What are debits and credits?

You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if you are a bookkeeper or accountant you will or should understand their significance. The first book on the subject was written by Italian mathematicians...

Depreciation

Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will decrease. In double...

Identifying clients in need of help

Most of us fire-fight on a daily basis. We face distractions from multiple directions and basically have no time to surface from that activity to see what else may require our attention. Any plans that we had for our day can be dashed by new emergencies leaving us...

Drawings, profits and tax

If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill. When times are good profits may be high, but you...

Why footfall is important

All businesses have customers, According to HMRC, even they have customers… Sales are the amount of goods and services that you provide your customers and there are three main features that affect your annual turnover: Number of customers Price Footfall The...