Guest Post: Law of Attraction for 2022

Written by Cobus Visser (received via email)

2022 … A New Year – A time for new year’s resolutions… new goals, taking a step closure towards your dreams or are you going to get ‘unstuck’ again?

Why not take this new year as an opportunity to do things maybe in a bit of a different way in your approach towards obtaining your goals and dreams? Cobus Visser shares his summary with me in an email … and now I am sharing it with you.

Here are 5 tips and tricks to improve your life and mindset for 2022:

1. Write wish-lists EVERYWHERE
Remind yourself of what it is that you want, everywhere! This will help you better manifest like a pro! Writing down your dreams makes them more “real” and it is also a point of reference for you every day so that you can SEE what you are working towards.

2. Make-pretend
Write yourself a letter or an email from your future self, telling you about all of the great things going on in your life, a month, a year, or even 5 months from now! This is a great way to visualize what you want your future to look like, and work towards making it a reality.

3. Daydream
Spend at least 5 minutes each day daydreaming about what it is that you want. Dreams can become a reality, and daydreaming opens up your subconscious and allows you to free your mind, and set goals and dreams.

4. Visualize what you want making its way to you
Visualize the future that you wish for and how you will feel, what you will hear, smell, see, etc. This will allow your dream to “come to life” as you add these different aspects into it.

Don’t you just love it when something truly great and unexpected happens? Make sure to mentally thank the universe daily! Also, thank yourself for the hard work that you put into getting to where you are, and all that you do every day. Appreciate and love yourself – this is very important.

Thank you, Cobus for sharing your thoughts with us.

With Love, Gratitude & Grace

  • Yvonne E. Venter-Louw
  • YEVL (Pty) Ltd.: Founding Director & Principal
  • Researcher, Advisor, Educator, Coach, Mentor, Keynote Speaker & Host of the Financial Independent Coach show on YouTube
  • Personal Thesis: The Psychological impact of past experiences (and the rehabilitation thereof) on daily driven financial decisions.
  • Naturally creating and experiencing Freedom, Meaning & Wealth!
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Guest Post: What is Google Adsense…?

by: Diane Nassy 
AdSense may be one of the fastest and easiest ways to monetize traffic to your website whether you have products or services for sale or you simply provide free content to your visitors. 
Simply stated, Google AdSense enables website operators to place some code on their site that connects to Google’s ad server content database and pulls keyword-relevant advertising onto the web pages. The webmaster gets paid a percentage of the fee that Google receives from the advertiser every time a visitor clicks on an ad. There is no charge for the webmaster to participate in AdSense. All costs are covered by the advertiser who participates in the AdSense sister program called AdWords. 
Google’s sends out digital “robots” which use proprietary algorithms to parse the host web page and analyze the content in an effort to determine what keywords are relevant. It reports its findings back to Google’s ad server which then serves ads matching those keywords. Given that the entire process is automated, the “ad robots” do a pretty good job of getting the advertising content right most of the time. 
The History of Google AdSense 
Google AdSense has its roots in the old “Google Content-Targeted Advertising” program which they introduced back in March of 2003. Although this program was similar in concept to AdSense, there was no automated way of participating. Each webmaster negotiated a deal directly with Google, and websites that served less than 20 million page views per month were not welcome to participate. 
As Google grew, they began to see how much money they were leaving on the table by excluding the smaller sites, which greatly outnumbered the sites serving over 20 million hits that were willing to serve other people’s ads. Their answer to that problem was AdSense which has no minimum traffic requirements and is open to all sites meeting Google’s content and decency requirements. 
How much can you make running Google AdSense? 
The answer to that question depends upon three factors: 
1. How much traffic does your site draw 
2. How many visitors click on your ads 
3. How much those ads pay per generated click 
With some ads paying as much as $5 or more, it’s possible that you can generate a serious income with AdSense. There are relatively well-documented cases of some people earning as much as $500 per DAY and more. Numbers like that are rare exceptions, however. Even so, there is no reason why you can’t earn somewhere around $1,000 per month, or more, once you get the hang of it. 
How to get started using Google AdSense 
Make a visit to Google’s AdSense Site ( and sign up. Make sure that you read their Acceptable Use Policy and that you follow their content requirements. Google has its own “AdSense Police” who will have no problem booting you out of the program if you fail to walk the line. 
Using Google AdSense on your site is like collecting free money. There’s no reason not to do it and potentially thousands of dollars worth of reasons to do it. 
About the author: 
Diane provides marketing and internet profit tips. 
For more Google AdSense tips, visit 
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Powerful Prayer to Purify Negative Karma (Guest Post)

