Author: Quentin Pain
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UK National Minimum Wage 2024/2025
From April 2024 the UK national minimum wage rates are as follows: Apprentice £6.40 16 – 17 years old £6.40 18 – 20 years old £8.60 21+ years old £11.44 Accommodation Offset £9.99 (if an employee is given accommodation by an employer, free or paid, it can affect what the employee is paid) Who can get…
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Everything You Need to Know About Charlie Munger: A Comprehensive Guide to His Life
Charlie Munger, renowned investor and partner of Warren Buffett, lived an extraordinary life spanning 99 years. As Berkshire Hathaway’s Vice Chairman, Munger helped shape its investment philosophy, transforming it from a failing textile business into an empire. His wisdom, resilience, and contribution to the world of finance made Munger a highly respected figure in the…
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A Simple List of All Questions People Ask About Bookkeeping and Accountancy: Your Go-To Guide
Navigating the intricacies of bookkeeping and accountancy can sometimes seem like a mysterious journey for business owners and individuals alike. The industry is riddled with specific practices, detailed procedures, and jargon that can be overwhelming. This has led to a plethora of questions frequently asked by folks trying to get a grip on their finances…
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Top Accounting Questions Asked by Businesses: A Friendly Guide
Bookkeeping is an essential part of maintaining a thriving business, as it offers a solid foundation for an efficient accounting system and enables accurate financial record-keeping. When business owners and managers make informed decisions, they can largely attribute their success to the precision and reliability of their bookkeeping practices. In this article, we will delve…
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The Definitive Free Guide To Bookkeeping Part 2
This is part 2 of The Definitive Free Guide To Bookkeeping. If you’ve not read the first part, click below: The Definitive Free Guide To Bookkeeping For Beginners In part 1 we touched on the 3 reasons people want to learn bookkeeping: Become a self-employed bookkeeper Do your own bookkeeping for your business Take up bookkeeping…
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The Definitive Free Guide To Bookkeeping For Beginners
The Definitive Free Guide To Bookkeeping For Beginners Introduction And Guide To Bookkeeping as a Business, Career or Skill Whether you want to be a self-employed bookkeeper, do the bookkeeping for your small business, or be employed as a bookkeeper, this simple guide to bookkeeping will point you in the right direction. And it will…
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What Are Bookkeeping Functions?
The functions of a bookkeeper may be many and varied however there are a few straightforward procedures that every bookkeeper will know about such as recording, balancing and securely filing financial transactions. Small business owners who are just starting out are often led to believe that they need to employ a bookkeeper in order to…
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What Are Bookkeeping Principles?
Bookkeeping principles are rules that the business accountant or bookkeeper follows in order to create accurate records of the business’s financial activities. A bookkeeping system tracks money as it flows in and out of the company in the form of income or expenses. The data generated shows you how well your business is doing. Bookkeeping…
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Bookkeeping Business From Home And How To Set It Up
In this in-depth article we look at all the basics you need to be aware of to set up your home based bookkeeping practice. But first, it’s a good idea to understand the basics of cost, price, profit, net profit, EBITDA, and EBIT. That way you’ll be speaking the same language as your local friendly…
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What Are Bookkeeping Ethics?
The bookkeeper has a responsible position in society. She tracks the flow of monies that come into and go out of companies and businesses. The work of a bookkeeper is necessary so that interested parties can understand the financial status of the business at a glance. A bookkeeper is a powerful person and must work…
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What Are Bookkeeping Tasks?
The tasks a bookkeeper needs to do may be highly specific or they may be extremely varied. A bookkeeper’s day-to-day tasks will depend on if he is working for a tiny start up or a major global company. For instance at the very basic level the bookkeeper will need to log all incoming and outgoing…
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What Are Bookkeeping Duties For Bookkeepers
The work of the bookkeeper has been done for centuries and in the most basic of terms you will be keeping track of what’s happening to the money that a business trades in. Bookkeeping duties consist of keeping the accounts for a business. A business depends on the health of the financial reporting that the…
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What Are Bookkeeping Skills?
What Are Bookkeeping Skills? Being a good bookkeeper means being able to represent an exact picture of the financial aspects of your business on paper or electronic files. You need all sorts of skills to become a great bookkeeper; soft and hard skills, and above all an interest in having an overview of the financial…
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Keeping Accounts For Small Clubs – A Simple Guide
So you’ve just become the treasurer (or are thinking of becoming a treasurer) for your local club, but you’re not sure what it involves, or your responsibilities for taking over this role. Well, let’s clear it all up so you know what to expect and what you need to do. First off, you need to…
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Treasurers Guide Part 1
Treasurers are usually unpaid volunteers (if you are one of these, welcome to the club!). Your job can range from the ridiculously easy to the incredibly complex. However, if you have just volunteered to be a treasurer for your local club/society/charity, help is at hand. Typical Club Transaction First off, it can be a pleasure…
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Are Bookkeeping and Accounting the Same?
Bookkeeping is the process of recording daily transactions of a business and is a key component to building a financially successful business. Bookkeeping is normally completed by bookkeepers. Some tasks regularly undertaken by a bookkeeper can be: Recording financial transactions Credit Control (issuing invoices to customers) Accounts Payable (receiving invoices from suppliers) Paying suppliers Maintaining…
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Are Bookkeeping Businesses Profitable?
The simple answer to the question ‘Are bookkeeping businesses profitable?’ is ‘Yes.’ The most important thing when setting up your new bookkeeping business is to be clear about the process; be accurate and knowledgeable about the numbers you are handling and work on the detail. That will ensure that you know exactly what is going…
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How To Become A Bookkeeper
The simplest way to become a bookkeeper is to pass a basic bookkeeping certification, such as the Accounting for Everything online course available on this site, or to step up to the highest level through the International Association of Bookkeepers (IAB). Whatever you choose to do, get some basic bookkeeping tuition first before you start the…
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Turnover, Gross Profit, Net Profit, EBITDA and EBIT
Knowing the difference between gross profit and net profit matters for 2 main reasons: And that’s because it records the difference between your sales and what is costs you directly to make those sales. That difference represents your sales margin or markup. It is the first indicator of profitability in a business. A while back…
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Depreciation and Capital Allowances
Depreciation is the amount an asset has reduced depending on age, wear and tear, and current market value. It is a core part of bookkeeping, and usually applied at year end (for larger businesses it is often calculated every month as part of management reporting). When you record the purchase of an asset such as equipment or buildings…