Wednesday, December 8, 2010

What is a Limited Company?


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

What is a Limited Company?

Most businesses start out small, owned by one person or by a partnership. The most common type of business when there are multiple owners is a Limited Company.
The law sees a Limited Company as real, live person. Like an adult, a Limited Company is treated as a distinct and independent individual who has rights and responsibilities.
A Limited Company 's "birth certificate" is the legal form that is filed with the Secretary of State and Companies House. It must have a legal name, just like a person.
A Limited Company is separate from its owners. It's responsible for its own debts. The bank can't come after the shareholders if a Limited Company goes bankrupt- except under certain circumstances.
A Limited Company issues ownership share to persons who invest money in the business. These shares are documented and the Company has to keep a register, or list, of how many shares everyone owns. Owners of a Company are called shareholders because they own shares issued by the company. One share of stock is one unit of ownership and how much one share is worth depends on the total number of shares that the business issues. The more shares a business issues, the smaller the percentage of total owners' equity each share represents.
Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham , Mansfield and Sutton in Ashfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at Accountant in Nottingham Mansfield and Sutton in Ashfield to see our website.

Saturday, December 4, 2010

What is financial window dressing?


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

What is financial window dressing?

Financial managers can do certain things to increase or decrease net income that's recorded in the year. This is called profit smoothing, income smoothing or just plain old window dressing. This isn't the same as fraud, or cooking the books.
Most profit smoothing involves pushing some amount of revenue and/or expenses into other years than they would normally be recorded. A common technique for profit smoothing is to delay normal maintenance and repairs. This is referred to as deferred maintenance. Many routine and recurring maintenance costs required for cars, trucks, machines, equipment and buildings can be delayed, or deferred until later.
A business that spends a significant amount of money for employee training and development may delay these programs until the next year so the expense in the current year is lower. A company can cut back on its current year's outlays for market research and product development.
A business can ease up on its rules regarding when slow-paying customers are written off to expense as bad debts or uncollectible accounts receivable. The business can put off recording some of its bad debts expense until the next reporting year. A fixed asset that is not being actively used may have very little current or future value to a business. Instead of writing off the un-depreciated cost of the impaired asset as a loss in the current year, the business might delay the write-off until the next year.
You can see how manipulating the timing of certain expenses can make an impact on net income. This isn't illegal although companies can go too far in massaging the numbers so that its financial statements are misleading. For the most part though, profit smoothing isn't much more than robbing Peter to pay Paul. Accountants refer to these as compensatory effects. The effects next year offset and cancel out the effects in the current year. Less expense this year is balanced by more expense the next year.
Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham, Sutton in Ashfield and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at Accountant in Nottingham, Mansfield and Sutton in Ashfield website.

Tuesday, November 30, 2010

Disclosure in Accounts


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Disclosure in Accounts

Financial statements are the backbone of a complete financial report. In fact, a financial report is not complete if the three primary financial statements are not included. But a financial report is much more than just those statements. A financial report requires disclosures. This term refers to additional information provided in a financial report. Therefore, any comprehensive and ethical financial report must include not only the primary financial statements, but disclosures as well.

The chief executive of a business (usually the CEO in a publicly held corporation) has the primary responsibility to make sure that the financial statements have been prepared according to generally accepted accounting principles (GAAP) and the financial report provides adequate disclosures. He or she works with the chief financial officer or controller of the business to make sure that the financial report meets the standard of adequate disclosures.
Some common methods of disclosures include:

--Footnotes that provide information about the basic figures. Nearly all financial statements require footnotes to provide additional information for several of the account balances in the financial statements.

--Supplementary financial schedules and tables that provide more details than can be included in the body of the financial statements.

--Other information may be required if the business is a public corporation subject to regulations regarding financial reporting to its stockholders. Other information is voluntary and not strictly required legally or according to GAAP.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham, Sutton in Ashfield and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at http://www.nottingham-accounting-solutions.co.uk/

Friday, November 26, 2010

Who uses a forensic accountant?


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.


Who uses a forensic accountant?

