Understanding Bookkeeping and Its Benefits for Business

 

Bookkeeping in a business enterprise is the basis of an accounting system. According to Law, bookkeeping is a record-keeping process conducted regularly to collect data and financial information covering assets, liabilities, capital, income, and costs, as well as the amount of the acquisition price and delivery of goods or services, which is closed with prepare financial statements in the form of balance sheet, and income statement for the period of the taxable year.

There are several common methods of bookkeeping: single entry-entry bookkeeping and double-entry bookkeeping. Both systems can be seen as real bookkeeping. A single-entry accounting system is the source of primary accounting records such as cash books. This is similar to a list of checking accounts and places revenue and expenses into various income and expense accounts. This system works only if you are moving in a small company with a low volume of transactions. While Paired System …

Read More

The lowdown on pensions

For most of you, your pension might be at the back of your mind because it seems like a lifetime away. However, as recent press attention has showed us, putting money towards our post-retirement fund is incredibly important. It is never too early to start planning for your pension.

But with this in mind, people put off planning their pension because they are unaware of the options available to them. Here, True Potential Investor explain the options:

Attitudes towards the UK pensions:

According to the Office for National Statistics (ONS), there has been a drop in people contributing to their pensions. Figures show 50% of people didn’t contribute to their pension in 2014/15 — up from 38% in 2010/11. This stagnation is largely attributed to rising living costs and unemployment.

2016 has seen a shift in attitudes and, according to True Potential Investor, there was a drop in the amount …

Read More