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In the business world, you might return or refund the defective products to your seller. Likewise, providing a price cut on your damaged items to your customers is a normal practice. Also, you may offer discounts on intervals for getting a larger customer base. These transactions are recorded in the accounts as contra revenue account. […]
Why Contra Revenue Account is Important for Business Bookkeeping? Read More »
One-off sale is one of the simplest types of business model. Here, you sell your product and get paid in return, see how simple it is! But, it’s not as simple as it seems. You need to toil day and night for years for the long-term sustainability of a one-off sales business. Wondering, what should
Want a Consistent Revenue Stream? Go For Recurring Revenue Model Read More »
Time unfolds itself in unexpected ways. Even during the golden time of business, several things can go erroneous. We hardly ever foresee that the disaster is ready to bash. It is where the need for a Business Continuity Plan arises. To save your company during the phase of uncalled disaster for uninterrupted success, you need
Time is Unpredictable? Be prepared with a Business Continuity Plan! Read More »
Often people take the terms salary and wages the same. Due to an unvivid understanding about what is the difference between salary and wages, people tend to get confused and use both the terms interchangeably. But the fact is that both the terms have clear differences. In this article, we will learn everything we need
Lets figure out the differences between Salary and Wages Read More »
In the fluctuating global economy where nothing is predictable, businesses encounter a lot of financial challenges. As we have observed this in the post-pandemic world, where there was a massive recession never felt before. This caused the downfall of the world’s major economies. Consequently, numerous businesses faced insolvency and some are still trying hard to
What is Insolvency? Causes, Effects and Preventive Measures Read More »
If you intend to seek investors for your business or sell your business, the first need is to know its worth. This blog is just the right guide for you to calculate your business worth. You might have been new to the business and up running it for four weeks. Or maybe you were in
How to value a business: A guide for small business owners Read More »
It is the dream of every individual to flourish his business and make a mark in the business community. Proper direction and planning are the keystones of a successful business. For the success of every business, the accounting sector is the most imperative part. An excellent accounting system helps to boost your business. The two
Accrual Basis vs Cash Basis Accounting: Pros and Cons Read More »
If your business has deferred VAT payments of the last year, you have less than one month left to pay it in installment under the new VAT Deferral Scheme. In this blog, we will discuss the options available for businesses to avoid a 5% penalty on the deferred VAT. The UK government has provided a
Hurry-Up! Time is Running Out to Join the VAT Deferral Scheme Read More »
Before we define unlimited liability, the need is to know the meaning of business liability. All kinds of businesses come with the factor of liability. It means the owners, shareholders, or members are responsible for the business debts. Liability can be of two types. Limited Liability Unlimited Liability 1- Limited liability means the
Everything you need to know about Business unlimited liability Read More »
Not sure how your business is utilizing its overhead costs? With activity based costing, you can get a deep insight of your business expenses, especially the overhead costs. This method best suits product-focused businesses. By using this method, you can figure out the factors that are driving your overhead cost, which will help you to
Want to Figure Out Where Your Money Goes? Focus On Activity based Costing! Read More »
Our team of qualified accountants in London has qualifications from top accountancy bodies, such as ICAEW ( Institute of Chartered Accountants of England & Wales, ACCA ( Association of Chartered Certified Accountants & AAT ( Association of Accounting Technicians). In addition, we are on ICAEW approved employer’s list.
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