Forensic accountants are financial investigative specialists who work with financial information for the purpose of conveying complicated issues in a manner that others can easily understand. While some forensic accountants and forensic accounting specialists are engaged in the public practice of forensic examination, others work in private industry for such entities as banks and insurance companies or governmental entities such as police departments and HMRC.
The occupational fraud committed by employees usually involves the theft of assets. Embezzlement has been the most often committed fraud for the last 30 years. Employees may be involved in kickback schemes, identity theft, or conversion of corporate assets for personal use. The forensic accountant couples observation of the suspected employees with physical examination of assets, invigilation, inspection of documents, and interviews of those involved.
Experience on these types of engagements enables the forensic accountant to offer suggestions as to internal controls that business owners could implement to reduce the likelihood of fraud.
At times, the forensic accountant may be hired by lawyers to investigate the financial trail of persons suspected of engaging in criminal activity. Information provided by the forensic accountant may be the most effective way of obtaining convictions. The forensic accountant may also be engaged in bankruptcy proceedings when submitted financial information is suspect or if employees (including managers) are suspected of taking assets.
Opportunities for qualified forensic accountants abound in private companies. CEOs must now certify that their financial statements are faithful representations of the financial position and results of operations of their companies and rely more heavily on internal controls to detect any misstatement that would otherwise be contained in these financials.
In addition to these activities, forensic accountants may be asked to determine the amount of the loss sustained by victims, testify in court as an expert witness and assist in the preparation of visual aids and written summaries for use in court.
Nottingham Accounting Solutions Ltd do not offer forensic accounting but we do offer accounts, bookkeeping and payroll services in the Nottingham, Sutton in Ashfield and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Monday, November 22, 2010

What is a forensic accountant?


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.


What is a forensic accountant?

Forensic accounting is the practice of utilising accounting, auditing, and investigative skills to assist in legal matters. It encompasses 2 main areas - litigation support, investigation, and dispute resolution. Litigation support represents the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accountant quantifies damages sustained by parties involved in legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness.

Investigation is the act of determining whether criminal matters such as employee theft, securities fraud (including falsification of financial statements), identity theft, and insurance fraud have occurred. As part of the forensic accountant's work, he or she may recommend actions that can be taken to minimize future risk of loss. Investigation may also occur in civil matters. For example, the forensic accountant may search for hidden assets in divorce cases.

Forensic accounting involves looking beyond the numbers and grasping the substance of situations. It's more than accounting...more than detective work...it's a combination that will be in demand for as long as human nature exists. Who wouldn't want a career that offers such stability, excitement, and financial rewards?

In short, a forensic accountant requires the most important quality a person can possess: the ability to think. Far from being an ability that is specific to success in any particular field, developing the ability to think enhances a person's chances of success in life, thus increasing a person's worth in today's society. Could you become a forensic accountant??

Nottingham Accounting Solutions Ltd offer do not offer Forensic accounting but we do offer accounts, bookkeeping and payroll services in the Nottingham, Mansfield and Sutton in Ashfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at http://www.nottingham-accounting-solutions.co.uk/

Friday, November 19, 2010

Who are auditors and are they accountants?


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Who are auditors and are they accountants?

Auditors are generally accountants that help to ensure that the Nation's firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They perform these vital functions by offering an increasingly wide array of business and accounting services, including public, management, and government accounting, as well as internal auditing, to their clients. Beyond carrying out the fundamental tasks of the occupation-preparing, analysing, and verifying financial documents in order to provide information to clients-many accountants now are required to possess a wide range of knowledge and skills. Accountants and auditors are broadening the services they offer to include budget analysis, financial and investment planning, information technology consulting, and limited legal services.

Specific job duties vary widely among the four major fields of accounting: public, management, and government accounting and internal auditing.

Internal auditors verify the accuracy of their organization's internal records and check for mismanagement, waste, or fraud. Internal auditing is an increasingly important area of accounting and auditing. Internal auditors examine and evaluate their firms' financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations.


There are many types of highly specialized auditors, such as electronic data-processing, environmental, engineering, legal, insurance premium, bank, and health care auditors. As computer systems make information timelier, internal auditors help managers to base their decisions on actual data, rather than personal observation. Internal auditors also may recommend controls for their organization's computer system, to ensure the reliability of the system and the integrity of the data.

Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by governments guarantee that revenues are received and expenditures are made in accordance with laws and regulations.

Nottingham Accounting Solutions Ltd do not offer auditing amongst their services but do offer accounts, bookkeeping and payroll services in the Nottingham, Sutton in Ashfield and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at Accountant in Nottingham, Mansfield and Sutton in Ashfield website.

