Gross profit and stock The income statement shows gross profit as a figure after deducting all the associated costs in producing your product or services from the sales, called gross profit. In another format, Gross profit= Sales- Cost of goods. The Gross Profit margin ratio It is the most critical ratio. […]
Bookkeeping Today for small business owners. The reason for me to write about bookkeeping today is to show small business owners the reliability of accounting packages. It might look expensive initially, but it helps an entrepreneur massively in the long term. You will know the financial viability of your business. Another […]
VAT workings for a charitable organization An organization considered to be a charity will have charitable status. A non-profit body does not have charity status. A charity has to be in England and Wales, registered with Charity Commission, recognized by HMRC, and used for charitable purposes only. A VAT-registered charity can […]
Should I register for VAT? The importance of registering for VAT During any 12 months, if your income exceeds the VAT threshold, you must legally register for VAT. Voluntary registration gives you some benefits, such as claiming back the VAT on your purchases. Then also, to impress your clients that you […]
Important financial documents for a small business As a small business owner, you need to prepare these documents to ascertain the economic status of your company. In addition, it becomes proof to show your company’s financial condition and to make wiser divisions for the future. Trail balance construction. A trial balance has to balance; if […]
How to run your payroll for your small business? Payroll means a sequence of accounting transactions like working with employees’ salary process, holding employees’ money for payroll taxes, workplace pensions, insurance premiums, etc. Payroll administration Work includes receipt and analysis of payroll data. Calculate hours and create payments for employees. Usually, […]
Importance of Cash Flow and Budgeting for your business. Budgeting and Planning to Save Learn the importance of cash flow and budgeting for your business I thought I would let you know the importance of “Cash Flow” for the heat of your business. When they make enough sales, most small business […]
How To Budget When You’re Penniless? The trouble is maintaining a budget when you have an awful time with finances. At this stage, you must have mounting bills and no funds to meet those bills. Take immediate action Do not ever become heartbroken and ignore anything. Contact the creditors immediately and […]
