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

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

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

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

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

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

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

A recurring transaction is a process that happens regularly, repeating over a set period for a fixed price. It can occur daily, weekly, monthly, or annually, adding rhythm to your financial activities. These transactions are automated, saving you time. Examples include subscription-based services, monthly insurance premiums, and professional memberships. Recurring transactions are convenient for both businesses and consumers. In this article, we’ll explore the benefits and how to set them up using accounting software for consumers and businesses. Definition of a Recurring Transaction We can b ..read more

Did you know that filing your self-assessment tax return early can save you time, money, and stress? Gone are the days of scrambling at the last minute to gather documents and calculate your tax bill. In this blog post, we’ll explore the numerous benefits of filing your tax return early, from quicker tax refunds to enhanced tax planning opportunities. Get ready to embrace the advantages of early tax return submission and revolutionise your financial life! Short Summary Submitting your self-assessment tax return early can provide various benefits, such as faster refunds, improved cash flow ma ..read more

How AI is Revolutionising the Accounting Industry Artificial Intelligence (AI) has become the buzzword of the tech world and for good reason. It has the potential to revolutionise every industry and change the way we work. The accounting industry is no exception. In the past, accounting firms have relied on manual processes and spreadsheet-based work. But as technology advances, we see AI being used to streamline and improve accounting processes. In this blog post, we’ll explore how AI is being used to help accountants and the benefits it offers to the industry. What is Artificial Intelligence ..read more