Depreciation is a term that is often used in accounting but usually without any explanation. In a nutshell it is the amount by which a business asset, such as a machine or van, reduces in value over it’s lifetime. The cost of anything that is used in the business can be offset against tax over […]
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Bookkeeping best practices are the same whether you have a professional Bookkeeper or not – though it has to be said that it is easier for a Bookkeeper to stick to the rules as they are second nature for them! Keep Business and Personal Finances Separate Keeping personal and business expenses separate is the key […]
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Your breakeven point is one of the key facts that you must know about your business if you are to be a success. Surprisingly many businesses do not – they either have an incorrectly calculated one, an out of date one or they don’t even know what it is. The Definition of a Breakeven Point […]
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Bookkeeping mistakes are easier to make than you might think when you are not aware of all the fine details. Keeping your financial records might appear to be a fairly simple process when you first set up your business but there are many pitfalls for the unwary that can cost you a lot of money […]
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Cash Flow is the money that flows in and out of your business, more cash coming in than going out is positive, having more money going out than coming in is negative. Depending on the type of business you run your cash flow can go from one to the other, especially if you have a […]
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The 2021 Budget, more than any other of recent times, is key to the recovery of the UK economy which has been hard hit by the effects of the Coronavirus pandemic. The support offered by Government is to be extended but provisions are already being put in place to pay for that support. General Provisions […]
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Xero is the accounting package of choice for Farries Bookkeeping Services – Why? Because we believe it is the best package on the market for most businesses. It is particularly good for startup and growing businesses, offering a rich selection of features to help your business. Coupled with the experience and advice provided by a […]
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The Covid-19 pandemic is an unprecedented event, nothing has affected business globally so dramatically. The UK Government has put forward a number of schemes to help support businesses through the immediate future and is expected to continue support through what many see as an inevitable global recession, further complicated in the UK by the effect […]
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Hiring a Bookkeeper may seem like an unnecessary expense in the current economic climate but, as is often the case, sometimes it is wiser to spend a little money to make a lot more. Not only does it take a great deal of stress and effort off your shoulders, but it allows you to focus […]
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Accounting dates are not something that should be treated lightly – the penalties for missing deadlines are severe. You need to be aware of them well in advance so that you can be sure of submitting the required information in time. Please note this list is not exhaustive and you should check with your Bookkeeper […]
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