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 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…
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…
Are you wondering what the importance of bookkeeping is? Bookkeeping can be confusing and time-consuming. If you’re not an expert in this field, you may end up spending more time correcting mistakes than you spend recording your profits. But there are some basics that you need to know if you want your bookkeeping to be good. Here are some bookkeeping basics. Get started with these tips….
If you have recently started a business, you may be a little overwhelmed with the whole idea of bookkeeping. That’s quite common, which is why many business owners like to outsource bookkeeping. Throughout this article, I will give you 7 reasons to outsource bookkeeping and why that might be the right option for you. Towards the end, we’ll also discuss why you might not want to…
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…
The Beginner’s Guide To Bookkeeping For Small Business Bookkeeping for small business is a topic that many owners run away from. It’s a topic that seems extremely complex, but avoiding it just leads to more trouble. For that reason, in this article, we are going to be covering the basics of bookkeeping for small businesses while keeping things simple and easy to understand. What Is Bookkeeping?…
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…
Top 5 Bookkeeping Books Are looking for bookkeeping books to assist your small business accounts? Take a look at our top 5 books. I keep a selection of books to help in research for articles, guides for clients and continuing professional development. There is lots of information on the internet about accounting and bookkeeping, but sometimes having everything in one place is helpful. You can also…
Keeping good financial records is essential for the success of your business. The numbers in your bank account measure your business and here are some key bookkeeping tips that successful businesses practice regularly. By adopting good bookkeeping habits from the beginning will help ensure that mistakes are minimised and costly errors avoided. These bookkeeping tips will are designed to assist you to balance your books every…
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….
What is the difference between Gross and Net Income? Both figures appear on the profit and loss account. Below we look at the breakdown of the profit and loss account or income statement and explain each section. What is Turnover? Turnover is the gross income of the business. It can include income from products and services it sells. An example is a computer company sells and…
Are you looking for the best free accounting software in 2019? As a small business or just starting out, finding a free accounting package can be a good start with your bookkeeping. As your business grows, you may need to upgrade the software. Our guide will provide the best solutions for free accounting software. Each software accounting package has it’s only advantages and disadvantages. Top 5…