Spent the day out hiking with some friends and clients. Came back and made a dinner for everyone. Decided it might be time to join a friend in a new business venture. Excited to see what the future brings. #entrepreneur #entrepreneurs #entrepreneurlife #entrepreneurship #business #businessminded #businesswoman #working #motivated #workaholic #positivity #positivethinking #confidence #confident #clients #positive #strength #focus #goals #motivation #success #hiking #arizona #cooking #newbusiness #hardwork… Read More
Starting a new business is exciting, but in that excitation are a lot of decisions to be made. Out of all them all, the financial backbone of your business needs to be seriously taken into consideration. A large part of that are the accounting decisions you will need to make. When starting a new business, you will want to spend some time on the following areas:
- The type of organization your business is . Are you a sole proprietor or are you in business with someone else? Will you organize as a partnership or as a corporation? Limited liability companies are the newest form of entity – is this form right for your business? Choosing an organizational type will determine what federal and state income forms to file. For example, a corporation may need to file annual reports in the state of the incorporation.
- The fiscal year of your business . Most businesses use the calendar year, but that may not be the proper choice for your business. For tax purposes, many businesses choose a different beginning and ending date than the January through December calendar year.
- The accounting method for your business . Are you going to use a cash or accrual method of accounting? The cash method is easier for startup companies, however, if you have inventory – the IRS may force you to use accrual.
- You will have to decide if your business will follow GAAP (generally accepted accounting principles) or Tax Basis for financial statement disclosures . Your banker may prefer one over the other.
- The method of valuing inventory for your business . Accounting principles allow many methods, like LIFO (last in first out), FIFO (first in first out), and Lower of Cost or Market. You will need to choose the right method for your business.
- Financial records for your business . You have a lot of choices here! Are you going to use paper ledger sheets to record sales and purchases? Are you going to keep track of income and expense using a computer program? Some bookkeeping software has the ability to integrate your data with an accounting professional, so saving you money. You will need to decide the best method for your business.
Feeling a little overwhelmed? All of the above can be much easier if you have an accounting professional to guide you. This is another decision you will need to make. Will you hire an in-house accounting clerk or will you out-source your accounting needs?
Unfortunately, too many new businesses skimp on setting their accounting backbone up correctly at the start of their business. The financial backbone needs to be strong, as it is the support of your entire venture. You can get expert help in these initial stages, and decisions, in setting up a new business, so that your business starts off right.
Starting a new business is exciting! If you take the time to talk with your accounting professional about the above decisions, you will help ascertain the best … Read More
© Laura Kicey
Recently I was interviewed by Ms. Audrey Gray for the cover article in Picture Business magazine’s April issue. This image by Dustin is going to be on the cover!! Two of my images are going in the magazine, equipped will accompany the article FULL PAGE and the above image will be in the table of contents, April 2006 issue.
Thanks Audrey, we are both ecstatic!!! … Read More
We can’t wait to share our exciting new edition of The Wedding Business Magazine with you. This issue is packed full of coverage and insight from global workshops, conferences, and seminars, as well as the usual fabulous industry features and business advice. Subscribe for free now to get it straight to your inbox when it releases next week via the link in the bio.
#weddingbusinessmagazine #weddingacademy #weddingexperts #weddingprotips #weddingbusiness #eventbusiness #businessarticles #industrypublications #weddingindustry #eventsindustry #myweddingbusiness #smartbusiness #industrypro #features #weddingplanner #weddingdesign #weddingstylist #eventprofs #eventplanner #eventstyling #eventdesign… Read More
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Protecting a company’s assets was until fairly recently, largely a matter of locks, keys and monitoring individual employees and visitors.
However in a few short years electronic data security rapidly overtook physical security as the key vulnerability to be addressed by any organisation wishing to survive in the new digital environment.
Information security management has become a key business discipline and adoption of standards relating to it bring companies a number of benefits.
The ISO/IEC 27001 Information Security Standard
ISO/IEC 27001 is the internationally agreed specification for information security. It requires that management:
Systematically examines the organisation’s information security risks.
Designs and implements a coherent and comprehensive suite of information security controls and/or other forms of risk treatment.
Adopts an overarching management process to ensure that their information security controls continue to meet the organisation’s information security needs on an ongoing basis.
An Information Security Management System (ISMS) is an integral part of attaining and maintaining the ISO 27001 standard. An ISMS is a set of policies that brings information security under explicit management control.
The governing principle behind an ISMS is that an organisation should design, implement and maintain a set of processes and systems to manage threats to its information assets. Thereby ensuring acceptable levels of information security are maintained over the long term.
Benefits of adopting ISO/IEC 27001
Many information security incidents are entirely preventable and the implementation of an Information Security Management System (ISMS) enables businesses to have a stronger information security presence and reduce the impact of incidents and costs resulting from a weak infrastructure.
ISO/IEC 27001 also incorporates the Plan-Do-Check-Act scheme. This allows the ISMS security system to be reviewed, updated and tailored on a regular basis to ensure it remains relevant and effective for the organisation.
ISO 27001 provides a company with assurance, knowing that the information which they hold is contained and monitored in a secure manner. It provides a framework for companies looking to enhance their Information Security Management System and develop and enhance best practice.
It can also be a deciding factor in contract tenders. Having ISO 27001certification instils confidence and raises the general perception of the company.
Implementing an Information Security Management System (ISMS)
External consultants such as London-based QCC Information Security are qualified lead auditors with first hand experience of the implementation of the required clauses and controls from this industry best practice.
They use their expertise to help:
Adapt the “Plan-Do-Check-Act” scheme to tailor the ISMS for each organisation.
Reduce the complexity of security controls and distil a clear and prioritised set of objectives.
Implement a risk based approach that is manageable and understood by the organisation.
Develop a security policy that is simple, concise and easily understood by your staff, ensuring they understand their security obligations.
In addition, external consultants will support you in a review of your existing security framework and help you understand whether your security controls are addressing the real threats to … Read More