Accounting

Accounting is an important part of any business. Read all our posts on accounting to understand how to use it in your business.

What are Accounting Records?

What are Accounting Records?

If you run a small business, you may ask what are accounting records and how do I keep them? This article will break it down into the different accounting records that a business may need to keep, how long to keep them, and the reports they produce. The accounting source documents are the basis for all accounting and where the process starts. What are Accounting records?…

Why Accounting is Important for Every Business

Why Accounting is Important for Every Business

The question “Why accounting is important?” is one of the most asked questions. With business activity increasing each year, the need to understand accounting reports is more critical than ever. Even a new business should look at the accounting system and the reports they regularly require to run their business smoothly. Business owners may need reports along with investors, banks and management. While the number of…

Small Business Accounting

Small Business Accounting

Small Business Accounting does not just entail maintaining the daily books for tax purposes; it is also a vital device for business reporting, identifying theft, fraud, and wastage. Accounting mistakes can result in penalties or fines, especially for submitting accounts late. Many small businesses don’t keep accurate records because they don’t have the knowledge or time. However, accounting errors made over several years can lead to…

Accounting Software Tools for Small Business

Accounting Software Tools for Small Business

Are you looking for accounting software tools? Accounting is complicated stuff. It involves so many concepts that the average person cannot keep up with it on their own. But thanks to technology, experts are coming up with ever-more-helpful accounting software to help people keep track of all the financial data they need. With so many tools available in the market, how do you choose what is…

What is a Financial Statement?

What is a Financial Statement?

What is a Financial statement? Most businesses require financial statements, but not the usual bank statements that you would get from your bank. Although financial statements may seem a little complicated at first, they will make your life as a business owner much easier, because you will have a much better understanding of the numbers for your business. Today, we are going to take a detailed…

HOW TO BUDGET YOUR MONEY

Do you need to know how to budget your money in these changing times? With the Coronavirus outbreak, many of us will have a significant change in both income and expenditure. For some, the biggest worry is can you afford to live during these changes? We have developed a budget template, which will help you keep track of your finances. Many things will change, and below…

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Difference between Bookkeeping and Accounting

What is the difference between bookkeeping and accounting? All businesses will use both bookkeeping and accounting to produce financial reports. Depending on your time and ability will depend if you need to hire a bookkeeper or accountant. Bookkeeping is the process of recording the transactions of the business. It may include posting sales and purchase invoices, recording bank transactions and other items in the general ledger….