Small Business Accounting 101: Understanding the Balance Sheet

Understanding your cash flow, profit, and loss statement would tell you some things about your business. However, many small business owners tend to overlook a crucial measure that indicates a more in-depth view of their business’ overall health. This is called the balance sheet, and it’s one of the most vital financial statements since it shows a clear picture of a business’ finances.

What Exactly is a Balance Sheet?

A balance sheet is also known as a “state of financial position” because it allows business owners to know exactly what it currently owes and what it owns. Put simply, it details the liabilities, assets, and equity of any business at a particular point in time. As renowned accountants in Utah adds, it helps business owners determine their business’ financial ability and strength.

Neglecting to understand your balance sheet and failing to resolve issues that it revealed might result in daunting challenges for your small business. Likewise, as your balance sheet is more detailed than your cash flow or profit and loss statement, it uncovers plenty of the crucial of decisions that could affect your business’ overall financial health. These include incurred expenses, pricing and product issues, and sales and marketing performance.

What are the Three Sections of a Balance Sheet?

Your balance sheet has three sections — your liabilities, assets, and equity.

Liabilities detail what your business currently owes or would owe in the future, assets are what your business owns, and equity is the net worth of the owner. These numbers could be either negative or positive. If they’re negative, you should take the necessary steps to improve them as early as possible.

Generally speaking, your business assets should be higher than your liabilities so that your equity would be positive. This means that you don’t ever want to see the liabilities section of your balance sheet increasing faster than your assets.

Your business’ balance sheet is an extremely powerful tool that could tell many things about the health of your business’ finances. It’s comprehensive and offers a clearer snapshot of your business’ overall health. Ultimately, your balance sheet shows the exact worth of your business, so make certain that whoever does the calculations does it properly.

Minimising the Dangers of Sand Blasting

Person removing rust from metal using sandblasting

Sandblasting has many potential hazards to workers. Business owners can lessen potential health issues related to sandblasting when they are aware of the dangers involved, and the proper safety measures to adhere to.

Here are some factors for consideration when practising safety in sandblasting.

Protection from silica sand

Crystalline or silica sand is one of the most common materials used in sandblasting. Silica is a toxic material, and if it is not handled correctly, it can cause serious health hazards for workers. Some possible diseases caused by silica sand exposure include lung cancer, silicosis and other respiratory health issues. Labourers who handle silica products that contain quartz must use proper positive pressure or pressure demand respirators.

Limiting exposure to pollutants

Sandblasting workers must be well-trained to prevent exposure to toxic silica. All employees must receive proper preparation before operating bead blasting guns and other sandblasting equipment. They must also be equipped with personal protective equipment (PPE) to limit being exposed to harsh fumes and particles. Inhaling sand particles may result in serious health issues that either occur immediately or years down the line.

Silica can also be absorbed through the skin. As such, protective clothing such as helmets and leather gloves help in minimising skin contact with sandblasting particles. The right amount of ventilation is also a key component in sandblasting safety. Business owners must ensure that sandblasting is carried out in open spaces with ample ventilation. If sandblasting is to be done indoors, exhaust ventilation systems must be installed correctly in the work area to capture dust and prevent it from floating freely in the air.

When the work is done

Employees must observe thorough clean-up methods to prevent any further exposure. It is imperative to include clean-up as part of the work process, to lessen the occurrences of silica exposure.

Business owners must ensure that their work areas are safe. Knowing the right safety measures and putting them in place will benefit your employees and your business. If any workers come in contact with silica or other sandblasting materials, they must seek immediate medical attention.

Debunking Three Plastic Surgery Myths

The world of plastic surgery can seem shrouded in mystery and intrigue at times. People, even celebrities, often stay tight-lipped about getting a procedure done. This might be because, according to the Pew Research Center, the public opinion on the use of cosmetic procedures is mostly negative.

Because not everyone talks about plastic surgery openly, myths and misconceptions surround the subject, which may daunt someone who wants or actually needs this procedure. If you’re one of the people considering having plastic surgery, here are some common myths debunked.

“Plastic surgery is all about vanity.”

