Author: Quentin Pain
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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…
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Why Should I Take Control Of My Business Accounts?
In the UK, HMRC have said they will be introducing compulsory quarterly accounting periods for all businesses sometime in the not too distant future (if you’re in any other country and you don’t already have this, be warned, it will be coming to a place near you soon – just as VAT will eventually replace…
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What people are saying about the Accounting for Everyone free Bookkeeping Course
I hope I will learn something from this having never been involved in anything like it before but hubby is setting up his own business and wants me to do the admin and book keeping and accounts so have to learn quick. So thank you for this, wish me luck think I’m going to need it. Thank you…
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Top Reasons To Be A Bookkeeper From The IAB
The International Association of Bookkeepers (IAB) is a globally recognized professional body that offers a range of qualifications and training for aspiring and practicing bookkeepers. If you’re considering a career in bookkeeping or looking to enhance your skills, here are the top ten reasons why training with the IAB is an excellent choice. 1. Global Recognition…
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FAQ
One of the most common accounting areas people want to know about is Accounting Ratios. With just a little math you can quickly discover a lot about a business. All you need is some basic statistics and figures such as turnover, sales and expenses tracked over time and you can figure out pretty much anything.…
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Double-entry Accounting Explained In Simple Terms
Double-entry accounting is really very simple provided you follow these rules. Everything starts with a Source Document. That is usually an invoice for something you have sold or a receipt for something you have bought. Each Source Document is copied into your double-entry system by creating Transactions. A Source Document always contains at least one…
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Bookkeeping Certificate Online Classes
If you are new to bookkeeping and accounting then you should optin to the Accounting for Everyone 12 week online course. Put together by Quentin Pain in 1998 the course has been available for many years and has recently been updated, although the principles of double-entry have not changed in 600 years. But what has…
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Accounting Courses Online With Certificate
The number of online accounting courses is quite limited, and of those not many are particularly good, but Accounting for Everyone is one of the diamonds in the pack. It was put together from over 12 years of research into the double-entry model and how it can be explained in a logical way (and trust…
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Learn Double-Entry Bookkeeping
Here’s a great resource from Loris Tissino. He has developed a site to step you through double-entry including transactions and posting. I think you will find this another very useful tool. Loris has written a piece for Accounting for Everyone describing it. Here we go: If you are a student and want to practice bookkeeping…
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Accounting for Depreciation
Depreciation is really important yet few bother to do it. Why? because it seems so hard to do. But the reality is that it is really very simple. But first we need to look at what it is, and why we need to do it. The Value Of Assets Everything you buy to use for…
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Welcome Bookkeepers and Business Owners to 2013
I have been passionate about accounting ever since I started my first business back in 1979 in the UK. It grew quickly and became successful, and I developed a computer program during that time to run the accounts of the business. So here we are 33 years later and a LOT wiser, plus a few more…
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2012 And All That
Another year is upon us and at a time of world recession, you can not do better than being a bookkeeper. The number of new startup businesses is increasing globally because of redundancies and people unwilling to work for others. The one thing they all have in common is that they don’t want to learn…
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Advanced Balance Sheet Theory
If you are not familiar with balance sheets you should take my bookkeeping course first as I don’t want to put anyone off with this article. OK, with the warning out of the way, let’s press on… With most accounting systems, things like balance sheets are considered as reports. That is, something you need to…
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On Journals And Ledgers
It’s been an incredibly busy month here on Accounting for Everyone, with many wonderful new comments on the various weeks course material. It took me many years to really understand double-entry. I did it by reading all the books I could get my hands on, and talking to thousands of business owners, oh, and the…
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Thank You For Subscribing
I just had to write a thank you note to all my loyal subscribers. Thank you so much for subscribing to Accounting for Everyone. Your comments have been fantastic, and the Facebook recommendations have also been overwhelming. Please do continue to recommend this course as I know it is helping a lot of people understand…
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Problems and Solutions
Many business owners stick stubbornly to their policies, claiming that it confuses staff if you give them some room to talk more freely to customers. One of the things I found to win over customers is to listen. And I mean listen carefully. They are the ones with the problem, and for some reason they…