Basic Excel Formulas Every Small Business Should Master
Business Accounting Basics Blog
by Angela Boxwell
1w ago
Microsoft Excel isn’t just for accountants and data analysts. Excel is a powerful tool for small business owners to track finances, manage inventory, analyse sales trends, and more. If basic formulas and functions seem intimidating, don’t worry! We’ll break down the important Excel formulas you can use to streamline your operations and gain valuable insights. Excel Bookkeeping Templates To save time, we have created bookkeeping templates that are a great way to keep track of your business’s finances. They can help you track income and expenses, create invoices, and track mileage. The templates ..read more
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Understanding the Income Accounts: Your Guide to Tracking Revenue
Business Accounting Basics Blog
by Angela Boxwell
3w ago
While managing expenses is crucial for any business, understanding your income accounts is equally essential for growth and profitability. They provide a vital insight into your company’s financial health by tracking the money flowing in. These accounts record every sale, service fee, and other revenue sources. Income accounts serve multiple purposes: Profitability: By subtracting your total expenses from your total income, you can calculate your net profit or loss. Growth: Income accounts help you pinpoint your most profitable revenue streams, enabling you to focus your efforts on areas wit ..read more
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Understanding The Expense Account
Business Accounting Basics Blog
by Angela Boxwell
1M ago
Running a small business requires more than just focusing on income generation. To ensure those sales translate into profit, you must have a firm grasp on your spending habits. That’s where expense accounts come into play. Let’s break down what they are, why they matter, and how to start. Key Takeaways – Expense Accounts Explained General Ledger: What it is, how to record expenses incurred and double entry bookkeeping. Income Statement: Expenses are part of the income statement (Profit & Loss); what is it, and how do you create it? Two Main Categories: We will concentrate on the two main ..read more
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Bookkeeping vs Accounting: A Guide for Small Businesses
Business Accounting Basics Blog
by Angela Boxwell
1M ago
What are the key differences between bookkeeping and accounting? All businesses will use both bookkeeping and accounting to produce financial reports. Depending on your time and ability will depend on your need to hire a bookkeeper or accountant. Bookkeeping is the process of recording financial transactions of the business. It may include posting sales and purchase invoices and recording bank transactions and other items in the general ledger. Accounting reviews the transactions and interprets the reports to provide insights into the business. A small business may prefer to complete bookkeep ..read more
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Understanding Different Types of Accounting: A Comprehensive Guide
Business Accounting Basics Blog
by Angela Boxwell
2M ago
When exploring the types of accounting, you’ll find a range of methods tailored to various reporting, compliance, and management functions. This article explores these methods, including financial, management, tax, auditing, forensic, cost, government, international, and public accounting. Each serves a distinct purpose, from recording transactions to making strategic business decisions. If you want to specialise in accounting for your career, you may want to look at the different types of accounting and find the best option. Types of Accounting – Key Takeaways Accounting is diverse and essen ..read more
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Why Use a Free Business Bank Account and QuickBooks?
Business Accounting Basics Blog
by Littlefoot
3M ago
Integration for Easy Bank Reconciliation Staying on top of your finances is vital as a small business owner. One essential task is managing and reconciling your bank transactions with your accounting records. This is where the integration between a free business bank account or challenger account and Intuit QuickBooks comes in. In this article, we will look into the advantages of a free business bank account, Intuit QuickBooks Online and how they work together. What is a Free Business Bank Account? A free business bank account is an account specifically designed for small businesses. Here are ..read more
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Understanding Your Side Hustle Tax UK: Navigating Extra Income Tax
Business Accounting Basics Blog
by Littlefoot
5M ago
Knowing how that income affects your taxes is crucial when your side hustle starts paying off. ‘Side hustle tax’ isn’t just a buzzword—it’s a reality you must address. Will you owe taxes, and how do you handle them? This article includes the essentials of tax thresholds, how to report your earnings, and methods to minimise what you owe legally. Prepare to tackle tax season confidently, armed with the knowledge to keep your side hustle financially sound. Key Takeaways If your side hustle earnings exceed a certain threshold (£1,000 in the UK), you’ll need to pay tax on the profit, so keep deta ..read more
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How to Calculate Sales Revenue: A Comprehensive Guide
Business Accounting Basics Blog
by Littlefoot
8M ago
Unlocking the secrets to business growth and financial success often starts with understanding one key aspect: sales revenue. Sales revenue is the lifeblood of any business, impacting everything from expansion opportunities to investment strategies. So, what exactly is sales revenue, and why is it so important? In this comprehensive guide, we’ll delve into the world of sales revenue, exploring its various components and demonstrating how it plays a crucial role in shaping a company’s future. From calculating sales revenue for different types of businesses to forecasting future revenue streams ..read more
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Common Accounting Errors Small Businesses Make and How to Avoid Them
Business Accounting Basics Blog
by Littlefoot
9M ago
Small businesses often struggle with accounting tasks, mainly because of the lack of financial literacy and resources, which can lead to accounting errors. However, accounting mistakes can harm the business’s financial health and growth. Inaccurate bookkeeping or failure to comply with tax laws can lead to penalties, late payment fees, and even legal litigation. In this blog post, we’ll discuss some common accounting errors small businesses make and practical advice on how to avoid them. We also provide some valuable resources. Types of Accounting Errors Here is a list of accounting errors th ..read more
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A Guide to Computerised Accounting
Business Accounting Basics Blog
by Littlefoot
11M ago
Introduction Computerised accounting is an efficient and cost-effective way to keep track of your business transactions. By entering data into an automated system, you can quickly analyse and report on financial information, helping you make better decisions about managing your own business finances. This guide will provide an overview of what computerised accounting is, its benefits and the different types of software available. With this knowledge, you can decide which system is best for your business needs. What is Computerised Accounting? Computerised accounting (or computerized accountin ..read more
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