Basic Accounting

What is accounting? Accounting is the discipline of measuring, communicating and interpreting financial activity. This is also widely referred to as the “language of business”. It is the process of keeping track of the changes a user implemented in a computing system. It is basically keeping track of what you do. Many people believe that it is boring because it’s equivalent to counting. However, it is not a boring profession it is a fascinating and challenging method and is one Read more

For over 18 years AssetWare Technology has been the leader in Asset Management. Used all over the UK, Europe and many other parts of the world, AssetWare Technology helps you make informed decisions on how to move your business forward.

Asset Management is often neglected when it should be looked into more efficiently. AssetWare Technology is about being in control to monitor and organise your companies assets to maximise value. If you want quality software to help do thi Read more

With Opera II XRL you get fast, accurate and secure reporting and analysis. For many years users of accounting system users have struggled with complicated and inflexible reporting tools that make getting data into Excel harder when its supposed to be easier.

Opera II XRL stops all the re-typing and copying and pasting of data. It gives you seamless integration, which is less frustration; it allows you to access accounts data within Microsoft Excel. It is easy to use with Read more

Don’t know your debits from your credits? Here’s a quick primer on how basic bookkeeping works and an easy way to understand debits and credits.

First, know that debits are not “deductions” and credits are not “increases”. Debit and credit are the names of the columns on bookkeeping ledgers (debit is the column on the left and credit is the column on the right). In double entry accounting (bookkeeping) the sum of each column must equal the other. In other words, the sum o Read more

If you were driving 80 miles an hour, in the dark, with your lights off, heading towards a cliff, would you like someone to yell, “STOP?”

OK.

Stop!

Do you produce financial reports - the balance sheet and income statement - every week? Do you analyze sales, costs, cash flow, and debt every week? If not, you may be heading for the cliff.

STOP. And find out. This is the year. This is the day. From here on out…you are going to KNOW.

Get to KFP Read more

Discounting of Revenues and Expenses

Business valuation involves the study of many aspects of a business, including anticipated revenues and expenses. Because cash flows extend over time, a discounted cash flow (DCF) model can be a helpful tool. A discounted cash flow analysis for a business valuation requires the analyst to consider two components: (i) a projection of ongoing revenues and expenses of the foreseeable future; and, (ii) a determination of Read more

Despite of being a small, medium or a large-scale enterprise, the main thing that rules these enterprises or businesses, is the entire thing of profit making. In fact, any business is known by the profit or loss that it incurs. In fact, the entire name of the business is created in the market by the profit that the particular business is making in a financial year. Well, no business owner would want his or her business to go through losses and would want the business to do real Read more

Small business accounting is the latest one to attract the attention of many business owners as they find the larger accounting firms too busy in executing their tasks. Moreover, keeping a track on every day’s financial transaction is a tough job; hence, needs a specialist to take care of accounting records especially when you are a businessperson. Thus, these firms are turning towards these organizations for their proficient abilities to accomplish work within a short period o Read more

The memory of human beings is limited; that is why every process needs to get recorded. Humans cannot remember every piece of information forever. Business transactions are the most important event of every business and a human mind can never remember so many entries therefore businesses use a system to record entries i.e. bookkeeping system. The need of keeping such records in a well organized manner drives business towards hiring proficient accounting professionals. All reco Read more

Self employed taxi drivers in common with other self employed businesses are required to submit a self assessment tax return form each year reporting the main totals from the taxi drivers accounts. The final submission date for these accounts to enable the tax authorities to calculate the tax payable is 30th September while the final deadline for submission of the self assessment tax return is 31st January. Miss the 31st January deadline and the penalty fine is 100 pounds.

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