Monday, November 15, 2010

Managing the Bottom Line with your accountant


Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Managing the Bottom Line with your accountant


If you don't keep track of how much money you're making, you have no idea whether your business is successful or not. You can't tell how well your marketing is working. And I don't just mean you should know the amount of your total sales or gross revenue. You need to know what your net profit is. If you don't, there's no way you can know how to increase it.

If you want your business to be successful, you need to make a financial plan and check it against the facts on a monthly basis, then take immediate action to correct any problems. If you have monthly Management Accounts produced by your accountant then this will help you to be aware of any changes in the business, allowing you to make timely changes.

So, here are the steps you should take:

* Create a financial plan for your business. Estimate how much revenue you expect to bring in each month, and project what your expenses will be. Ensure your accountant produces Management Accounts for you on a regular basis – say monthly.

* Remember that lost profits can't be recovered. When entrepreneurs compare their projections to reality and find earnings too low or expenses too high, they often conclude, "I'll make it up later." The problem is that you really can't make it up later: every month profits are too low is a month that is gone forever.

* Read your Management Accounts (you would be surprised how many business owners don’t do this) and make adjustments right away. If revenues are lower than expected, increase efforts in sales and marketing or look for ways to increase your rates. If overhead costs are too high, find ways to cut back. There are other businesses like yours around. What is their secret for operating profitably?

* Think before you spend. When considering any new business expense, including marketing and sales activities, evaluate the increased earnings you expect to bring in against its cost before you proceed to make a purchase.

* Evaluate the success of your business based on profit, not revenue. There is an old adage that says “Turnover is Vanity, Profit is Sanity”. It doesn't matter how many thousands of dollars you are bringing in each month if your expenses are almost as high, or higher. Many high-revenue businesses have gone under for this very reason -- don't be one of them.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham, Mansfield and Sutton in Ashfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at http://www.nottingham-accounting-solutions.co.uk/

Sunday, November 14, 2010

Accountant in Nottingham moves offices


Accountant in Nottingham moves offices


Nottingham Accounting Solutions Ltd has just moved to new offices just outside Nottingham to offer an even better service to Nottingham clients. We can relieve you of an enormous accounting and bookkeeping burden by taking care of all your accountant needs including accounts, accounting and bookkeeping in and around Nottingham using the latest Sage Accounting software.

Your time can be spent more profitably by concentrating on what you are good at … and out-source the paperwork to us.

What’s included in our Accounts and Bookkeeping service :

Preparation of Sage Accounts

• Maintenance of Accounting records complying with Statutory requirements
• Purchase, Sales and Nominal Ledgers
• Bank Reconciliation
• Maintenance of VAT records
• Credit control
• Factoring and Invoice Financing – if required

Preparation of Quarterly VAT Returns

Our first step is to work with you to gain an understanding of your business and establish a one-to-one working relationship. We can then tailor our services to your requirements and provide exactly the accountant services, accounts and bookkeeping that you need.

So visit our Accountant in Nottingham webpage or all for an informal, confidential, no obligation chat to see where Nottingham Accounting Solutions can help you save time and money.

Saturday, November 13, 2010

Accountant in Mansfield moves offices


Accountant in Mansfield moves offices


Nottingham Accounting Solutions Ltd has just moved to new offices just outside Mansfield to offer an even better local service to Mansfield clients. We can relieve you of an enormous accounting and bookkeeping burden by taking care of all your accountant needs including accounts, accounting and bookkeeping in and around Mansfield using the latest Sage Accounting software.

Your time can be spent more profitably by concentrating on what you are good at … and out-source the paperwork to us.

What’s included in our Accounts and Bookkeeping service :

Preparation of Sage Accounts

• Maintenance of Accounting records complying with Statutory requirements
• Purchase, Sales and Nominal Ledgers
• Bank Reconciliation
• Maintenance of VAT records
• Credit control
• Factoring and Invoice Financing – if required

Preparation of Quarterly VAT Returns

Our first step is to work with you to gain an understanding of your business and establish a one-to-one working relationship. We can then tailor our services to your requirements and provide exactly the accountant services, accounts and bookkeeping that you need.

So visit our Accountant in Mansfield webpage or all for an informal, confidential, no obligation chat to see where Nottingham Accounting Solutions can help you save time and money.

