accounting

Management accounts

What Are Management Accounts, and Why do You Need Them?

Management accounts are monthly or quarterly financial reports. You might think your business is too small to worry about such things, but if you don’t have them, it’s a bit like driving in the dark without your lights on – you won’t see obstacles until you hit them head-on. Knowing your order book, how your …

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small business

New to Bookkeeping? This is What Every Small Business Should Know

Bookkeeping isn’t everyone’s cup of tea, but it is a vital component of running a small business. Starting out, when budgets are tight, the bookkeeper will probably be you. That’s why we thought it a good idea to run through some of the basics for you. Is there a difference between bookkeeping and accounting? Yes, …

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business bank account

Why It’s a Good Idea to Have a Separate Business Bank Account

Technically, if you are self-employed, you do not need to open a separate business bank account. Mind you, having said that, having a dedicated business account is advantageous; we’ll look why in a moment. If your business is a limited company, then the simple answer is that you need a separate business account. That’s because …

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financial statements

Bookkeeping Basics – everything you need to know about financial statements

The first thing we want to clarify is that financial statements are not the same as bank statements. For starters, a financial statement gives you a clearer overview of how your business is looking. Your bank statement just gives you a list of transactions and, therefore, skirts over the underlying financial position your business is …

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accountant

What’s the Difference Between a Bookkeeper and an Accountant?

Bookkeepers and accountants play closely linked and vitally important roles for small and medium-size businesses across the UK. Unless you’re taking care of the monitoring and management of your business’ day-to-day accounts, you’ll need a bookkeeper. And, on the other end of the spectrum, you’ll need an accountant unless you plan on completing all of …

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