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
I get asked at least once a day why our government does not do anything to regulate the payday loan industry in this country. It seems to have run wild with the amounts these companies charge and their general business practices. I answer this question with a question, Can you buy laws in America?
What is the meaning of that?
It is a simple question with a simple, but dangerous answer, and it is unfortunate that our government operates this way. Read more
The economic downturn has really turned American creativity into high gear. So many people have been fired, but many of them equally know it is difficult to find a job in the existing environment. Many of these people have therefore started to find creative ways to make money to support their families. Below we will help provide you with a few cool tricks so that you can make some money on the side. Read more
Many debtors are considering debt consolidation as the silver lining in the low financial state they are currently experiencing. It does seem like a quick fix in solving multiple debts, but a deeper understanding will aid those who are contemplating on consolidating their loans.
Convenience of Making a Single Monthly Payment.
With multiple debts, you are faced with several payment dates every month. Read more
If your company does a large part of its business on the road, then you know how important it is to keep an eye on your drivers. Drivers out there need to be in the right places at the right times. There is no space in the sales world for lateness. Conversely, drivers who are scouting, or conducting any kind of speculative work, need to maximize their time and not take advantage of having free time. Read more
When it comes to understanding the strange language spoken by most accountants, and/or your average financial advisor, you would be forgiven for believing that it was something other than English that was being used; it is not uncommon for those professionals dealing with tax issues on a daily basis to forget that most of us do not speak ‘Tax Jargon’ and would find an interpretation pretty handy.
So here goes:
Smaller businesses are allowed to file a condensed version of their annual accounts with Companies House, whilst filing a full set with their ‘Company Tax Return’; these ‘condensed accounts’ are known as ‘Abbreviated Accounts’.
Bad Debt Relief
If after charging a customer VAT on a product or service and then paying HMRC the VAT, you find that said customer has not paid you, it is possible to claim that VAT back from HMRC to aid your cash flow; once the debtor pays you, you will of course need to pay HMRC once more.
Under ‘Capital Gains Tax’ rules, tax is due on all profit over the threshold set, made from the sale or disposal of assets. Read more
Forget the time wasted by constantly checking email- financial compliance tasks typically occupy hundreds if not thousands of a company’s man hours each year. The various papers and forms take up time that could be spend creating a better product, and the paper waste is enough to make any supposed green company hang its head with shame. Read more
Several businesses, especially new companies will use spreadsheets as the primary source for recording all financial information. The process of using a spreadsheet is usually to prevent having to spend the funds for an Accounting Software program which is highly recommended. Using spreadsheets will not allow for bank reconciliation processes, the items on a balance sheet are typically not recorded and there is a risk of having income or expenses missed.
There are several versions of software programs with different price ranges and a variety of programs. Read more