Original post: Helen Wolitzer (2018)

How can we purify negative karma? Negativity can make our lives a real burden: we live without truly living, we see the negative side of everything and we do not expect anything good to happen to us. There are a lot of people who are like this: they look for a defect in each quality, a problem in each solution, expects the investment to go wrong, that the relationship goes down the drain.

If you usually think so, then stop it already. Negativity will get you nowhere; see below a powerful prayer to thank for all the good things life has given you so far, and thus you purify negative karma.


When we have positive thinking and get rid of negativity, we come to believe more in life and in ourselves, and achievements come closer to us. Therefore, after making the prayer of spiritual cleansing and being able to lead a lighter and more prosperous life, do not forget to thank. Thank God for life, for the positivity and fulfillment of your desires; gratitude will bring more good energies into your life.

“I thank you, O God, for my wonderful family and for all that you have done for us. Thank you, God, for this day when we all wake up healthy. Thank you, God, for your unconditional love for us. Thank you, God, for saving us.

Thank you, God, for the health, protection, balance, and perfection of our body and spirit. Thank you, God, for the harmony, peace, love, and happiness that reaches us. Thank you, God, for the abundance, prosperity, recognition, and for all your provisions in our lives. Thank you, God, for my wonderful guardian angel whom you have entrusted to me. Thank you, God, for being a light and emanating light in your name.

Thank you, God, for improving my faith, for my spiritual evolution, and for using me as an instrument. Thank you, God, for enabling me and making me a destroyer of the deeds of evil. Thank you, God, for making me master what I once had. Thank you, God, for giving me understanding and deliverance from what made me suffer. Thank you for removing negative thoughts from my mind.

I thank you, oh God, for giving me wisdom, courage, and deliverance. Thank you for having good thoughts. Thank you, God, for making me humble and acknowledging my own mistakes. Thank you, God, for making me act properly, and for making me say what is to be said. Thank you for my spiritual, personal, and professional fulfillment.

Thank you, God, for my emotional, affective, and sentimental fulfillment. Thank you for my blessed relationships and for my divine and timely meetings. Thank you, God, for the difficulties you have given me, for I know that through them you have made me evolve and conquer. Thank you for making me competent and responsible in all that I do.

Thank you, God, for all the opportunities you have given me. Thank you for making me recognize and enjoy these opportunities, just as they happen in my life.”


NB: Please note that you can replace the “God” word with whatever you prefer to call The Almighty of your beliefs.

We have put together a Gratitude Calendar for those who need just that little bit of extra help finding things to be thankful for on a daily basis -> Click Here and download your free PDF today, and start changing the things you are looking at on a daily basis.

With Love, Gratitude & Grace

  • Yvonne E. Venter-Louw
  • YEVL (Pty) Ltd.: Founding Director & Principal
  • Researcher, Advisor, Educator, Coach, Mentor, Keynote Speaker & Host of the Financial Independent Coach show on YouTube
  • Personal Thesis: The Psychological impact of past experiences (and the rehabilitation thereof) on daily driven financial decisions.
  • Naturally creating and experiencing Freedom, Meaning & Wealth!

