In this article we unpack the differences between accrual basis and cash basis accounting. Find out which method benefits your business the most and what insights you can learn from each system.
In accounting, a normal balance refers to the side of an account that shows increases, which will either be on the debit side or the credit side. These increases aren’t ‘good’ or ‘bad’, they simply exist to show what is in that account
If you’re new to accounting, goodwill isn’t what you expect it to be. Goodwill can often be the cause of many headaches and arguments in the buying and selling of a business, this is all down to its nature, find out what that is inside!
Welcome to part 1 of 3 in this “Accounting Crunch” series. In this series, we’ll be covering debits & credits, double-entry accounting and T-accounts. Each part will consist of one topic. In this part, we’ll be covering debits and credits!
Xero is a fantastic small business accounting system. Check out our roundup of the best add-ons for UK based small businesses.
In this comprehensive guide, we’ll delve into the intricacies of the month-end close process. From understanding its importance to identifying the essential steps and best practices, this guide aims to be a road map for finance professionals. Whether you’re a seasoned accountant or new to the field, you’ll find valuable insights that can help you streamline your month-end activities.
Starting your own business venture can be very exciting, but it often requires a critical ingredient for success: capital. Whether you’re a startup looking to turn your idea into reality or an already established business owner seeking to grow, securing the necessary funding can be an overwhelming tas
Navigating the complexities of modern business requires a keen understanding of various financial metrics. One such vital tool is the Inventory Turnover Ratio (ITR), a standard gauge that evaluates how efficiently a business manages its inventory. In this comprehensive guide, we’ll peel back the layers of the Inventory Turnover Ratio, helping you to understand its formula, practical tips, and real-world examples.
The Rule of 72 is a fundamental financial concept that provides a quick and easy way to estimate the time it takes for an investment to double in value, based on a fixed annual rate of return.
Journal entries are the recorded transactions that your business carries out. Every business activity that involves money – sales, purchases, salaries, loans, and more – will lead to at least one journal entry. It is a chronological record of how your business’s money is being spent or earned.
Accounting standards are a set of principles and guidelines that all accounting professionals and businesses must follow when preparing financial statements. In this comprehensive blog post, we will delve into the basics of accounting standards.
Thinking about when to hire an accountant can be a difficult task. How could you possibly decide upon which accountant would be best for you?
Choosing a new accountant for your business is an important decision that can greatly impact your financial success, and it can be a lot of pressure for new businesses or start-ups to even consider adding to the team.
