Stewart Roberts’ Post

Chart of Accounts: An Essential Guide for Every Business 🧾 A Chart of Accounts (COA) organizes all your business's financial transactions, simplifying the process of tracking, managing, and reporting your finances. 💼 Assets: - Office Equipment 🖥️ - Computer Equipment 💻 - Building 🏢 - Machinery 🏗️ - Goodwill 💡 - Bank Account 🏦 - Petty Cash 💵 - Accounts Receivable 📜 - Inventory 📦 📊 Liabilities: - Credit Card 💳 - Accounts Payable 📂 - Income Tax Payable 🏷️ - Payroll Taxes 💸 - Bank Loan 🏦 - Overdraft 🛑 ⚖️ Equity: - Capital 💼 - Drawings 📝 - Current Year Earnings 📆 - Retained Earnings 🔄 📈 Income: - Sales 💰 - Consultancy Services 🧑💻 - Shipping 🚚 - Other Income 💵 💵 Cost of Goods Sold (COGS): - Tracks the direct costs associated with selling goods. 💡 Expenses: - Advertising 🎯 - Bank Fees 🏦 - Consultancy Fees 💼 - Depreciation 📉 - Entertainment 🎉 - Insurance 🛡️ - Office Expenses 🖇️ - Payroll Expenses 🧾 - Professional Fees ✒️ - Rent 🏠 - Subscriptions 💻 - Travel ✈️ - Utilities 💡 - Vehicle Expenses 🚗 🗝️ A well-structured COA is key to staying financially organized and maintaining a clear picture of your company's financial health.

Golden Rules of Accounting The golden rules of accounting are a set of guidelines that every accountant can follow for the systematic recording of financial transactions. Types of Accounts : Rule 1. Nominal Account: Debit all expenses and losses of business. Credit all incomes and gains of business. Instance: Purchases, Sales,Salary Account, Commission Received, Rent Account and Interest Account Journal Entry Instance: Expense or losses For cash purchase Purchases A/c Dr To Cash/Bank A/c Instance: Income or gain For cash Sales Cash/Bank A/c Dr To Sales A/c 2. Personal Account: Debit the receiver Credit the giver Instance: Drawing Account, Debtors Account, Creditors Account and Capital Account, etc. Journal Entry For goods withdrawn for personal use Drawing A/c Dr ( Debit the receiver) To Purchases A/c (Credit the giver) 3. Real Account : Debit what comes into business Credit what goes out of business Instance: Buildings, Machinery, Furniture, Goodwill, Patents, Copyrights etc. Journal Entry For purchase of Machinery in Cash Machinery A/c Dr ( Debit what comes in) To Cash/Bank A/c (Credit what goes out)

Understanding accounting basics can be extremely useful so that you can be on top of your finances and build an amazing business. You might be thinking that you have an accountant or bookkeeper and therefore there is really no need to know any of it and I can see your point but being able to have an open conversation with them and understanding what they are advising can be vital for your business. Gross profit is simple to calculate: take your total revenue and subtract the cost of goods/services sold. For example, if you sold £100,000 worth of products but spent £40,000 in order to do so, your gross profit would be £60,000.

Bookkeeping can be complicated, especially when you're not sure what terms mean. Here are a few basics: Asset: any item, physical or intellectual, that your business can turn into revenue Accounts: they're like different envelopes for money you have and money you owe Journals: where transactions are recorded, and money is moved from one 'envelope' to another What other terms would you like to see explained?

Money management tips To keep business operations running smoothly, you need enough money to cover expenses. Put these tips in use to learn how to manage money in a small business effectively. * Monitor spending. * Don’t forget about accounts receivable. * Separate business and personal funds. * Time your purchases. * Create a budget. * Cut costs and increase revenue and many more. Having issues with money managements, worry no more. We are your sure plug, just a DM and we are right with you. #Taisha Associates #Accountant #Smallbusinessowners #Taxconsultant

Bookkeeping can be complicated, especially when you're not sure what terms mean. Here are a few basics: Asset: any item, physical or intellectual, that your business can turn into revenue Accounts: they're like different envelopes for money you have and money you owe Journals: where transactions are recorded, and money is moved from one 'envelope' to another What other terms would you like to see explained?

Bank reconciliations are a very important and necessary task which help ensure that your small business is meeting government requirements. Many find this task stressful, tedious, and time-consuming. This is where a bookkeeper adds value. By relieving the business owner of this very intricate task, the bookkeeper frees up a large amount of time that the owner can then devote to perfecting their craft...Growing the Business!

A great success story for one of our Accountant partners today... Yesterday she had received an enquiry from another colleague about a prospective client who was having a nightmare with his invoice discounting facility. Not being too familiar with that type of funding, she gave me a call to have a chat before speaking with the client. We spoke about a few potential approaches and how best to frame it to the client. This afternoon she dialed me into the call with client and we talked through all of the problems he was having with growth. They're a construction business who's having to "rob Peter to pay Paul" to keep suppliers and customers happy. Turns out there were loads of ways we could help... 🙌 we're now searching for an alternative funding provider to take out their existing facility which wasn't fit for purpose. 🙌 financing some of their supplier invoices would give them a bit of extra breathing space and keep their suppliers happy. 🙌 they would benefit from improving their credit score. In addition to paying them quicker, we'll also review their credit across all 5 credit agencies to make sure they're getting the best payment terms with suppliers. 🙌 we also uncovered potential for an R&D claim with the new systems they had put in place at the business. (which their current accountant had never even mentioned...) ...and they're not even a client of theirs yet!! You can create huge goodwill right from the outset with these conversations. You don't need to be an expert in any of these services (and don't let your client try to be either!) - that's what we're here for 💙

Invoice financing provides companies with an efficient way to fill any working capital needs your business may need, and it’s important to choose the right invoice financing company that will best address those needs. Discover how to find the best invoicing company for your business: #invoicefinancing #workingcapital #cashflowmanagement

💼💡 Navigating the complexities of recruitment invoice finance can be daunting, but did you know that using a broker can simplify the process and provide significant benefits for your business? Here’s why partnering with an invoice finance broker is a smart move: Expert Guidance: Brokers specialise in the invoice finance market and understand the nuances of different providers. They can match your specific needs with the best financing options available. Time Savings: With a broker handling the research and negotiations, you can focus on running your business while they find the most suitable finance solutions. Access to Multiple Lenders: Brokers have established relationships with a wide range of lenders, giving you access to more options and better terms than you might find on your own. Tailored Solutions: Every business is unique, and brokers take the time to understand your financial situation, ensuring the solutions they present are tailored to your needs. Negotiation Power: Brokers have the experience and expertise to negotiate better rates and terms on your behalf, potentially saving you money and improving cash flow. Ongoing Support: The relationship doesn’t end once you secure financing. Brokers often provide continued support and advice, helping you navigate any challenges that arise. Ready to optimise your cash flow and drive growth? 💪 Consider partnering with a broker to leverage the full potential of invoice finance. #InvoiceFinance #BusinessGrowth #CashFlowManagement #FinancialSolutions #BrokerBenefits #BusinessFinance #SMEFinance #Recruitmentfinance