What is Accounting?

what is accounting

An introduction to accounting to give you enough knowledge to take control of your business money.

Distributable Profits

what are distributable profits

Distributable profits are the maximum amount of reserves a Company has available to pay to its shareholders as a dividend at any one time. Typically that is the total profits remaining after deducting all business expenses and taxes from income all the years a business has been in existence.

What is a Credit Note?

what is a credit note

A credit note does the opposite of an invoice – it reduces the amount a customer or client owes you. Use this self-employed credit note template and set up guide to create on brand credit notes that you can send to your customers and clients.

What Details Should I Include on a Sales Invoice?

what details should you include on a sales invoices

Even though sales invoices can take different formats, there is certain info that you are legally required to include every time you bill your clients. Use the information in this guide to check you are including everything you should.

What is the Tax Point of a VAT Invoice?

what is the tax point of an invoice

The tax point of an invoice is the date used for VAT purposes to determine the date that VAT must be charged and which VAT quarter it gets included in. Here are the most common scenarios and the tax point to use.

Double-Entry Bookkeeping Explained

double-entry bookkeeping

Even if you use an automated accounting software double-entry bookkeeping is behind each and every transaction you enter. In the old days, double-entry bookkeeping was all done manually using a spreadsheet and, before that, paper and pen! Nowadays, thankfully, bookkeeping is much easier with most of the complicated recording handled for you through a computer … Read more

What is a Balance Sheet?

what is a balance sheet?

A balance sheet is one of the 3 basic financial statements of a business. It summarises key information about a business and in some case, it is a legal requirement to prepare one. Here’s everything you need to know about UK balances sheets, how to make one and a template to help you.