Financial Accounting: Introduction To Small Business Accounting Terminologies

Understanding small business accounting vocabulary is an important first step in learning how accounting really works. So let’s look at some key terms in financial accounting and their meanings. The Journal, sometimes call the Book of Original Entry or more commonly the General Journal, is how transactions are entered into accounting records. It is a […]

The Essential Elements Of VAT Invoices

If you happen to manage a small business for which you are registered for Value added tax, then its important that whenever you supply goods or services to anyone else you must issue him or her a VAT invoice. Being a registered business enterprise, you’ll be able to reclaim Value added tax on purchases made […]

6 Reasons A Start Up Business Needs An Accountant

Errors in your accounting or neglecting to comply with statutory requirements can have significant consequences for a start up business and most small business. For example not knowing when to register for VAT or PAYE can result in serious penalties for suspected income tax and VAT avoidance. For a sizeable corporation, this can hurt both […]

The Various Types Of Trade Debtors

You’ll encounter various types of trade debtors in business: current debtors help maintain cash flow, overdue debtors require persistent follow-ups, high-risk debtors need close monitoring due to financial instability, and strategic debtors consistently provide significant value with on-time payments. Engaging new debtors brings potential while managing risks through clear terms and strong communication. For greater insight into effectively managing these […]

Tips On How To Keep Accounting Records For Business Owners

How to Keep Accounting Records Effectively If you are an entrepreneur, self-employed or work from your home you know that keeping accounting records can be a daunting task. This is especially so if you are one of those that generally put it off until the end of the year. In this article, we provide suggestions […]