Invoice numbers: What to pay attention to

Numbering your invoices follows a certain set of requirements under U.K. law, and is also a helpful tool for managing your business and tracking your transaction history. Utiliszing a good invoice numbering system makes it easier to locate invoices for future referencing, and can come in handy when accessing sale records for customer service purposes. Following a structured invoice numbering [...]   

Legal requirements for cash registers

Whether you are operating an open cash register, an electronic cash register with a print drive, or a modern PC cash register, your records are subject to the same legal requirements. Our article provides an overview of the different types of cash registers available, and outlines the legal requirements their records must adhere to.   

Cash inflow and outflow, simply explained

As the tax return deadline approaches, businesses are faced with a major challenge: They not only need to communicate their tax returns to the HMRC, but also their previous year’s profits. Small businesses, self-employed individuals, and freelancers need to take the cash inflow and outflow principle into account when calculating their profit. But what exactly does this mean? This guide will help [...]   

Required components and information for a proper invoice

Only proper invoices are approved by the HMRC. If the invoice is incorrect or incomplete, you forfeit your right to tax deductions, among other consequences. To avoid this, make sure that you always meet the minimum invoice requirements. This quick guide explains what information and components are mandatory on your invoices, what can and can’t be omitted, and which special rules you should pay [...]   

Cash flow accounting: Cash flow statements easily explained

Cash flow statements provide the recipients of quarterly or annual financial reports with an overview of the company’s use of funds. They help investors assess their financial and economic situation. Depending on the company’s focus, preparation of the cash flow statement must comply with the requirements laid out by the FRC and in the IAS 7. In this article, we give you a short introduction into [...]   

What is Fair Value?

There is no doubting the fact that financial statements can be complex and hard to understand. At the core of an accurate statement are accurate values and figures. This is where fair value comes into play. Fair value accounting is of great importance when it comes to financial statements (balance sheets), the selling of assets, or transferring liabilities between two companies. For investors, [...]   

Writing invoices: guidelines for businesses and the self-employed

Invoices are usually written with a special online tool or with an office software, like Microsoft Word or Excel. However, regardless of how you create an invoice, the content and structure of the document are subject to the same guidelines. But what do you need to be aware of? And what are the benefits of writing an invoice online?   

Bookkeeping software: how does an online accountancy programme work?

An accounting program helps you to organize and analyze your invoices and cost centers, VAT, and other areas of accounting. Cloud-based accounting software is particularly popular for small business owners, since it can offer more, due to the internet connection. Many entrepreneurs and self-employed people have time restraints, so that working with the support of an accountancy program can be an [...]