In the accounting world, there are two main ways of preparing your books and financial statements. These two methods are accrual and cash. Although they have some similarities, there are large enough differences between the two to make accrual the most widely used because of its greater accuracy.
For statement purposes, accrual accounting is much more fair and accurate when compared to cash accounting. Read more
For many small businesses, the bookkeeping process can be one of the most time consuming activities required to keep the company going. The fact that many small firms have a limited staff also means that there is a good chance an employee with little to no accounting background is in charge of the bookkeeping. This leaves the door open for the possibility of multiple mistakes, especially if the accounting duties get pushed to the back burner. Read more
As a business owner, you’re constantly jugging a host of decisions. Is it time to move your business to a new location? Do you need to expand your staff? Is it time to increase your advertising budget? Is it time to add a new product or service to your business’ offerings? These are not easy decisions. Read more
Management accounting is a vital subfield which provides information to management employees in a company. It allows managers to make important, informed business decisions on a daily basis while maintaining said information confidentially. By using management information systems combined with a company’s own internal rules and controls, management accountants create information which will be utilized in future transactions- and never intending to be used as a record keeper of past transactions.
Cost, industrial, managerial, private, and corporate accountants are all entities that perform some kind of management accounting. Read more
What is Remote Accounting?
Remote Accounting is becoming increasingly popular among UK based businesses as it provides a number of advantages to the busy owner/director/partner.
The main advantage of Remote Accounting is of course cost. Every meeting that you have with your accountant goes onto the time sheet and is charged at the end of the year, t5hat chat over a cup of coffee could end up costing you a lot of money. Read more
Management accounting is the technique of gathering and recording information which aids the decision-making capability of management. Indeed, management accounts can help management and business owners make better operating and strategic decisions. Furthermore, banks and other financial institutes sometimes require management accounts on a regular basis to assess their continuing lending terms and conditions.
A good management accounting process is one that helps to tackle four key aspects of a business:
The following are ways in which management accounting can help a business:
It provides accurate information related to the budgeted and actual figures, thus enabling the managers and business owners to take proper cost controlling measures.Provides timely feedback related to current operational activities, therefore helping in reassessing the operational decisions and gaining better control over the activities of the business.Assists in measuring the performance of various departments and sub- units within an organisation. Read more
Public accounting firms are extremely useful when it comes to helping your business succeed. They provide a variety of services in multiple areas of commerce and can be a great resource when it comes to business assistance. Although these large public firms are very diversified, they mainly specialize in three specific areas of business.
1. Advisory services. In the current business market, many companies are facing short-term issues such as cutting costs, inventory management, and overall improved efficiency. Read more
Most small business owners understand about entering information into their accounting systems to help regulate and reconcile their business earnings and expenses. This also helps to make things easier at tax time.
However there are sometimes some things that aren’t entered into your accounting system that really should be.
The core entries are usually the same for most businesses. Read more
In this fast growing world, that time has gone when people used to work on papers and clutter piles of files to record the business information and fill more and more file cabinets as time passes. This way of performing tasks is very time consuming. The problem starts when one needs to retrieve old information from those piles of files. Read more