Outsource247

Outsource247 We work on a contract basis for individuals and businesses. You choose to hire us for a set number of hours each day, week, month or for a specific project.

We help with almost any task! Setting up your business ✔️
Research on your competitors ✔️

It's easy to ignore the time you've spent making something you love and you might even consider it . However, your time...
04/09/2021

It's easy to ignore the time you've spent making something you love and you might even consider it .

However, your time is precious even when doing something you love. Decide on your hourly rate. How? Look at how much everyone else is earning or just how much you would like to earn per item you make be it etc. Once you have a number here's your formula:

Time Taken to make product [2 hrs] x Hourly Rate [USD10]

2 x 10 = USD20

USD20 becomes your labour cost for 1 bag or product you make.

Step 1 - Sit down and make a list of the materials you would use to make one product.If you make clothes, this list migh...
24/08/2021

Step 1 - Sit down and make a list of the materials you would use to make one product.

If you make clothes, this list might include fabric, buttons, thread and other fastenings. Remember to include any materials you use for packaging.

Swipe to view a sample . This will be available for free on our website www.outsource247.co.zw at the end of this series.

Pricing is one of the biggest challenges for . Finding middle ground where your prices aren't too low, that you won't m...
20/08/2021

Pricing is one of the biggest challenges for . Finding middle ground where your prices aren't too low, that you won't make a profit and your business will not be sustainable or pricing your products too high that customers will go elsewhere is difficult.

This series is meant to help identify hidden costs [costs that we might forget/neglect to include] when crafting a successful small business.

. Finding a middle ground where your prices aren't too low, that you won't make a profit and your business will not be sustainable or pricing your products too high that customers will go elsewhere is difficult.

If you are starting a or have decided to take your current seriously these are the 7 points you need to think of whe...
05/05/2021

If you are starting a or have decided to take your current seriously these are the 7 points you need to think of when tackling your business accounts.

1. Understanding the 5 Basic Business Accounts
2. Set up your General Ledger - Business Accounts
3. Single vs Double Entry Bookkeeping
4. Record Every Transaction
5. Balance the Books
6. Prepare Financial Reports
7. Make changes according to your reports

Now that you’ve balanced your books, you need to take a closer look at what those books mean. Summarizing the flow of mo...
03/05/2021

Now that you’ve balanced your books, you need to take a closer look at what those books mean. Summarizing the flow of money in each account creates a picture of your business's financial health.

Here are some of the most common financial reports created in bookkeeping:
- Balance sheet. This document summarizes your business’s assets, liabilities, and equity at a single time.
- Profit and loss (P&L) statement. AKA income statement, this report breaks down business revenues, costs, and expenses over some time (e.g., quarter). The P&L helps you compare your sales and expenses and make forecasts.
- Cash flow statement. Help show where your business is earning and spending money and its immediate viability and ability to pay its bills.

Bookkeeping software helps you prepare these financial reports in real-time. This can be a lifeline for small-business owners who need to make quick financial decisions based on the immediate health of their business.

Now it’s time to record what’s happening with your money.Each debit and credit transaction must be recorded correctly an...
30/04/2021

Now it’s time to record what’s happening with your money.
Each debit and credit transaction must be recorded correctly and in the right account. Otherwise, your account balances won’t match.

To record a transaction, first determine the accounts that will be debited and credited [double-entry method].

For example, you’ve just purchased a new laptop [$300] for your business. The transaction will affect two accounts, Why? Because you’re decreasing your cash and increasing your equipment, you would record a $300 debit for the equipment account and a $300 credit for the cash account.

Balancing your books

The last step in basic bookkeeping is to balance and close the books. When you tally up account debits and credits, the totals should match. This means that your books are “balanced.”

If the two sides don’t match [$300 Cr & $300 Dr], you’ll need to go back through the ledger and journal entries to find errors.

Let's revisit what we've accomplished thus far:▪You've decided to start handling your business/individual accounts with ...
19/04/2021

Let's revisit what we've accomplished thus far:

▪You've decided to start handling your business/individual accounts with precision.
▪You chose a recording method - excel, desktop or cloud-based accounting software.
▪Depending on your business you decided on either single or double-entry bookkeeping.

Bookkeeping is a chore, to say the least. To be effective and efficient time needs to be set aside to tackle all the necessary tasks. At least once a week, record all financial transactions [keep all your receipts/records - yes including the airtime you bought via ], including incoming invoices, bill payments, sales, and purchases.

