Accounting Fundations
Petty Cash Management Explained: How to Set Up and Control a Petty Cash System
Petty cash is one of those accounting topics that sounds too simple to merit a guide — and yet it is responsible…
Category: Accounting Fundations
25 articles
Accounting Fundations
Sole Trader vs Limited Company: What the Accounting Difference Means for Your Business
One of the earliest and most consequential decisions any business owner makes is also one of the least understood: should you operate…
Accounting Fundations
Cost of Goods Sold (COGS) Explained: What It Is and How to Calculate It
If your business makes or buys products to sell, there is one number that sits at the very heart of your profitability:…
Accounting Fundations
Bank Reconciliation Explained: A Step-by-Step Guide for SME Owners
Every month, your bank account tells one version of your finances — and your accounting records tell another. Bank reconciliation is the…
Accounting Fundations
Corporation Tax Explained: A Plain-English Guide for UK Limited Companies
Corporation tax is one of those subjects that many limited company directors leave entirely to their accountant — and while getting professional…
Accounting Fundations
Payroll Accounting Basics: How to Record Wages, PAYE, and NIC in Your Books
Hiring your first employee is a milestone — but it also marks the moment your accounting gets significantly more complicated. Suddenly you’re…
Accounting Fundations
Chart of Accounts for SMEs: How to Set One Up and Why It Matters
Before your accounting software can record a single transaction, it needs to know where to put it. That’s the job of the…
Accounting Fundations
Gross, Operating, and Net Profit Margin: What They Mean and Why They Matter
Two businesses each report £500,000 in annual revenue. One is thriving; the other is quietly struggling. The difference doesn’t show up in…
Accounting Fundations
Depreciation Methods Explained: Straight-Line vs Reducing Balance
When a business buys a piece of equipment, a vehicle, or any other long-term asset, that cost doesn’t hit the income statement…
Accounting Fundations
What Is a Trial Balance? A Clear Guide for Small Business Owners
Every set of books has a moment of reckoning — the point where you check whether everything you’ve recorded actually adds up.…