Small Business Survival Tips

3/9/2016

What is Transaction Analysis?

Surviving as a small business owner can be challenging and while no two businesses are the same, the survival tips below can be applied to any business.

Make a plan
Establish a support network
Be a student of your business
Keep an eye on your cash flow

Understanding your cash flow means analyzing business activity which involves thinking about each business activity of your company with the goal of finding transactions that should be recorded in the accounting information system. In order to do this well, you first need to know what a transaction is. An accounting transaction is an exchange or event that has a direct economic effect on the assets, liabilities, or shareholders' equity of a business.

For example, when Fontenot & Associates Solutions proposes and sells you one of their services for improving your teams inefficiencies , they are exchanging an exclusive unique solution for your cash. This is an external transaction (an exchange you can see between a company and someone else) that needs to be recorded in Fontenot & Associates Solutions accounting system.

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Relentless, repetitive self talk is what changes our self-image.” — Denis Waitley

Source: RBC Royal Bank

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