Double-entry accounting, explained simply and briefly

Double-entry accounting simply explained

 

Double-entry accounting or double-entry bookkeeping is an essential part of the accounting system. Lots of entrepreneurs have a hard time with bookkeeping, when in fact it should be a boon and provide a detailed overview of your finances. Double-entry accounting isn’t an...

 

Debit and credit definition

Debit and credit

As an entrepreneur, you should have basic knowledge of double-entry bookkeeping with debits and credits in order to record your business transactions in a comprehensible manner. If you deliver products or services to your customers, then these are business transactions that you record. These records always follow the “debit to credit” system. But what exactly is behind this process?

Partial invoice definition

Partial invoice

Partial invoices are particularly practical when services are not paid in a single total invoice. They are flexible in their amount and frequency and are agreed between customer and contractor. For the seller, partial invoices mean a more regular cash flow, and the customer may benefit from the more predictable burden of paying the invoice step by step. Prepayments are mainly used in the...

Free mileage log template

Mileage log template: Free of charge as an Excel and PDF file

Do you run personal errands with your company car? No problem at all – as long as you record the distances you have covered thoroughly in a logbook. You can either keep this in electronic form on your smartphone or buy it as a bound booklet from a specialist office retailer. However, there is nothing stopping you from creating your own logbook. Our mileage log sample will help you with this.

Mileage logs definition

How to keep a mileage log: Doing it right

Do you travel regularly with a company car, but also use it for private journeys? While this is a monetary advantage, you have to pay tax on private usage. There are two different methods for calculating this tax burden: You can use a mileage log or claim actual expenses. A logbook is used for documentation purposes, in which you record the miles driven.

External audit

The Audit: What you need to know about external audits

Each year, private individuals and business owners submit their tax returns to the tax office and inform them about their annual accounts and any tax-relevant issues. However, if the tax office finds a reason to take a closer look, an external investigation known as an external audit will take place. The following article reveals what the tax office is hoping to achieve by conducting an audit, and...

Cost of sales method

The cost of sales procedure in the context of profits and losses.

The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarised by functional areas, e.g. sales and administration.

Small business invoice

Small business invoice

Not just for large businesses, it’s also important for small businesses to get their invoices just right. How to determine whether your business qualifies as small, what needs to be included in the invoice, and the best way to send them can be found in this article. A small business invoice template is also included to make the whole process even easier.

Occupational health and safety

What is occupational health and safety?

Employers are required to provide a safe and healthy workplace for their employees. Nevertheless, millions of UK workers fall ill each year due to their jobs. But what exactly is the UK’s health and safety policy? How are workplace safety standards enforced? And what legal obligations do employers have in the UK?

Business travel time

Is business travel time working time?

Generally speaking, the only travel periods during a business trip that count as working time and require remuneration are the hours spent traveling that take place during the normal workday hours. Whether or not an employee is paid for any additional travel periods is stipulated in their employment contract or in a labour agreement. How can you find out exactly what the rules and regulations for...

Private invoice

Issuing a private invoice: What you need to consider

Invoices are usually associated with trading. However, private individuals are also permitted to create invoices if they sell a personal belonging, for example. What do you need to keep in mind when creating an invoice as an individual? Are there any specific guidelines to follow? What belongs on a private invoice?

Grow Your Business

A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.


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