Final Accounts of a sole trader Part 1 Final reports include a profit and loss account and a balance sheet. Profit and loss show whether the company has achieved profit or loss. A financial statement summarises the costs, expenses, and revenues during a specified period. These records help the company increase […]

How to record credit transactions in books? You might have a manual method to see how much your customers owe you. You must have a filing system to file a copy of your sales invoices and send the original to the customer. Then transfer to another file once you have received […]

Regularity & Plan for your bookkeeping tasks How often should I do my bookkeeping?  Most people should do their bookkeeping, at the least, once a week. However, if you are working on your accounting every day, it is more likely to become a habit.   If you want to hire a bookkeeper […]

Selecting suitable method for business accounting? When you are running your small business as a sole trader, the possibility of neglecting the accounting side of your business is possible. Primarily you are a start-up your concentration will be on setting up the company and make sure that you do right things […]