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The Fun of Starting a Business (Guest Post)

by: Sintilia Miecevole
So you had that fantastic business idea, the one that’s going to be wildly successful and make you a fortune – even better, you actually did something about it and started your own business. Good for you! Not everyone gets that far. Most people sit and daydream about what they might do if only…

“The world is full of dreamers, there aren’t enough who will move ahead and begin to take concrete steps to actualize their vision” – W. Clement Stone

But you got over the biggest hurdle, that first step and you actually created something.

Well done – you did more than most. Now you have the day-to-day details of running your business so how do you keep going?

There are several things to look at here:

1. What are you good at and what do you enjoy doing? Make two lists – one of the jobs you like and one of the jobs you don’t do very well. Take the second list and have a look at what you might outsource or automate. Do you love doing those accounts or would your time be better spent in forward planning while your accountant does the sums? Must you personally reply to every inquiry or could you create a FAQ that you can post on your website and refer people to by autoresponder? In the early stages of your business, you might find you don’t have the money to pay someone to do the jobs you hate. Could you swap skills to get the help you need?

2. Why are you doing this? You need to be motivated to start a business and keep it going. The best way to do this is to know what the effort is for. What really moves you to get up in the morning and do what you need to do even when you don’t really feel like it? Write your reasons down. Find pictures of that house, or that holiday and put them where you can see them.

3. How do you deal with those bumps in the road? Not everything you do will be perfect – sometimes things you’ve tried will be a disaster – it’s the way you react to problems that matter. If you curl up in a ball and give up at the first sign of failure you’d better not be in business. It’s all about attitude.

4. Have a plan and stick to it as far as possible but be prepared to be flexible and open-minded. Sometimes the most unexpected opportunities come and you need to be ready to seize them. – as Joe Vitale says ‘Money likes speed’.

5. Get a mentor – learn from someone who has done it. Someone to bounce ideas off and who can encourage you when things get tough is invaluable.

And most importantly, never let anyone put you down and never be afraid of failure:

“It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who at the best, knows, in the end, the triumph of high achievement; and who, at worst, if he fails at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat” – Theodore Roosevelt.

Don’t ever forget that!

About the author:
Check out your host, Sintilia Miecevole, and enjoy the wealth of information from careers, salaries, auditing, CPAs, consulting, and taxes to resumes, forensic accounting, and more.
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What it takes to Succeed in Business (Guest Post)

by: Murad Ali
Business is tough in today’s world! Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remainders also “pack up” shop and lock their doors. Why do so many businesses fail?

The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.

The Personal Sphere deals with the owner’s personal motivation to start a business. For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn’t have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can’t do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of “being your own boss” wears off they close the door.

The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money, you do not have a business. Many factors go into generating a good customer base. In the beginning, you must have a cost-effective marketing strategy that targets your intended buyers. This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent. Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey.

The Operations Sphere is only second to the Customer Sphere. In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvement. Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits, or any non-producing functions.

If all of these three components are well thought out and are appropriately designed you will increase your chances of survival. Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run. If you are having difficulty putting all the pieces together then consider a small business consultant.

About the author:
Murad Ali is the published author of “A Call to Greatness: Reforming the Muslim World” and “An American Mecca: A New Muslim Homeland” available at most large bookstore websites. He is also the editor of the Muslim Times and a doctoral student.
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Is it necessary to have a Business Plan? (Guest Post)

by: Scott Morris
Are you planning to start a new business? Or are you considering expanding your current business and require a bank loan or investment from outsiders?

If you are going to look for an investment of capital it is quite likely that you will be required to have a business plan. If you are starting a business, despite the work involved, a business plan can prepare you for the obstacles ahead and help ensure your success.

A business plan is something that many small businesses fail to create, however, many business owners are adamant that having a written business plan is one of the keys to their present success. Creating a business plan forces you to contemplate possible obstacles to your business and prepares you to find solutions that will help you to overcome them.

To find investors or get a bank loan, they will want to see that you have the experience or resources to run the business. They will want to see your projected income as well as your suggested repayment plan already laid out. Taking the time to do this is not only important for them, but it gives you a measuring tool to verify if your business is growing properly. You can gauge your success on how close to the plan your business has actually performed. Perhaps you’ll do worse, or perhaps you’ll do better, either way, it helps you determine how well your business is getting on.