It’s true that many plastic surgeries are meant to enhance a person’s features, like when getting a Botox injection or breast augmentation. The truth is plastic surgeons also care about improving the function of the parts you’ll have enhanced. According to a plastic surgery clinic in Denver, a rhinoplasty or “nose job” doesn’t just make your nose look better, but it also improves the patient’s nasal airway for better breathing. Other examples of functional rather than aesthetic plastic surgery are fixing cleft palates and reconstructing breasts post-cancer.

“Plastic surgery is expensive.”

The myth of plastic surgery being expensive may have formed because celebrities are reported to have undergone plastic surgery. People may have assumed only celebrities can afford it. The fact is modern technology has made plastic surgery accessible to almost anyone who needs it.

“Plastic surgery is only for women.”

While women may care more about improving their looks, plastic surgery is an option for men, too. In 2016, 1.3 million or 8 percent of cosmetic procedures were done on men, a 3 percent increase from the previous year. This figure shows that men are becoming increasingly aware of the benefits of cosmetic procedures.

Knowing fact from fiction, especially when it involves something as delicate as the improvement of body parts, is essential in making informed decisions. It’s important to recognize plastic surgery for what it really is so you can decide if it’s the right thing for you to pursue.

Ready to Travel: 5 Things You’d Be Silly to Forget to Pack

Travel Essentials

Getting ready for a trip would require certain materials. It could be such a hassle to lack an important item during a trip. Here’s a closer look at the essentials to pack on a trip and why you need them.

Covers

According to isuzuutes.co.nz, cars such as pick-up trucks, a canopy would be necessary. Covers like canopies protect the vehicle from outdoor elements, especially if there are perishables at the back of the car. Covers such as tents would also be essential in case the group will be camping outdoors.

Lights

For travels at night or in poor visibility, lights would prove beneficial. Being able to see where you’re headed would prevent road accidents from happening, which could have fatal consequences. Lights can be used when you’re doing tasks at night, such as reading a map, cooking food or washing.

Food

Food is also a necessity for trips, especially long-distance ones. If you know that the route to your destination would be interstate highways with a few decent diners, you’ll need to pack food to eat while on the road. Because these are perishables, pack food in an airtight container so it won’t spoil quickly.

Money

Loose change or spare bills would come in handy, especially if you’ll stop by a diner or gas station that doesn’t use credit. Make sure the money is in a secure place so that you won’t misplace it.

Clothes

Obviously, clean clothes are a must in any trip. Make sure each member of the family or travelling group has their own clothes ready.

A trip would require essentials like lights, food, money, covers, and clothes. This is something that families or travelling groups need to remember, the next time they’ll embark on a trip. Once you note what to bring, your travel won’t get ruined.

Yes, Metro Manila Driving Can Be Bearable — Follow These Simple Tips

Manila Philippines

There are plenty of ways to go around Metro Manila, Philippines. There are buses, jeepneys and taxis. There are also several car-hailing apps that also offer ride-sharing options.

However, one of the best ways to get to know the Metro is pretty simple: rent a car and drive one yourself. When staying in the city for an extended time, having a vehicle is very convenient. However, you need to take not of a few things.

Prepare for heavy traffic

Traffic is a daily condition in the city. As such, be ready for it. If you have way-finding apps, such as Waze or Google Maps, they suggest routes according to current traffic conditions. The suggested ways might have longer distances, but they are usually will be faster than going on the main roads.

You should also be familiar with one-way roads and re-routing. It is easy to get lost even with way-finding apps. You could also ask directions from locals or road authorities. If you can’t find your way, a rule of thumb is to drop by a gas station, where you can get a lot of help.

Consider other vehicles

Driving can seem like an adventure sometimes. There are generalizations about traffic in certain cities, and Manila traffic is no exception.

Never drive in the bus lane — it’s illegal and, not to mention, rude. It may seem faster, but driving beside the buses can be intimidating. Watch out for motorcycles and scooters, too. They will try to pass you on your left and your right.

At intersections, be patient in giving way to pedestrians — again, it’s the law. The number coding system is also strictly enforced. Understand what days you may drive and if there is a window time.

Driving in Manila can sometimes be stressful. However, with proper preparations, it can also be a great experience as you make your way around the metropolis.