Bookkeeping Essentials What you will learn in this online course If you are preparing to own a business, there are some principles you must learn about managing it. When you are a newbie, you must know the tips I mentioned in my first lecture, “Bookkeeping Today.” When you follow the directions […]
Accounting for Petty Cash All businesses must use petty cash for minor expenses like entertainment, food, and stationery. Using debit, credit cards or issuing a cheque to cover those expenses is not advisable. It will create unnecessary complications in maintaining accounting records. Therefore all companies manage an imprest system and reimburse […]
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 […]
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 […]