If you have never seen a business plan before you may be concerned that it is too difficult a proposition for you to manage on your own.

While there are services available where you can hire someone to write a business plan for you, depending on your needs it may be wise to familiarize yourself with a business plan’s layout. This will not only help you to provide the necessary information but may encourage you to try your own hand at it.

There’s a free tool at that will assist you in creating a business plan. Some of the topics you will be required to explain are your Market, Customer, Competition, Marketing Plan, Research & Development along with financial forecasts. You may consider hiring someone to help you with your financial sheets after completing the written part of the Business Plan.

Your Business Plan will become your guide and silent business partner – indicating where you need to improve and helping you stay one step ahead of your competition. Make it a priority to have this crucial road map for your business.

About the author:
Scott Morris’s personal site on accounting business and business administration
for more information, you can visit
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Business Laws Basics (Guest Post)

by: Mansi Gupta
A professional degree in Juris Doctor relates to a higher grade of studies in law. With business houses expanding in size and the legal issues gaining higher importance for day to day working of large corporates, demand for Juris Doctor professionals has been increasing. As the business interacts more with society and their other counterparts needs to resolve legal matters emerge simultaneously. All this has given an impetus to students aiming for careers in the law field. But a pure law background without any corporate experience may not be well accepted by the business industry. Top-ranked services in companies also demand a graduate in a business organization along with a lawyer’s degree.

As demand for a combined degree in JD and business is being a preferred combination to build a rewarding career in law. Business and law schools at various places have joined hands to impart students with the best career courses. At many places Law Schools providing degrees of Juris Doctor and business schools providing Master in business administration present a cooperative program for the convenience of aspiring students. This opportunity to avail of concurrent degrees in both fields is a stepping-stone for the success of students. Students who cannot travel to different places at the same time have the best prospect of finding excellent professional training under one roof.

Surviving in the law field gets tougher from the day one tries to enter the school of law. Getting admission requires fulfilling entire formalities along with earlier creditable basic high school records, clearing the admission test for the law school, and even recommendations from people. The same is applicable for business studies a student is required to prove his quantitative skills and efficiency in microcomputers to get admitted. A dedicated and hard work during the courses ensures students with excellent results which in turn provides better career opportunities.

A law person has various prospects for different types of careers that he would like to accept. Depending on his caliber and willingness to work hard a lawyer can decide upon practicing law in an exclusive law firm or he may choose to be an in-house lawyer. An exclusive law firm requires extensive knowledge of one particular area in law whereas an in-house lawyer is required to deal with entire aspects of legal issues that relate to the particular company in which he is involved.

While undergoing training in one of the law schools a student would learn about different aspects of law like civil law, criminal procedures, constitutional law, contracts, property, professional responsibility, basic federal income taxation, legislative and administrative interpretation, and many others. The syllabus is cautiously devised to ensure that students receive exhaustive training to deal with the maximum situations on the professional front. Similarly, Masters’s Degree in Business administration imparts education in business for a global society, corporate finance, managerial accounting, information resource management, strategic management, master’s project, and other similar relevant courses. Anyone pursuing both law and business studies simultaneously has the advantage of studying some courses that are counted towards both degrees and hence a considerable amount of work is reduced for these students.

About the author:
Mansi Gupta writes about business laws Learn more at
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Bottleneck-oriented Business Management (Guest Post)

by: Stephan Szugat
Simple and effective Business Management

In every enterprise, there are, at every time, one or more bottlenecks, which have an influence on the commercial situation. Bottleneck-oriented business management has the purpose to early track the bottlenecks and to remove them, to allow an optimum of commercial development. To know at any time, what a business lacks and to be able to add the missing things, is today a determining competitive advantage. Bottlenecks can be, e.g.:

– low sales proceeds
– high due or overdue accounts receivables
– low liquidity (Cash on Hand, etc.)
– high amount of liabilities
– low number of customers
– too many new customers
– too high capacity utilization
– defective administration or management
and a lot more.

