difference between bookkeeper and accountant

What’s The Difference Between Bookkeeper and Accountant?

Overview Starting and running a business can be challenging and exciting for clients simultaneously. Certain technical accounting issues may cause these challenges to arise, but you can resolve them by seeking assistance from an accountant or bookkeeper. Both of them are vital for your client’s business because they will do all the number crunching while…

Double Entry System

A Beginner’s Guide to Double Entry System

Overview of the Double Entry System As the name suggests, the double entry is a bookkeeping and accounting system that works on the fact that any transaction has an equal and opposite effect on two accounts related to the transaction. Under it, two entries are made, which are recorded as debit in one account and…

closing of books

What Does Closing of Books Mean in Accounting?

While you are engrossed in managing the finances of your clients you must have come across the terms such as the books, closing of books, or month-end close in the accounting industry. It is nothing but the final step in the accounting cycle. Let’s focus on the term closing of books, which means checking all…

Use the Slow Period to Your Advantage

Accounting firms are well aware of slow periods in their business which is natural and nothing to panic about. While some accounting practices follow a relaxed schedule but this quiet period is an opportunity to re-examine your current procedures. Slow periods during the business not only offer the time to sit down and brainstorm about…

Innovative Solutions to Overcome Talent Shortages in Accounting

Among the challenges faced by accounting practices across the UK, the challenge of talent shortage looms large. Factors such as high employee mobility, increase in wage demand due to inflation, and stressful work environment have created this situation. These factors make it difficult to attract and retain skilled professionals. Also, the situation gets complicated with…

Retail Accounting

A Comprehensive Guide on Retail Accounting

What is Retail Accounting Retail accounting is a unique inventory valuation and is more of an inventory management process than an accounting method. Under retail accounting, your accounting practice will estimate inventory value rather than calculate manually. You will also assume price changes, price rates across all units of the same item, and constant prices.…