Friday, November 12, 2010

Accountant in Sutton in Ashfield moves offices


Accountant in Sutton in Ashfield moves offices


Nottingham Accounting Solutions Ltd has just moved to new offices just outside Sutton in Ashfield to offer an even better local service to Sutton in Ashfield clients. We can relieve you of an enormous accounting and bookkeeping burden by taking care of all your accountant needs including accounts, accounting and bookkeeping in and around Sutton in Ashfield using the latest Sage Accounting software.

Your time can be spent more profitably by concentrating on what you are good at … and out-source the paperwork to us.

What’s included in our Accounts and Bookkeeping service :

Preparation of Sage Accounts

• Maintenance of Accounting records complying with Statutory requirements
• Purchase, Sales and Nominal Ledgers
• Bank Reconciliation
• Maintenance of VAT records
• Credit control
• Factoring and Invoice Financing – if required

Preparation of Quarterly VAT Returns

Our first step is to work with you to gain an understanding of your business and establish a one-to-one working relationship. We can then tailor our services to your requirements and provide exactly the accountant services, accounts and bookkeeping that you need.

So visit our Accountant in Sutton in Ashfield webpage or all for an informal, confidential, no obligation chat to see where Nottingham Accounting Solutions can help you save time and money.

Thursday, November 11, 2010

Accountant in Sutton in Ashfield


Accountant in Sutton in Ashfield




Nottingham Accounting Solutions can relieve you of an enormous accounting and bookkeeping burden by taking care of all your accounts, accounting and bookkeeping needs in and around Sutton in Ashfield.



Your time can be spent more profitably by concentrating on what you are good at … and out-source the paperwork to us.


What’s included in our Accounts and Bookkeeping service :

Preparation of Sage Accounts

• Maintenance of Accounting records complying with Statutory requirements
• Purchase, Sales and Nominal Ledgers
• Bank Reconciliation
• Maintenance of VAT records
• Credit control
• Factoring and Invoice Financing – if required



Preparation of Quarterly VAT Returns



Our first step is to work with you to gain an understanding of your business and establish a one-to-one relationship. We can then tailor our services to your requirements and provide exactly the accounts and bookkeeping services that you need.



So visit our Accountant in Sutton in Ashfield webpage or call for an informal, confidential, no obligation chat to see where Nottingham Accounting Solutions can help you save time and money.



Wednesday, October 13, 2010

Building Cash Reserves

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Building Cash Reserves

Building a financial cushion for your business is never easy. Some experts say that businesses should have anywhere from six to nine months worth of income safely stored away in the bank.

If you're a business grossing £250,000 per month, the mere thought of saving over £1.5 million in a savings account will either have you collapsing from fits of laughter or from the paralysing panic that has just set in.

What may be a nice well-advised idea in theory can easily be tossed right out the window when you're just barely making payroll each month. So how is a small business owner to even begin a prudent savings program for long-term success?

Realizing that your business needs a savings plan is the first step toward better management. The reasons for growing a financial nest egg are strong. Building savings allows you to plan for future growth in your business and have ready the investment capital necessary to launch those plans. Having a source of back-up income can often carry a business through a rough time.

When market fluctuations, such as the dramatic increase in petrol, fuel and oil prices, start to affect your business, you may need to dip into your savings to keep operations running smoothly until the difficulties pass. Savings can also support seasonal businesses with the ability to purchase stock and cover payroll until the flush of new cash arrives. Try to remember that you didn't build your business overnight and you cannot build a savings account instantly either.
Review your books monthly and see where you can trim expenses and reroute the savings to a separate account. This will also help to keep you on track with cash flow and other financial issues. While it can be quite alarming to see your cash flowing outward with seemingly no end in sight, it's better to see it happening and put corrective measures into place, rather than discovering your losses five or six months too late.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Monday, October 11, 2010

Investing and financing

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Investing and financing

Another portion of the statement of cash flows reports the investment that the company took during the reporting year. New investments are signs of growing or upgrading the production and distribution facilities and capacity of the business. Disposing of long-term assets or divesting itself of a major part of its business can be good or bad news, depending on what's driving those activities. A business generally disposes of some of its fixed assets every year because they reached the end of their useful lives and will not be used any longer. These fixed assets are disposed of or sold or traded in on new fixed assets. The value of a fixed asset at the end of its useful life is called its residual or salvage value. The proceeds from selling fixed assets are reported as a source of cash in the investing activities section of the statement of cash flows. Usually these are very small amounts.