These examples show that bottlenecks not only concern negative circumstances but also can apply to positive commercial development. If an enterprise takes up many new customers, this results in new orders, which lead to other circumstances, like a possible excess in capacity utilization. In case the excess of capacity utilization stays for a longer time, this may result in lower employee motivation, because of a slump in the working atmosphere within the company, which then could lead to less quality of the work performed.

Due to a TIMELY reporting system, many companies take care of reaching the desired commercial development. However, a regular analysis of expenses or the annual reports are not enough to control a business today. In today’s dynamic markets these evaluations are too statical, too much oriented on the past commercial development, which had been achieved. Also, cost accounting only shows what has happened in the past. The actual direction in which a business is running could not be seen.

Imagine a business to be a car. If you sat down in a car, do you like to receive information from the instruments from the last year or month? Probably not. You would like to have actual information about fuel tank content, coolant temperature, and a lot more. Bottleneck-oriented business management should exactly bring the most important and actual information about a business to you, including so-called early warning signals.

Data-oriented to the past for early-warning systems?

A working early-warning system needs data that are not oriented to the past, like from cost accounting or year-/month-end-closings. It needs data from so-called early indicators, which have to be gathered from different areas of an enterprise. Of course, figures from the finance and accounting department belong to an early warning system, but they only have a subordinated role, because they are oriented to the past.

Nowadays the reporting must show the present situation of a business. In many businesses, the expenditure of time for the reporting rose considerably, due to today’s flood of information. Aggravatingly added to this, is the selection of the really relevant business ratios, which allow an appropriate overview of the actual business situation. Too often reports are prepared, which are not perceived by anybody, due to the lack of necessary statements about the business development.

There are already proven business-ratio-systems, that enterprises only need to take over. Get back into the car again, imagine you have only one instrument in front of you, which shows the value “35”. What does this signify? It is not recognizable how much fuel exists, how the Temperature of the coolant is or how fast the car is driving, etc.

In this example, you could recognize the little expressiveness of only one business ratio. It shows the importance to use the right business ratios, which must have a connection to each other and which have a different temporal origin. Nevertheless, many business ratio systems are mostly based on data that originate from the past.

This turns often to the problem, that immediate information is not available, to indicate the actual situation of a business. However, there is still the alternative, to reduce the period of the past. How would it be with one week instead of analyzing business data every 4 weeks? This would lead to the fact that you could act a few weeks earlier if something should run a little bit inclinedly.

Only very few data are needed to receive an informative evaluation. This again is comparable with a car. If you are driving in your car, you only receive a small, well-chosen number of information and nevertheless, have an actual picture of the situation. This is also possible for businesses, as well!

As a motorist, we receive only one fraction of the data which is acquired by the system of the car, and just these fraction of information is enough for us to reach the desired destination. When traveling usually we are well prepared, but the principle of the preparations is often neglected in business operation. As it is with traveling, the final goal has to be clearly stated by the business management. This could be done by having planning data available. Only by target/actual comparison divergences of the commercial development will be recognized.

Unfortunately, many small businesses renounce using plan data. Besides, it is not about, to cut plan data into the smallest pieces, but only to get a rough picture, what the business is going to achieve. It is absolutely possible to run a business on the basis of the figures from the previous year, however, to use these figures, the past commercial development should be taken into consideration. So the figures from the previous year should be improved to fit with the new goals. And finished are the planning data and the basis for operational risk management are laid. Still, if it is most important to know the actual bottlenecks in business operation.

Recognize problems and act!

One of the most important factors in business management is the early recognition of problems and potentials. There are bottlenecks in every business, which could have serious results. Pecuniary difficulties could lead to bankruptcy for example. Therefore symptoms must be recognized early, in order to turn a possible crisis away and to secure the future of your business. Also to use available potentials, regular analyses should be done. Nowadays products and services could not be sold forever, because product cycles become shorter and shorter due to market dynamism. The recognition and development of potentials is exceptionally important, to avoid losing the already achieved basis of a business.

