Financial vs Management Accounting

Financial Accounting vs Management Accounting

What’s the difference between Financial Accounting and Management Accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company? As […]

DJ Grigg - Blog Post Depreciation

Business Asset Depreciation 101

Business asset depreciation is what happens when business assets lose value over time. It’s an often-forgotten cost of doing business – but it shouldn’t be. Here’s why depreciation is so important: Costs you money – Depreciation accounting involves calculating how much value your assets lose each year. It can be listed as a loss and subtracted […]

Capital Gains Tax 101 – Understanding the Basics

A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise, […]

Automating Bank Reconciliations – How and Why?

What are bank reconciliations – and why should you be automating the bank reconciliation process? Good bookkeeping is all about recording and matching your financial transactions. Over a usual week of trading, you’ll have a range of payments deposited into your bank account. You will also have a host of operational expenses withdrawn from that […]

Invoices getting paid late? Try These 6 Tips

Xero’s Small Business surveys show that almost half of invoices get paid late. Late payment of invoices are one of the most frustrating things a business can face. Here are six tips to get paid faster. Review and adjust your payment terms and pricing – Think about how much time you give customers to pay […]

Accounting Basics: Profit & Loss Statement

The profit and loss report and the balance sheet are both key reports when it comes to getting in control of your company’s financial health. Understanding your finances is a vital part of running your business. But getting down into the nitty-gritty of the company accounts isn’t every entrepreneur’s top skill. If you are new […]