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business accounts

Guide to profit & loss statementWhen you’re trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L).

This is a simple set of figures that will give you a summary of what your business has spent and sold, normally in a 12 month period.

Crucially, a P&L statement will tell you how much profit or loss your business has made so it’s useful to have a good grasp of it.

Here’s an overview of Profit & Loss Accounts for a small business owner.
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Understanding the numbers of your business is crucial to your success. If you have a grasp of key figures, and have an understanding of your business’ accounts you are more likely to make good business decisions.

Knowing your way around business accounts isn’t something that comes naturally to everyone, but if you are serious about your start-up, investing some time and effort to learn the accounting basics will pay dividends for all business owners.

It certainly did for Paul Oberschneider, who after facing up to his financial shortfalls turned his life around to become a successful entrepreneur, angel investor and author. Here, Paul shows the value of knowing the numbers behind your business; Continue…

If you’re in the midst of starting a new business, then the bookkeeping requirements are unlikely to be at the forefront of your mind. At this stage there can be far more pressing things for you to think about.

However, once your business is taking shape, you will need to start thinking about keeping up-to-date and accurate accounting records of your income and expenses. More than just a legal requirement, basic bookkeeping is an essential part of your ability to manage your business effectively.

But what kind of details are you going to need? Continue…

Few people start a new business so they can do paperwork. Spending time adding up receipts or pushing invoices around a desk is nobody’s idea of fun – unless you’re starting up as a book-keeper or accountant!

Unfortunately it’s a necessary evil and something you need to stay on top of in your new business. Being disorganised and putting off paperwork just isn’t an option.

Her Majesty’s Revenue & Customs (HMRC) will fine you if you’re late getting essential information to them. And the longer you leave it, the worse the problem gets. So here’s what every small business owner needs to know about book keeping.
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