About the author:
Stephan Szugat is the founder of amenities a web-based service about Business Management Solutions focusing on the core needs of business management. This includes operational and strategic analysis especially Early-Recognition-Systems, Knowledge-Management, and other services for small and mid-sized businesses. He has approx. 15 years experience in the Finance and Accounting Area from companies of different sizes and from various industries.
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Asset and Liabilities basics (Guest Post)

by: Mansi Gupta
Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather’s business, planning to take some loan, looking for a job in any marketing company, desire to be the manager of a multinational company, or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.

Broadly, accounting is bifurcated into two categories-

Cash Bases Accounting

Accrual Accounting

Cash-Based accounting pertains to the management of an individual’s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave, or received from someone, etc. This accounting comes to life when actual cash transactions take place.

Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then it’s always good to have some savings for the future. This type of accounting tells you the amount that you owed; this might not match with the figure of your bank balance.

In the language of accounting, there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below-

The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types-
Current Asset- cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares, etc. The money lent or payments due from clients, even form a part of it.

Fixed Asset- comprises of all the tangible valuable things like property, machines, types of equipment, land, and the like that are not meant to be sold.

Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks, etc. that have tremendous monetary significance.

The law of opposites governs nature; where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods, etc. Liabilities again are of two kinds-

1. The Current Liabilities- the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid within 30 days, and the Accrued Expenses- the compulsory expenses like taxes, wages, interests, etc. where the bills are not received but the balances of each must be repaid.

2. Long Term Liabilities- those debts that can be repaid at ease for the tenure is more than a month.

The Financial Capital- is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display financial capital. First, this capital is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like gold for the
Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved and recovered. It is a collection of things like gold, real estate, collectibles, etc.

Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expenses.

Types of Business- there are several kinds of business one should be aware of like

Sole proprietorship- where a single individual who starts the business owns it too.

Partnerships- the companies or businesses started by two or more persons where they conjointly own it.

Corporations- involve lot many shareholders or investors who are responsible for taking decisions for the company.

Limited Liability Companies- can be said to be sisters of corporations. Here the business members are not under a legal obligation to pay the debts if the business fails.

Payrolls- the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll service provider companies that do the work quite efficiently.

These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts as it is fruitful in all walks of life.

About the author:
Mansi Gupta writes about asset and liability Learn more at


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Accounting Methods – Cash & Accrual (Guest Post)

by: Richard A. Chapo
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.

Cash Method

If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed when payment is actually received or made. This is best shown with an example.

I open a small business and have to order business cards and stationery. I receive the products and pay the invoice on November 18, 2005. Under the cash method, I can deduct the cost on my 2005 tax return.

Some businesses are restricted from using the cash method. C corporations may only use the cash method if they have less than $5 million in gross revenues for a particular year. Professional Service Corporations can use the cash method without limit while farming corporations can do so if gross revenues are less than $25 million. Tax shelters are prohibited from using the cash method.

Accrual Method

The Accrual Method of accounting is a bit more complex. Under this method, the focus in on the date the expense is incurred, not paid. Although this may seem a small difference, it can play havoc with your books and peace of mind.

Using our previous example, assume I order business cards and stationery on December 18, 2005. I receive the products on December 30th, but don’t pay the invoice until January 20, 2006. When can the expense be claimed? It depends on when economic performance occurred.

Generally, economic performance occurs when goods or services are provided to you. In the above example, economic performance would arguably occur when the business cards and stationery were delivered with the invoice on December 30th. Thus, I would be able to deduct the expense for the 2005 tax year.

In Closing

As you can see, the cash method is the easier of the two accounting methods. To determine the best method for your business, speak with a tax professional.

About the author:
Richard Chapo is with Business Tax Recovery – Stop overpaying small business taxes. Read more business tax articles.

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