Like individuals, companies at times have to finance its acquisitions when its internal cash flow isn't enough to finance business growth. Financing refers to a business raising capital from debt and equity sources, by borrowing money from banks and other sources willing to loan money to the business and by its owners putting additional money in the business. The term also includes the other side, making payments on debt and returning capital to owners. it includes cash distributions by the business from profit to its owners.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Saturday, October 9, 2010

Depreciation reporting

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Depreciation reporting

In an accountant's reporting systems, depreciation of a business's fixed assets such as its buildings, equipment, computers, etc. is not recorded as a cash outlay. When an accountant measures profit on the accrual basis of accounting, he or she counts depreciation as an expense. Buildings, machinery, tools, vehicles and furniture all have a limited useful life. All fixed assets, except for actual land, have a limited lifetime of usefulness to a business. Depreciation is the method of accounting that allocates the total cost of fixed assets to each year of their use in helping the business generate revenue.

Part of the total sales revenue of a business includes the recovery of cost invested in its fixed assets. In a real sense a business sells some of its fixed assets in the sales prices that it charges it customers. For example, when you go to a grocery shop, a small portion of the price you pay for eggs or bread goes toward the cost of the buildings, the machinery, bread ovens, etc. Each reporting period, a business recoups part of the cost invested in its fixed assets.

It's not enough for the accountant to add back depreciation for the year to bottom-line profit. The changes in other assets, as well as the changes in liabilities, also affect cash flow from profit. The competent accountant will factor in all the changes that determine cash flow from profit.

Depreciation is only one of many adjustments to the net income of a business to determine profit from operating activities. Consideration of intangible assets is another expense that is recorded against a business's assets for year. It's different in that it doesn't require cash outlay in the year being charged with the expense. That occurred when the business invested in those tangible assets.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Thursday, October 7, 2010

Depreciation

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Depreciation

Depreciation is a term we hear about frequently, but don't really understand. It's an essential component of accounting however. Depreciation is an expense that's recorded at the same time and in the same period as other accounts. Long-term operating assets that are not held for sale in the course of business are called fixed assets. Fixed assets include buildings, machinery, office equipment, vehicles, computers and other equipment. It can also include items such as shelves and cabinets. Depreciation refers to spreading out the cost of a fixed asset over the years of its useful life to a business, instead of charging the entire cost to expense in the year the asset was purchased. That way, each year that the equipment or asset is used bears a share of the total cost. As an example, cars and vans are typically depreciated over a set number of years. The idea is to charge a fraction of the total cost to depreciation expense during each of the five years, rather than just the first year.

Depreciation applies only to fixed assets that you actually buy, not those you rent or lease.

Depreciation is a real expense, but not necessarily a cash outlay expense in the year it's recorded. The cash outlay does actually occur when the fixed asset is acquired, but is recorded over a period of time.

Depreciation is different from other expenses. It is deducted from sales revenue to determine profit, but the depreciation expense recorded in a reporting period doesn't require any true cash outlay during that period. Depreciation expense is that portion of the total cost of a business's fixed assets that is allocated to the period to record the cost of using the assets during period. The higher the total cost of a business's fixed assets, then the higher its depreciation expense.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Tuesday, October 5, 2010

Stock (Inventory) and expenses

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Stock (Inventory) and expenses

Inventory is usually the largest current asset of a business that sells products. If the stock is greater at the end of the period than at the start of the reporting period, the amount the business actually paid in cash for that inventory is more than what the business recorded as its cost of good sold expense. When that occurs, the accountant deducts the stock increase from net income for determining cash flow from profit.

The prepaid expenses asset (accrual) account works in much the same way as the change in stock and accounts receivable accounts. However, changes in prepaid expenses are usually much smaller than changes in those other two asset accounts.

The beginning balance of prepaid expenses is charged to expense in the current year, but the cash was actually paid out last year, this period, the business pays cash for next period's prepaid expenses, which affects this period's cash flow, but doesn't affect net income until the next period. Simple, right?

As a business grows, it needs to increase its prepaid expenses for such things as fire insurance premiums, which have to be paid in advance of the insurance coverage, and its stocks of office supplies. Increases in accounts receivable, inventory and prepaid expenses are the cash flow price a business has to pay for growth. Rarely do you find a business that can increase its sales revenue without increasing these assets.

