We have often been asked for a list of books that are useful whether you are new to business or just wanting to update a few of your ideas – here are a few we have slected for you – hope they are useful – feel free to add more in the comments section – [...]
Robert Ashton, is an entrepreneur, and challenging business author. His books including ‘How to Sell’ are published by Hamlyn. Visit www.robertashton.co.uk to find out more. Robert kindly agreed to contribute a regular column to ‘Wising UP!’ so this was the first of of our “Ten Ways…” series from the first issue of Wising UP in [...]
The Financial Year End. Each and every Limited Company trades for a period of One Year, this can be of 12 Calendar months or 13 ‘Lunar’ Months, a ‘Lunar’ Month consists of Four weeks only, at the end of which it has to present a ‘Set of Accounts’ to H.M.R.C. and Companies House. As an [...]
The Nominal Ledger. This is a collection of individual accounts in which the Income and Expense, including the Operating Costs, of the Company are recorded and which provides an overview of the activity of the Business. It is also from this Ledger that the Trial Balance and the Final Accounts of the Company are prepared [...]
The next thing we look at is the ‘Month-end’, a lot of companies ‘close’ their accounts at the end of each month, this is purely an accounting exercise so that the Director(s) and the Accountant can see how the company is progressing and what measures, if any, need to be taken. It is also helpful [...]
We now come to the Cash Book. This is where you record the Receipts of monies due to your Company (or Employer) from your Clients and the Payments of monies due to your Suppliers. If you are ‘controlling’ the Cash Book then you should receive all cheques, and perhaps cash, which are monies due to your [...]
To start with the ‘Purchases’, all Invoices which you receive from Suppliers should, where possible, be entered in date order into the ‘Purchase Day Book’ showing Date, Supplier, Invoice number followed by the Amount, V.A.T. and the Net amount extended in to a column headed for that type of expense, or into a ‘Sundries’ column [...]
Book-keeping, the trade I learned at the tender age of 18 when I joined a London firm of Chartered Accountants who were prepared to train me as an Audit Clerk. In the three or four years I was with them I learned a lot about keeping records and working with detail and accuracy, something which [...]
