How To Effectively Manage The Finance Of Your Small Business As A Mum (With Mrs. Yemi Oshifowora)
Meet Mrs. Yemi Oshifowora, a daughter, a wife and a mother. She is also an accomplished professional with experience in accounting, financial reporting, Information technology, enterprise resources planning, personal and business finance coach.
She is a Fellow Member of the Institute of Chartered Accountants of Nigeria (ICAN), An Associate Member of the Chartered Institute of Taxation of Nigeria (CITN), ACCA Diploma in International Financial Reporting Standard (Dip IFRS), and a MBA from University of South Wales in the UK.
She is that money mum friend that would teach you financial literacy.
Here is her session on How To Effectively Manage The Finance Of Your Small Business As A Mum:
Questions
Q: How often do you think it is wise for us to calculate our net profit to track if our business is profitable
A: Monthly. A business should be producing a basic monthly report that include your profit and loss statement
Q: Are there apps or software that can help us track our cash flow effectively, I know of wave app but that is the only one I know for now?
A: There is Wave, Cloud Books, Zoho Invoice, SlickPie
Q: Please how do we know the percentage of our profit to pay ourselves as salary monthly
A: You have to determine that yourself. How is your business doing? Can you afford your salary from the business now? Answering those questions will help you in determining what to pay yourself
You can follow Mrs. Yemi on IG @finance_for_moms she also has a telegram community: https://mailchi.mp/ea15e6eadf24/finance4moms