I have always wondered how life would be without money. The era of barter trade was valid but I find it inaccurate since, despite the exchange of goods and services taking place, the true value of the goods and services could not be determined. For this reason, money was a welcome change.With money came accounting and finance, which are the departments concerned when it comes to corporate entities. These two departments must always work hand in hand, and are relevant not only to corporates but also to individuals.
Primarily, it is important to be accountable for every amount of money you spend, and for the decisions you make in the others areas of your life. For instance, daily activities must always be planned to increase chances of accomplishing tasks and reaching specific goals. At the end of each day, the activities previously planned should be evaluated. For corporate entities and individuals alike, this serves as a checks and balances system for the achievement of goals and services.
In accounting finance, emphasis is placed on how to manage finances and be able to account for every coin spent. The purpose is for the corporate or individual to be able to track their expenses in relation to their income, which is usually a key performance indicator when it comes to the achievement of set goals and objectives.
The following are tips for basic corporate/ personalized finance and accounting:
- Plan your spending using a budget
- Let the most important expenditures come first on your budget
- Avoid impulse purchases
- Learn to save and to invest
Time literally is money so regard every moment of your day in monetary terms, in order to value it more. Remember also, that the richest among us began their journeys with single steps, coupled with impeccable discipline, so don’t despise whichever humble beginning may be yours as you seek to take better charge of your accounting & finance.
Accounting & Finance Associate