Monthly Archives: December 2021

Let’s Talk Tech!

Whether you have only just started your small business or you have been running it for a while, you should be thinking of ways to streamline what you do to create more efficiency by using the right tools for the job. In today's digital age, a lot of efficiency and process improvements come from the use of tech, whether apps or better devices. As the year ends, I thought it might be useful to see what's out there ready to make your 2022 a more efficient, effective year. But first, while I use a lot of tech in my business, I am not a tech expert by any means, so treat this article as a user's view of what might work well in your business, and do your own research. I came across these products through my own use of them in my business and I put them here as I've found them to be useful and effective in what I do. Microsoft 365 Let's start with the very big elephant in the room. While Google's business suite and Apple's products are very similar, Microsoft is still the biggest supplier of office suite products to business in the world. If you're still using your old copy,...
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Understanding Your Financial Statements

While it would take a substantial amount of time and study to understand your financial statements the way an accountant does (they study for an average of 6 years to qualify as a Chartered Accountant or Certified Practising Accountant), it is possible for the Directors on a Board of Directors to understand their financial statements sufficiently to fulfil their duties as Directors. As a Director, one of your duties is to be diligent in your role. This means that you must "pay attention". You cannot dismiss the financial side as "someone else's responsibility." Therefore, in order to fulfil this part of your legal duties, you need to understand how financial statements are prepared, what is contained in them, and what type of questions to ask when you are unclear. You do not need to understand them like a trained accountant - only sufficient to understand what's going on in your organisation and whether to feel comfortable with the results or make inquiries until you are satisfied. The best defence against fraudulent activity - or to recognise approaching insolvency - is not the Auditor, but your own sense of understanding what is going on. (more…)...
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OTS Management