There are so many bookkeeping myths. Let’s face it, for small business owners, they’re an expensive luxury. After all, they only input data, and you can get accounting software for that – right? That’s once of the biggest bookkeeping myths Oh boy, you’ve been listening to those myths. It’s time to set the record straight. …
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 …
What Are Management Accounts, and Why do You Need Them? Read More »
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, …
New to Bookkeeping? This is What Every Small Business Should Know Read More »
Running a business can be stressful, especially if you’re trying to get your head around things you’ve never done before, such as bookkeeping. Why struggle when you can outsource that part of your business to an expert who will be able to get it done much quicker than you can? If you’re not convinced, here …
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 …
Why It’s a Good Idea to Have a Separate Business Bank Account Read More »
Let’s start at the beginning. Cash flow is the money that flows in and out of your business. It’s either: Cash coming in from customers when buying your products or services, or Cash going out of your business in the form of payments for expenses, like rent or a mortgage, in monthly loan payments, and …
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 …
Bookkeeping Basics – everything you need to know about financial statements Read More »
As you know, the PAYE (pay as you earn) system is a way of paying income tax and national insurance contributions. The amount you pay is determined by a code allocated to you by HMRC. Your tax and NI are then deducted from your wages at source. But what if you’re self-employed or work on …
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 …
What’s the Difference Between a Bookkeeper and an Accountant? Read More »
