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…
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…
As we approach the end of the tax year, many businesses are thinking or planning for a change, a transition in their payroll departments. There are multiple reasons for the transition requirement such as maintaining compliance in the face of regulatory changes, reducing errors, getting access to experienced accountants and advanced tools, and the list…
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…
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…
Multiple accountancy firms in the UK have invested considerably in their payroll department in order to manage payroll. But let’s face it, sometimes it becomes too much to handle because of multiple challenges, for example, the ever-changing regulations and complex tax laws, to name a few. With such challenges, it becomes difficult to run your…
The accounting field is going through some rapid changes and for accountancy practices to stay ahead in this game have to constantly upgrade their processes and tools. Among them is the payroll system which requires special attention. Your in-house team may be using a payroll system that was advanced at one time but not anymore.…
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.…
What is Travel Agency Accounting Under travel agency accounting, all the transactions in the travel business are recorded. Accounting practices will be looking after the bookkeeping and accounting of their travel agency client. Through travel agency accounting, you will be able to maintain financial records and reports which if neglected will lead to more taxes…
The year 2024 will be a year of challenges for the UK accounting industry and the talent crisis will be one of the most widespread ones. The talent crisis is the mismatch of skills that the employers require and the employees possess. The reasons behind it are many such as technological advancements, legislation changes, and…
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