What is the use of control accounts? One of the main benefits of constructing control accounts is that it can help to restrict errors. It saves time as the location of errors takes a considerable time to find the mistakes after extracting the trial balance. First, you have to learn What […]
Learning accounting to understand Tax Liability Meet the deadlines and avoid losing sleep over it Tax preparation is the information given out by an individual or an organization to a government body declaring all liabilities for taxation. Everyone wants to pay their taxes on time and be free of tax liability […]
How to implement financial control in business? Profit & Loss forecast The profit and loss forecast is a projection of the sales and expenses that might occur during a specified period. If you say in a pure form, that is the forecast for the money you receive and your payout, which […]
What are the pros and cons of hiring a bookkeeper? Choosing by selecting a bookkeeper depends on the level of service that a company provides in its business. Whether you have an in-house bookkeeper, an outsourced bookkeeping company, or a freelance, all will have pros and cons. What are the pros […]
How to make a ledger account? The ledger is the official record of a company’s accounts, and sometimes we refer to the general ledger, purchase ledger, sales ledger, and cashbook. A catalog provides all accounting transaction entries and the balance for a specified period. At the end of the period, registers […]
Disagreements with the bank. Disagreement starts with the bank when there is a discrepancy in the bank statement when an accounting staff tries to do the bank reconciliation for the business. Every cashier tries to keep the cash as accurate as possible with daily up-to-date information. Many receipts and payments have […]
Tasks that need professional help Are you a work-at-home mom presiding over a sizable online business in nearly any industry? Then it can make sense to hire a bookkeeping service to take some of the financial burdens off top management, i.e., yourself. Adding an accounting service may be unaffordable for some […]
Self-assessment guide to small business. Any person who runs a business needs to pay taxes; you must submit a tax return to your tax office. When you start your business, you must register as self-employed and file the self-assessment tax return each year. It is by law, you have to file […]
Control accounts in Bookkeeping A control account is used to check the postings’ accuracy to a particular ledger account. Self-balancing includes a control account generally kept at the front or back of the ledger and used by the accounting staff on the total balances extracted from that ledger. In addition to […]
Capital and revenue expenditure When a business starting from scratch might have a small amount of cash in the bank account of the company. However, while trading, the business might need some assets to run it efficiently. Therefore, the industry spends money on fixed assets such as land and buildings, machinery, […]