookkeeping method to use.

*Set up a payroll system: As a new online store owner, you will likely be a one-person show. However, maybe you will hire a part-time employee to help you out, or a freelancer to design your logo. Right away, you need to establish whether that individual is an employee or an independent contractor. For employees, you will need to decide on a payroll schedule and ensure that you are withholding the correct taxes; there are lots of services that can help with this. For independent contractors, be sure to track how much you’re paying each person.

When sales start rolling in, you will need a way to accept the payments. If you want to accept credit card payments, you will either need a merchant account or you can use a third party payment processor. A merchant account is a type of bank account that allows your business to accept credit card payments from customers.

*Calculate gross margins: Improving your store’s gross margin is the first step towards earning more income overall. In order to calculate gross margin, you need to know the costs incurred to produce your product.

*Constantly re-evaluate your methods: When you first start out, you may opt to use a simple spreadsheet to manage your books; but as you grow, you will want to consider more advanced methods. As you keep growing, it is good to continually reassess the amount of time you are spending on your books and how much that time is costing your business. The right bookkeeping solution means you can invest more time in the business with bookkeeping no longer on your plate, and potentially save the business money.

Conclusion

Starting a business can be an overwhelming process, but if you follow this list, you will have your new store’s finances in order from the beginning. From opening the right type of bank account to determining how much you will bring in per product, these tasks will all contribute to your business’ success, now and as it grows.

D’Banj celebrates father as he turns 70

Legendary pop musician, Adedapo Oyebanji, popularly known as D’banj celebrated his father today as he clocks 70 years.

In a twitter post, D’banj enthusiastically wrote, “And to the Real Kokomaster, my perfect Role Model, my father Celebrating 70 years of Grace. I Love you dad!

Besides the tweets, he also took to his Instagram page to say, “And to the Real kokomaster, the one and only, my king, my perfect Role Model, my mentor, my Pastor, my father. 

“Without you, I wouldn’t be here nor even be rooted with the right Foundation knowing Christ is the way, truth and life. Thanks for the best Gift ever and for bringing this Fine Boy to this world. OoooSssHhhEee. Love you dad, General on check one time Salute.”

It is interesting to note that the Kokomaster welcomed a baby boy recently.

..And to the Real kokomaster, my perfect Role Model , my father Celebrating 70years of Grace. I Love you dad!

Donnarumma apologises after AC Milan renewal: 'I'm sorry to the fans who felt betrayed'

The 18-year-old goalkeeper expressed regret over his contract drama, saying it was not his intent to upset the club's supporters

Gianluigi Donnarumma has apologized to AC Milan supporters after signing a new contract with the club until 2021.

Having previously rejected a deal to extend beyond 2018, the 18-year-old performed a U-turn on Tuesday to commit his future to the club in an agreement that will reportedly pay him €6 million per year.

It marked the end of a dramatic saga in the transfer window, in which relations with his agent Mino Raiola and Milan soured as Donnarumma was linked with a host of Europe's top clubs, including Real Madrid and Juventus.

Milan celebrated the renewal on Wednesday with a media event, where they also presented his brother Antonio as a new signing, and Donnarumma took the opportunity to say sorry to fans who had been upset by a dramatic period.

"I'm delighted and proud to be at Milan," said the goalkeeper.

"I was born and raised at this club and I never had any doubts about staying in my mind.

"I'm sorry to the fans who felt betrayed, but I repeat that was not my intention.

"I'm sorry to them and thank them for their affection for these two years. I am proud to be here."

SOURCE: http://www.goal.com/en-ng/news/4102/transfer-zone/2017/07/12/37016322/donnarumma-apologises-after-ac-milan-renewal-im-sorry-to-the?ICID=HP_TS_7

Uche Jombo’s husband apologises to her over breakup rumours

Actress, Uche Jombo’s husband, Kenney Rodriguez, has publicly debunked rumors of marital crises between him and Jombo, while apologiZing to her for the negative press the false news has caused.

Pictures surfaced last month of Kenney with another woman and this led to marriage crises speculations between the pair. Jombo also fanned rumours of marital crises when she removed her husband’s name from her Instagram page.

