Financial Management

Lessons

Management Styles

Often, management is used interchangeably with “leadership”, although there have been several differentiations made between managers and leaders. Management and leadership are two different things, but they should always go…

Time Management Principles in Business

Time management is one of the most important skills to have, but it is often a concept that many businesses, and people, struggle with. Small businesses, in particular, cannot afford…

Developing a Business Plan

When starting a new business, it is important to complete a thorough business plan before making decisions. A Business plan should include the following components: • Executive summary • Company…

Management of Finance in a Sports Business

Summary of the Public Finance Management Act, no. 1 of 1999 (With Amendments) The Public Finance and Management Act regulates the management of finances in national and provincial government. It…

Generally Accepted Accounting principles (GAAP)

GAAP is an international convention of good accounting practices. It is based on the following core principles. In certain instances, particular types of accountants that deviate from these principles can…

Generally Required Accounting Practices

In the table below the GRAP’s for South Africa are summerised. The full documents for each GRAP can be located at: http://www.asb.co.za/grap/standards/approved-and-effective. GRAP 1 Presentation of Financial Statements GRAP 2 Cash…

Risk Management

Risk is an uncertainty, and an exposure to uncertainty or the chance of something happening that will have a negative or positive impact on the organisation. The ability to manage…

Financial Concepts

1. Debit and Credit Business transactions are events that have a monetary impact on the financial statements of an organization. When accounting for these transactions, we record numbers in two…

Managing a Project Budget

In order to manage budgets effectively and efficiently, it is necessary to: • Monitor, control, and record all the finances (income and expenditure), • Know how to minimise costs in…