Bookkeeping and accounting.They’re the same thing, right? Wrong. True, they are both essential business functions, they both deal with financial data and work to assist you with your finances, but there are important distinctions between the two. Whilst their tasks can sometimes overlap, there are certain tasks that you would specifically need an accountant for […]
Author Archives: Allison Peace
Revealed: The best reasons to outsource your bookkeeping
An entrepreneur tries to juggle many balls every single day, but sooner or later some get dropped. The smart business owner is the one who realises that he, or she, can’t do everything because there are, after all, only 24 hours in a day and their time is best spent working and making decisions that […]
What do you do when a client owes you money?
One of the most common problems that affects businesses is when their customers owe them money. Does this sound familiar to you? You’ve done the work but your client is slow to pay you, this means you get behind with your own bills and consequently are short of money to invest in your business. […]
Three BIG numbers are that every business owner should know.
If you’re in business, it’s important to be able to read your financial statements to understand the state of your business. Basically, financial statements (or financial reports) are a record of a business’ financial flows and levels and while they may be confusing at first glance, the information that’s important is easy to find. The […]
5 bookkeeping best practices for small businesses
For a small business, bookkeeping is one of the most important tasks to be done, as it can help keep the business organised and profitable. However, for many small business owners it is also one of the most overwhelming tasks to tackle. Separate your bank accounts But, these five top tips from Allison at Peace […]
What is ‘double entry’ bookkeeping?
Bookkeeping and accounting are ways of measuring and recording a business’s transactions for the purpose of and reporting on their financial status. Information is collected and recorded using a system called ‘double entry bookkeeping’. This ‘golden rule’ helps businesses understand their profits and costs easily so they can see what parts of the business are […]