The mother of one subsequently released an official statement saying that she was taking her family off the social media. She added that people should respect that decision and stop evil insinuations.

Kenney on his Instagram page has finally come out to dispel the rumors. He further revealed that he had taken legal steps to control the situation.

Fayose threatens to release 11 damaging pictures on Buhari’s health

The Governor of Ekiti State, Mr. Ayodele Fayose, has threatened to release 11 pictures which he said would proof to Nigerians that President Muhammadu Buhari’s health had deteriorated.

Fayose said there was no iota of truth in the claim by Acting President Yemi Osinbajo that the President was fast recuperating in London.

The governor, who spoke with journalists in Abuja on Wednesday, insisted that the President should resign and attend to his failing health.

“If care is not taking, I will release pictures and this will create serious problems for the country. The offices of the governors and the president are that which require work. If care is not taken, I will release about 11 pictures (on his bad health”), the governor said,

Fayose, who is the Chairman of the Peoples Democratic Party Governors’ Forum, however, said he was not praying for the President to die.

SOURCE: http://punchng.com/fayose-threatens-to-release-11-damaging-pictures-on-buharis-health/

World Bank advocates single regulatory authority for free zones

THE World Bank has advocated a single authority for the regulation of operations of free zones in Nigeria. Mr. Craig Raymond Giesze, Senior Operations Officer, Trade & Competitiveness, Global Practice, World Bank Group, made the case at the public hearing organised by the House of Representatives Committee on Commerce. The public hearing was aimed at taking input from stakeholders for the purpose of amending the nation’s Oil and Gas Export Free Zone Authority, OGEFZA, Act.

He stated: “Beyond the fact that a single regulatory authority is global best practice, the benefits include the fact it reduces administrative costs; the approach creates investor confidence in an economy; investors abhor a confusing regulatory environment and considers such environment as too risky but prefer consistency in regulation because a single regulatory authority offers long term stability that guarantees safety of investments. In that regard, the World Bank perspective would be that Nigeria should seriously consider the adoption of a single regulatory authority regime for its free zones”.

Are robots taking over the world’s finance jobs?

The year is 2030. You’re in a business school lecture hall, where just a handful of students are attending a finance class. The dismal turnout has nothing to with professorial style, school ranking or subject matter. Students simply aren’t enrolled, because there are no jobs out there for finance majors.

Today, finance, accounting, management and economics are among universities’ most popular subjects worldwide, particularly at graduate level, due to high employ-ability. But that’s changing.

According to consulting firm Opimas, in years to come it will become harder and harder for universities to sell their business-related degrees. Research shows that 230,000 jobs in the sector could disappear by 2025, filled by “artificial intelligence agents”.

Are robo-advisers the future of finance?

A new generation of AI Investments in automated portfolios rose 210% between 2014 and 2015, according to the research firm Aite Group. Robots have already taken over Wall Street, as hundreds of financial analysts are being replaced with software or robo-advisors.

In the US, claims a 2013 paper by two Oxford academics, 47 per cent percent of jobs are at “high risk” of being automated within the next 20 years – 54 per cent of lost jobs will be in finance.

This is not just an American phenomenon. Indian banks, too, have reported a 7 per cent decline in head count for two quarters in a row due to the introduction of robots in the workplace.

Perhaps this is unsurprising. After all, the banking and finance industry is principally built on processing information, and some of its key operations, like passbook updating or cash deposit, are already highly digitised.

A man leaves an Axis Bank automated teller machine (ATM) in New Delhi, India. Adnan Abidi/Reuters. Now, banks and financial institutions are rapidly adopting a new generation of Artificial Intelligence-enabled technology (AI) to automate financial tasks usually carried out by humans, like operations, wealth management, algorithmic trading and risk management.

For instance, JP Morgan’s Contract Intelligence, or COIN, programme, which runs on a machine learning system, helped the bank shorten the time it takes to review loan documents and decrease the number of loan-servicing mistakes.

Such is the growing dominance of AI in the banking sector that, Accenture predicts, within the next three years it will become the primary way banks interact with their customers. AI would enable more simple user interfaces, their 2017 report notes, which would help banks create a more human-like customer experience.