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Accounting tips, definitions and examples for small business owners

What is the HMRC – Definition & Contact Details

Everyone is affected by HMRC in some at some time in their lives. Here's what the HMRC is about, what they are responsible and how to contact them.

What is An Accounting Period: Definition and Example

An accounting period is the time covered by a set of financial statements. Usually you expect to see a 12 month period. However there...

What is Cash Outflow

Cash outflow refers to all the cash that goes out of your business. Examples of Cash Outflow Supplier payments Bank loan payments Bank charges &...

What is Cash Inflow

Cash inflow refers to all the cash that comes into your business. Examples of Cash Inflow Customer payments Bank loan receipts Bank interest Sale of...

What are Creditor Days

Creditor days is a measure of how long it takes you to pay your suppliers. How to Calculate Creditor Days on the Balance Sheet Trade Creditors/Purchases *...

What is a Trade Creditor

A trade creditor is a supplier who has sent you an invoice for the purchase of goods or services but has not yet been...

What is Consignment Stock?

What is Consignment Stock? Consignment stock is stock which is legally owned by one party (the Consignor) but held in the warehouse of another party...

What are Management Accounts?

Management accounts are a set of financial statements typically prepared monthly or fortnightly.  Management accounts include a profit and loss, balance sheet and cash...

3 Reasons for Founders to Expense their Salary from Day One

It is common for Founders and Directors of start ups to not draw a salary and even be putting their own money into their...

What is Stock in Accounting?

What is Stock? Stock is the value of goods you have on hand ready to sell to your customers.  Not all businesses hold stock, it...

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