Business Accounting

Your Statement of Profit & Loss, or Income Statement, tracks the overall performance of your business.  It begins with the Gross Profit from your Trading Account then lists all overhead expenses, giving you the Net Profit.  Some software combines the Trading Account and the Profit...

Your Balance Sheet, or Statement of Financial Position, measures the net worth of your business at a point in time and shows if your business is solvent (if assets are greater than liabilities). It details assets, liabilities, and shareholders' equity (funds contributed by shareholders and accumulated...

As a business owner you should be earning more than an employee, or what you could earn as an employee of someone else’s business.  This premium compensates you for the extra risk and demanding work that as a business owner you have. Most business owners experience...

If you have not read our 6 Ways to End the year right article.  Do this now. Once you have reviewed your past performance and got your records ready for your end of year accounting it is time to look to your future. If your business is...

For those with a 31st March Balance Date, the new tax year starts on the 1st of April.  This is an ideal time to look at what is working, and fix what is not.  A great time to plan for your business and financial success. ...

If you have a 31st March balance date, end of financial year is just around the corner for you.  Preparing for end of financial year can really take the hassle out of your end of year accounting and tax returns, but even more important can...

In the first part of this guide we looked at why knowing your numbers is important and how the better you understand your financial reports, the better your decision making and results will be. Your key financial reports The rest of this guide over the next few...

Your financial reports tell you the story of your business; allowing you to interpret the results of your business activity.  The better you understand your financial reports, the better your decision-making and results will be. We want to share the benefits of understanding your numbers, give...

Cash is king in any business and optimizing cash flow is a vital part of ensuring your business will always have the cash it needs to fund trading and expansion plans.  Poor cashflow is the number one reason business fails, whether your bank has requested...