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Do you understand debits and credits? Journal entries? The difference between assets, liabilities, revenue, expenses and equity? No? You’re not alone! Most small business owners have not been trained in double entry...
It is surprising how often a business takes on their first employee and only thinks about paying them but doesn’t give any thought at all to their other entitlements such...
When many small business owners visit their accountant, they bring their bank statements, receipts or even their computer records… and a bad memory! This deadly sin trips even some of...
Value Added Tax (VAT) can cause small business owners trouble from time to time. It’s almost impossible to understand every detail involved with VAT, and often this can lead to...
Many small business owners pay cash out of their pocket for business expenses while out and about, put the receipt in their pocket, and never see it again. This is...
It makes sense that you would want to be paid for the work you do as soon as possible. But when you don't take payment for your products or services...
Want to push the HMRC's 'hot button'? Muddle up your private and business expenses. Most people don't know that this is a big 'no no'. It is actually very important to...
One of the biggest sins that small business owners commit is that they put off doing the books for weeks or months at a time. Many small business owners think that...
The first 'Deadly Sin' small business owners are notorious for committing is not reconciling their records to their bank statement. Performing a bank reconciliation is the most important indicator as to...
Businesses are successful for one fundamental reason. It rarely, if ever, is about luck or talent or how much money they started with. And it certainly is not dependent on...
