Everything you wanted to know about the difference between bookkeeping and accounting but were afraid to ask

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 […]

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 […]

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 […]