"If you put off everything till you're sure of it, you'll never get anything done." - Norman Vincent Peale

Make bookkeeping a priority - balance your books regularly [every week/month/quarter]. Tackle your when your mind is fresh like at the start of the day. .

The first step to setting up your accounts is to decide on a bookkeeping method - Single Entry or Double Entry.Single-en...
15/04/2021

The first step to setting up your accounts is to decide on a bookkeeping method - Single Entry or Double Entry.

Single-entry bookkeeping, you enter each transaction only once. This method can work if your business is simple - if you , don’t have any equipment or inventory and have decided to use excel spreadsheets as your method of recording. This is perfect for freelancers or those who sell services.

However, most bookkeeping is done using the double-entry method, you’ll record two entries for each transaction: a debit (Dr) and a credit (Cr) - a transaction in one account requires an equal and opposite entry in another account.

Although more challenging double-entry ensures your books are always balanced. Plus, most accounting software starts you off with double-entry bookkeeping anyway.

Now you know the basic accounts you need to track for your business, the next step is setting up a system. Before the in...
08/04/2021

Now you know the basic accounts you need to track for your business, the next step is setting up a system. Before the invention of computers, charts of accounts were recorded in a physical book called the general ledger (GL).

There are three main methods for creating a GL:

1.Spreadsheet software [e.g., Excel]
The cheapest option; Google Sheets has no monthly fee, however, trying to create a general ledger with all the necessary formulas can spiral quickly into disaster.
2. Desktop accounting bookkeeping software [e.g., QuickBooks Desktop]
Desktop bookkeeping software requires a high up-front fee, but the software is then yours to keep forever.
3. Cloud-based bookkeeping software [e.g., Xero]
Cloud-based bookkeeping software has a monthly subscription fee [cheaper initial cost compared to desktop version] and requires you to have wifi or data.

Let us know in the comments your method of recording.

Bookkeeping begins with setting up each necessary account so you can record transactions in the appropriate category. Re...
06/04/2021

Bookkeeping begins with setting up each necessary account so you can record transactions in the appropriate category. Remember, a freelance graphic designer and a bakery owner will not have the same accounts, however, they will share these common accounts.

Here are the 5 [five] common types of accounts:

Assets - The cash and resources owned by the individual/business [e.g., accounts receivable, inventory, buildings]
Liabilities - The obligations and debts owed by the business [e.g., accounts payable, loans]
Revenues or income - The money earned by the business [e.g., sales]
Expenses or expenditures - The cash that flows out of the business to pay for certain items or service [e.g., salaries, rent]
Equity - The owner’s equity account follows the amount each owner puts into the business and the value remaining after are subtracted from , representing the owner’s held interest in the business [e.g., stock, retained earnings].

Retained Earnings
The retained earnings account tracks the business profits that you reinvest into the business. This is money you don’t keep for yourself or payout to other owners.

Having a account is a must and can help prevent your business from crumbling especially when operating in tough economic climates or a seasonal industry such as and .

Over the next few weeks, we will be dissecting what bookkeeping is, how to be effective at it as a , or , and at the...
05/04/2021

Over the next few weeks, we will be dissecting what bookkeeping is, how to be effective at it as a , or , and at the end of our posts, we will be sharing a free excel budget to help record your business expenses.

What is bookkeeping?

Bookkeeping is the process of recording and organizing a business’s financial transactions, and a bookkeeper is a person responsible for that process.

Bookkeeping is the primary way you can figure out whether your business is profitable and helps identify financial challenges early on before they blossom.

A bookkeeper records day to day transactions, sends invoices, makes payments to suppliers, receives payments from clients, manages accounts, and prepares financial statements.

and accounting are similar - bookkeeping lays the basis for the accounting process, and focuses on analyzing the collected data.

For the month of , we will be sharing a simple guide to managing freelancer, entrepreneur and small business finances.L...
01/04/2021

For the month of , we will be sharing a simple guide to managing freelancer, entrepreneur and small business finances.

Let us know in the comments below what your struggles are and we will make a detailed post about how to solve said problem.

Turn on our post notifications so you don't miss out on future posts. We've scheduled for Mon, Tues & Thurs morning [CAT].

We look forward to helping you tackle your bookkeeping.

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