What is accounting?

Accounting is a mechanism for documenting financial transactions related to a company. The accounting process includes summarizing, analyzing and reporting these transactions to supervisory agencies, regulators and tax collectors. In other words, accounting is the process of recording and summarizing financial information in a useful way. It is obvious that businesses of all sizes need toContinue reading “What is accounting?”

UK Small business owner’s guide to accounting method Accruals vs Cash basis

In order to fully implement accounting practices, businesses need to continue with choose the accounting method they ‘re going to follow. Companies are free to select among two specific accounting methods: the cash basis for accounting, or the accrual basis for accounting. In general VAT is calculated on the basis that the VAT you payContinue reading “UK Small business owner’s guide to accounting method Accruals vs Cash basis”

Small business owner’s guide to double-entry bookkeeping.

Double-entry Bookkeeping is a very significant concept that drives any accounting process in a financial statements of the company. Financial managers need to grasp this principle in order to monitor business accounting standards and assess audited financial statements. Using this reference to better understand the double-entry accounting and post-accounting activities succinctly. What is Bookkeeping? BookkeepingContinue reading “Small business owner’s guide to double-entry bookkeeping.”

How small business can survive the Covid19 pandemic?

First and foremost, we are starting to understand the coronavirus outbreak is a human tragedy that we need to deal with affecting hundreds of thousands of people and there have been many tragedies and stories that are informing. But it also has a growing impact on the global economy right now. At the same time,Continue reading “How small business can survive the Covid19 pandemic?”