4 Common Accounting Mistakes
For most startups and small businesses, the bookkeeping is a really time-consuming task. Many small companies are one person firms or have really limited staff, so there is a high chance that someone with no experience in accounting will end up being in charge of the companies bookkeeping. Unfortunately, this way there is a high…
Top Financial Mistakes Made By Startups
If you are a manager for a small business, you don’t have to learn everything the hard way. Here’s a list of the top financial mistakes small business owners make, so you know what to avoid in the future. Not preparing a cash flow budget In the business world, Cash is King, especially in today’s…
Bad Bookkeeping can destroy your business
Maybe you never considered that bad bookkeeping can destroy your business, but you have to consider that it may affect the decision making and it can have a bad effect on your company. If you don’t understand your finances or you lack the financial education and knowledge, your business may fail within a few years….
VAT – Annual Accounting Scheme
The annual VAT scheme was created to simplify the accounting procedures for small businesses and also to reduce costs. It also has more advantages, like reducing the administration time and the associated costs, and helping you manage your cash flow. If you se this scheme for your business, you are only required to file one…
VAT schemes for small businesses
If you own a small business, you have several alternatives to the standard VAT accounting that you may consider. In some cases, these VAT schemes can save you time and money so let’s take a look at how each of these VAT schemes works. Cash Accounting Scheme The Cash Accounting Scheme basically means that your…
PAYE and payroll for employers
PAYE is the abbreviation from Pay As You Earn and it represents a system used by HMRC to collect the Tax and National Insurance. If you own a company and you have employees, you are required to deduct them from your employee’s gross income each month. (or each time they are paid). The tax and…
The difference between a Chartered Accountant and a Certified Accountant
Nowadays, most people consider that the difference between a Chartered Accountant and a Certified Accountant is negligible, since Chartered Accountant is simply the term used in England and Wales to describe what Americans would call a certified accountant. The History According to Association of Chartered Accountants, the Chartered Accountant term first appeared over 150 years…
Converting Manual Bookkeeping to a Computerised System
If you own a small company and you decided to move forward towards a computerised bookkeeping system, here are some of the most important things you should know. First of all, you need to know that the conversion might take more time then expected; it’s not just about starting fresh, you also have to make…
Payroll Processing Mistakes made by small businesses
Not calculating payroll correctly may lead to a series of problems, and if you own a small company and you have little experience with doing payroll, you may end up making costly mistakes. If you process the payroll for your small company, pay a lot of attention and try to verify several times. Also, make…
How to Calculate Payroll Manually
You can use payroll software to calculate your businesses payroll, since it may process the payroll faster than if done by hand and it also involves less calculation. However, if you own a small company, with no more then 10 employees, you can calculate the payroll manually and you may not need any payroll software….