Book keeping Basics Book keeping basics is the process of recording financial transactions of a business. It involves summarizing, analyzing, and reporting financial data to track the business’s financial performance. Book keeping basics is important for electrical items sales and services businesses because it helps them to: 1. Track their income and expenses: This… Read More »
Bookkeeping Basics Absolutely, there exist specific thresholds concerning bookkeeping basics within the realm of electrical items sales and services. In the United Kingdom, when your business surpasses a taxable turnover of £85,000 in the preceding fiscal year, you are obligated by law to maintain comprehensive documentation of all financial transactions associated with your business… Read More »
Bookkeeping Concepts and Stages Accurate accounting closing relies on several key bookkeeping concepts and stages to ensure financial records are precise and up-to-date. Here’s an explanation of these concepts and stages: 1. Double-Entry Bookkeeping: This foundational concept ensures that every financial transaction has at least two entries: a debit and a credit. Debits and… Read More »
Book keeping VS Accountancy Book keeping VS Accountancy Website link Book keeping VS Accountancy Bookkeeping and accountancy share a close connection in the domain of financial management, yet they encompass separate roles and responsibilities, making them unique from each other.. Here are the key differences between Book keeping VS Accountancy: Scope: Bookkeeping focuses on… Read More »
Accounting and bookkeeping course Website link Accounting and bookkeeping course There are various accounting and bookkeeping courses available for individuals interested in pursuing a career in this field. These courses can provide you with the necessary knowledge and skills to perform accounting and bookkeeping tasks effectively. Here are some common types of courses you can… Read More »
Bookkeeping Accounting Principles Bookkeeping Accounting Principles are closely intertwine terms that encompass the meticulous documentation, arrangement, and communication of financial transactions and data for a business or organization. Despite their interconnections, these two concepts hold separate significance. Going Concern Principle: This principle assumes that a business will continue its operations in the foreseeable future.… Read More »
Bookkeeping with no Experience Bookkeeping with no Experience, If you’re enthusiastic about pursuing a career or engaging in bookkeeping tasks but lack prior experience, here are a few steps to help you get started: 1. Learn the basics: Start by gaining a solid understanding of basic accounting principles and bookkeeping practices. There are numerous… Read More »
Bookkeeping v/s Accountancy Bookkeeping v/s Accountancy, Bookkeeping can be accomplished without relying on QuickBooks or any other accounting software, while still maintaining its distinctiveness: 1. Scope: Bookkeeping primarily focuses on recording and organizing financial transactions, such as recording sales, purchases, payments, and receipts. It involves maintaining accurate and detailed records of these transactions using journals, ledgers,… Read More »
Interchange of bookkeeping & accountancy Interchange of bookkeeping and accountancy Website link Interchange of bookkeeping and accountancy: While bookkeeping and accountancy are related fields within the realm of financial management, they are not interchangeable terms. They refer to distinct activities and have different scopes of work. Bookkeeping primarily involves the systematic recording, organizing, and maintaining… Read More »
Comparing bookkeeping and accounting Website link Comparing bookkeeping and accounting No, bookkeeping and accounting are distinct entities, albeit closely intertwined. Bookkeeping is a subset of accounting and refers to the systematic process of recording, organizing, and maintaining financial transactions of a business. It involves tasks such as recording transactions in journals, posting entries to… Read More »