Company mission, vision, values

Mission statement vs. vision statement

 

Even if prices are raised and there are more affordable alternatives on the market, we will often continue to buy products from the same brand. The reason for this is the same as explaining why we always choose to fly with the same airline or get our coffee from the same place:...

 

Types of taxes in the UK

Taxation and the different types of taxes in the UK

 

Keeping track of taxes in the UK isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and/or your business. If you don’t file your taxes correctly with the HMRC, it could result in penalties, which could cost you...

 

CRM tools: customer care made easy

CRM tools: software for customer care

 

Customer care is one of the corner stones of a successful company – whether you are running an online shop or offering bank accounts. Even smaller companies can benefit from the use of CRM tools, which help to organise customer- or buyer data. These software systems automate and...

 

Business plan creation

Writing a business plan: here’s how to plan your venture

 

Before a business idea can be implemented, it is necessary to create a business plan. This serves as the founder’s roadmap, and summarises all necessary information about planning and finances. However, the business plan is also highly relevant for investors as well as potential...

 

What is a small business?

Small businesses, explained

 

According to the Her Majesty’s Revenue & Customs (HMRC), a small business is a privately-owned and operated business with a small scale of trade and a small number of employees, depending on the industry. Small businesses are commonly referred to by the European term “SME” which...

 

Accruals and provisions made simple

Unfortunately, when doing your annual accounts, it’s not always possible to know how much your operating expenses will be in advance. Because of this, you should always allocate a portion of your income for provisions and accruals. This way, you can avoid financial risks. But what do these terms mean, and how should they be recorded on your company’s balance sheet? This handy guide provides...

Generally accepted accounting principles (GAAP) – an overview

When it comes to running a business, there are few things more daunting and complex than bookkeeping and accounting. This is even more pertinent when dealing with multi-national companies that have interests and investors around the globe. For that reason, there are generally accepted accounting principles (GAAPs) that act as guidelines for writing and maintaining financial statements. But what...

Booking company entertainment expenses

Most firms organize regular company events - business meals aren’t a rarity either. While selecting the menu plays an important role in the organization of such events, it’s just as important, if not more, to properly record all of your meal and entertainment expenses so that you can file for tax deductions.

Cash flow accounting: Cash flow statements easily explained

Cash flow statements provide the recipients of quarterly or annual financial reports with an overview of the company’s use of funds. They help investors assess their financial and economic situation. Depending on the company’s focus, preparation of the cash flow statement must comply with the requirements laid out by the FRC and in the IAS 7. In this article, we give you a short introduction into...

What are non-profit organisations?

When it comes to accounting, no two charities or non-profit organisations are the same. The amount of income made dictates which forms need to be filled out to complete the tax return. It can be confusing knowing which forms to fill out, but our article will explain how accounting for non-profit organisations works, with numerous non-profit accounting software available to facilitate the process.

How to correctly calculate, report, and reverse accruals on the balance sheet

Accruals play an important role when it comes to accounting. They are expenses or revenues incurred in a period for which no invoice was sent or no money changed hands. By learning more about accruals and how they work, you can keep track of your company’s finances more easily. This article explains how to calculate, report, and reverse accruals in an easy-to-understand way.

Single entry accounting – an introduction

Given its range of functions and complexities, it is perhaps of no surprise that there are multiple approaches to accounting. One such approach is single entry accounting. But exactly what is single entry accounting? What are the advantages and disadvantages of it? Who should use it? How does it differ from the double entry approach? This article answers these questions and aims to tell you...

Bookkeeping software: how does an online accountancy programme work?

An accounting program helps you to organize and analyze your invoices and cost centers, VAT, and other areas of accounting. Cloud-based accounting software is particularly popular for small business owners, since it can offer more, due to the internet connection. Many entrepreneurs and self-employed people have time restraints, so that working with the support of an accountancy program can be an...

Entertainment expenses for accounting and taxes

Business meals and other such events are a significant part of many businesses day-to-day activities. There are many companies out there that spend a lot of money in order to be able to have a nice setting and atmosphere to conduct meetings with clients. This can be to discuss both current and future projects. However, once the bill comes, there is also the important matter of the entertainment...

Keeping a cash book: The basics of cash book accounting

For companies, there is no sweeter sound than when the cash drawer jingles. But the HMRC requires a detailed listing of your operating revenue and expenditures at the end of each year. This includes cash transactions. A cash book will help you to keep track of your cash drawer. This guide explains how to properly keep a cash book and what benefits you can enjoy by using professional software.