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Bookkeeping and Business Record Keeping

Bookkeeping Entries for an Accrual

Bookkeeping Entries for an Accrual

Here are the bookkeeping entries you need to make in order to correctly include an accrual and then reverse it, using two examples of...
6 Ways Hiring a Bookkeeper Could Boost Your Profits

6 Ways Hiring a Bookkeeper Could Boost Your Profits

Hiring a bookkeeper can feel like an expensive decision as well as additional overhead you may not want to commit to.  But hiring a...
What is an HMRC Basis Period

What is an HMRC Basis Period

Definition of the HMRC Basis Period A basis period is a term used by HMRC referring to the time period on which someone who is...
What is An Accounting Period

What is An Accounting Period

An accounting period is the time covered by a set of financial statements. Usually you expect to see a 12 month period but there...
What is Cash Outflow

What is Cash Outflow

Cash outflow refers to all the cash that goes out of your business. Examples of Cash Outflow Supplier payments Bank loan payments Bank charges &...
What is Cash Inflow - Definition & Examples

What is Cash Inflow

Cash inflow refers to all the cash that comes into your business. Examples of Cash Inflow Customer payments Bank loan receipts Bank interest Sale of...
What Does a Bookkeeper Do?

What Does a Bookkeeper Do?

A bookkeeper is responsible for maintaining the books of a business. They process all the financial paperwork that a business receives such as sales...
What is Bookkeeping

What is Bookkeeping?

Bookkeeping refers to the processing & recording of day to day financial transactions of a business.  These financial transactions are taken from information such...
VAT Second Hand Margin Scheme: Record Keeping & Bookkeeping

VAT Second Hand Margin Scheme: Record Keeping & Bookkeeping

If you choose to use the VAT Margin Scheme then you are required by law to keep certain accounting records and HMRC will check...
Do I Need to Keep Paper Copies of Invoices?

Do I Need to Keep Paper Copies of Invoices?

No, not anymore! HMRC have finally accepted that digital copies of invoices, receipts and your business records are acceptable. There are some great apps and...

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The information contained in this website is for guidance and information purposes only. It should not be relied upon as professional accounting, tax and legal advice.  For specific advice relevant to your own situation, always contact a professional.

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