How do I de-register myself from self-employment? What is self-employment? A person is self-employed if they run their business for themselves and take responsibility for its success or failure. Someone can be both employed and self-employed simultaneously, for example, if they work for an employer during the day and run their own business in the evenings. […]
Why is accounting an essential skill for entrepreneurs? An entrepreneur needs accounting knowledge to stay on track with the expenses and the business’s income. Acquiring budgeting, cash flow, and the business plan helps them stick to tight budgeting and manage financial responsibilities. If an entrepreneur does not have this knowledge will […]
Beginners Bookkeeping online course. Description I am Vathani Ariyam, the author of the eBook “Beginners Bookkeeping,” created for students and entrepreneurs to help to maintain their books. A proper accounting system is vital for a small business or a corporation. Keep your accounting records to avoid mistakes, and fraud in the […]
How does depreciation help in your business? What is depreciation? The monetary value of an asset decreases over a period for which that asset is usable in the business. For example, Equipment, machinery, and currency will likely depreciate over time. The primary journal entry for that is Debit: The depreciation account shows […]
What is the difference between management accounting & cost accounting? Management Accounting Management accounting is the preparation of financial statements collected from the data available from the bookkeeping work. Managers make short and long-term decisions using these reports. Usually, management accounting gets the data from cost and financial accounting. Managers get […]
What are the purposes of cost accounting? What is cost accounting? It is a form of managerial accounting to assess and calculate the cost of production using variable and fixed costs incurred during every step of the cost of production of products. The manufacturing industry uses cost accounting mainly to set […]
Excellent accounting for small businesses. Introduction I am Vathani Ariyam creating this new course, “Excellent Accounting to help small business owners.” It explains enforcing financial control in your business, capital, and revenue expenses, controlling accounts, costing and pricing, and accounting for bad debts. It is a beneficial course for small business […]