Capital revenue expenditure in accounts .What is capital expenditure? The purchase of capital items like machinery, land & buildings, furniture, fixture, and motor vehicles to use in the business either in the long run or for one or two years. The expenses incurred in this way are called capital expenses. Capital […]
Final accounts of sole trader 2 What is a balance sheet? The balance sheet is not an account but a financial statement grouping and listing industrial properties, liabilities, current assets, assets, and capital on a specified date. It refers to the net worth or the financial position of the company. It […]
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 expand your records as your business grows? Analyzed cash book You might want to know some management information regarding your expenses as your business grows. As income increases, the costs also will increase. Therefore, it is vital to know about your expenditure. For example, you might want to know […]
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 […]
Why bother with bookkeeping? Are you running a business? Do you know the importance of bookkeeping? Yes, I am sure about the importance of accounting and do not want to mess that up. Therefore, you are looking for someone to do your bookkeeping. Hiring someone is a good idea if you […]
Is your business outgrown accounting expertise? Your Employees Have Too Much on Their Plate If your employees have been multitasking to stay on top of bookkeeping jobs, outsourcing can eliminate distractions and let them return to their duties. Besides, the combination of outsourcing and an online accounting service provides access to […]
Avoid mistakes to lose business profit The firmness with receivables. Most companies sell goods on credit to improve sales and get more customers. Then the company owner becomes happy, thinking the company is doing well but forgetting that the deals are only on credit. Remember, the company needs cash to top […]