3X7.co.uk
No Result
View All Result
Monday, December 9, 2019
  • Home
  • Business
  • Insurance
  • Loans
  • Personal Finance
  • Investments
  • Savings
Subscribe
3X7.co.uk
  • Home
  • Business
  • Insurance
  • Loans
  • Personal Finance
  • Investments
  • Savings
No Result
View All Result
3X7.co.uk
No Result
View All Result
Home Business

4 Things About Business Accounting You Need To Know

by admin
June 28, 2017
in Business, Tips
0
4 Things About Business Accounting You Need To Know
156
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

If you run a small business, you need to know a thing or two about accounting. But the problem is, youve got a million other things to worry about throughout your day. Understanding the nuances of ledgers isnt high on your agenda. Unfortunately, not knowing the basics of accounting can lose you money and land your business in trouble. So here are some quick and easy-to-learn things that you need to know about accounting today.

1

www.picserver.org

Bookkeeping Frequency

You need to decide how often you do your bookkeeping. Most firms do their bookkeeping around once per week. This is so that they minimise the amount of time they spend scrambling around for receipts and recording payments. If you outsource to chartered accountants, it also makes sure they an accurate record of your accounts.

2

pixabay.com

The State Of Your Accounts

Many business owners dont take responsibility for reviewing their statements themselves. Rather, they pass the task off to somebody else and assume that they will deal with it. But this is where problems can start to arise. The first issue is that the person who deals with your accounts might not be trustworthy. They might, for example, embezzle money, knowing full well that you dont check the books.

As a business owner, you shouldnt be in the dark about any aspect of your business. So that means that you should regularly review the books and ask questions if you see anything unusual. Youll also get a better picture of how the business is performing overall. And this will inform your strategy for the future.

Your Seasonal Cash Flow

The amount of money you business has on hand at any one moment will vary from month to month. Sometimes this variation is unplanned. But in a lot of firms, it is to be expected. If you run an ice cream truck, for example, you expect to do a lot more business in the summer than in the winter. And so your seasonal cash flow will change. Some months youll have a lot of revenue relative to outgoings. Other months youll have far less. When you are cash-rich or cash-poor will inform many decisions you make in your company. Going on a marketing spree when during peak season is probably a good idea. Doing so in the low-season probably isnt.

Your Tax Liability

The amount of tax that you pay as a business will depend on your jurisdiction. If youre lucky, this will be simple. But in most countries, tax liability is not something easily worked out. There are numerous deductions, different rates of VAT and rules about when corporation tax should be paid. In some countries, your tax liability can even vary by industry, adding another layer of complexity.

3

www.flickr.com

As a business owner, you need to have a good idea about what taxes you need to pay. This is where talking to a professional can help. Paying too much is bad news because it means that your company is losing money unnecessarily. And paying too little is bad news because it puts you at risk of fines.

 

  • Trending
  • Comments
  • Latest
How To Become More Frugal With Your Finances

How To Become More Frugal With Your Finances

August 3, 2017
Free money? Really?! Yes, it’s true.

Free money? Really?! Yes, it’s true.

January 19, 2017
Can You Live A Normal Life With Bad Credit?

Can You Live A Normal Life With Bad Credit?

May 28, 2017
No More Sweat And Tears: No More Debt And Fears

No More Sweat And Tears: No More Debt And Fears

January 11, 2017
Auto Expenses You Can Deduct on Your Taxes

Auto Expenses You Can Deduct on Your Taxes

0
Reasons why you should avoid getting in debt

Reasons why you should avoid getting in debt

0
Tips for keeping your Credit Report Clean

Tips for keeping your Credit Report Clean

0
Some Methods & Tips for Saving Extra Money each Month

Some Methods & Tips for Saving Extra Money each Month

0
Auto Expenses You Can Deduct on Your Taxes

Auto Expenses You Can Deduct on Your Taxes

January 23, 2019
tax planning

It is Never Too Early to Begin Tax Planning

December 10, 2018
NEW PLATFORM FOR THE ADULT PUBLIC USES BLOCKCHAIN TO GUARANTEE ANONIMATE IN PAYMENTS

NEW PLATFORM FOR THE ADULT PUBLIC USES BLOCKCHAIN TO GUARANTEE ANONIMATE IN PAYMENTS

November 3, 2018
Unemployment and Money Paths

Unemployment and Money Paths

September 11, 2018

Recent Posts

  • Auto Expenses You Can Deduct on Your Taxes
  • It is Never Too Early to Begin Tax Planning
  • NEW PLATFORM FOR THE ADULT PUBLIC USES BLOCKCHAIN TO GUARANTEE ANONIMATE IN PAYMENTS

Categories

  • Articles
  • Business
  • Credit Cards
  • Guides
  • How To
  • Insurance
  • Investments
  • Loans
  • Personal Finance
  • Savings
  • Tips
  • Uncategorized

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
3X7.co.uk

3X7.co.uk - Business, Finance and Money - The best information surrounding the realms of finance and business.

  • Home
  • Contact
  • Advertise

© 2018 3X7.co.uk

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
    • Home
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • Tech
  • Real Estate

© 2018 3X7.co.uk

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In