The lagging behind effect of cash flow is the price of business growth. Managers and investors need to understand that increasing sales without increasing accounts receivable isn't a realistic scenario for growth. In the real business world, you generally can't enjoy growth in revenue without incurring additional expenses.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Sunday, October 3, 2010

Revenue and receivables

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Revenue and receivables

In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a business. One of the more complicated accounting items are the accounts receivable. As a hypothetical situation, imagine a business that offers all its customers a 30-day credit period, which is fairly common in transactions between businesses, (not transactions between a business and individual consumers).

An accounts receivable asset shows how much money customers who bought products on credit still owe the business. It's a promise of payment that the business will receive. Basically, accounts receivable is the amount of uncollected sales revenue at the end of the accounting period. Cash does not increase until the business actually collects this money from its business customers. However, the amount of money in accounts receivable is included in the total sales revenue for that same period. The business did make the sales, even if it hasn't acquired all the money from the sales yet. Sales revenue, then isn't equal to the amount of cash that the business accumulated.

To get actual cash flow, the accountant must subtract the amount of credit sales not collected from the sales revenue in cash. Then add in the amount of cash that was collected for the credit sales that were made in the preceding reporting period. If the amount of credit sales a business made during the reporting period is greater than what was collected from customers, then the accounts receivable account increased over the period and the business has to subtract from net income that difference.

If the amount they collected during the reporting period is greater than the credit sales made, then the accounts receivable decreased over the reporting period, and the accountant needs to add to net income that difference between the receivables at the beginning of the reporting period and the receivables at the end of the same period.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Friday, October 1, 2010

Balance Sheet

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Balance sheet

A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business fall into two separate groups that are reported by an accountant. They are profit-making activities, which includes sales and expenses. This can also be referred to as Profit & Loss report. There are also financing and investing activities that include securing money from debt and equity sources of capital, returning capital to these sources, making distributions from profit to the owners, making investments in assets and eventually disposing of the assets.

Profit making activities are reported in the Profit & loss report; financing and investing activities are found in the statement of cash flows. In other words, two different financial statements are prepared for the two different types of transactions. The statement of cash flows also reports the cash increase or decrease from profit during the year as opposed to the amount of profit that is reported in the income statement.

The balance sheet is different from the P & L and cash flow statements which report, as it says, income of cash and outgoing cash. The balance sheet represents the balances, or amounts, or a company's assets, liabilities and owners' equity at an instant in time. The word balance has different meanings at different times. As it's used in the term balance sheet, it refers to the balance of the two opposite sides of a business, total assets on one side and total liabilities on the other. However, the balance of an account, such as the asset, liability, revenue and expense accounts, refers to the amount in the account after recording increases and decreases in the account, just like the balance in your checking account. Accountants can prepare a balance sheet any time that a manager requests it. But they're generally prepared at the end of each month, quarter and year. It's always prepared at the close of business on the last day of the profit period.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Wednesday, September 29, 2010

Gains and Losses

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Gains and Losses

It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits. But there are often circumstances that disrupt the cycle, and it's part of the accountants job to report these as well. Changes in the business climate, or cost of goods or any number of things can lead to exceptional or extraordinary gains and losses in a business. Some things that can alter the income statement can include downsizing or restructuring the business. This used to be a rare thing in the business environment, but is now fairly commonplace. Usually it's done to offset losses in other areas and to decrease the cost of employees' salaries and benefits. However, there are costs involved with this as well, such as redundancy pay, outplacement services, and retirement costs.

In other circumstances, a business might decide to discontinue certain product lines. The nature of communication has changed so drastically, with email, mobile phones and other forms, that telegrams have been rendered obsolete. When you no longer sell enough of a product at a high enough profit to make the costs of manufacturing it worthwhile, then it's time to change your product mix.

Legal action and other actions can cause extraordinary losses or gains as well. If you win damages in a legal action against others, then you've incurred an extraordinary gain. Likewise if your own legal fees and damages or fines are excessive, then these can significantly impact the Profit & Loss statement.

Occasionally a business will change accounting methods or need to correct any errors that had been made in previous financial reports. Generally, Financial Accounting Standards require that businesses make any one-time losses or gains very visible in their Profit & Loss statement.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at http://www.nottingham-accounting-solutions.co.uk/

Payroll in Mansfield

Payroll in Mansfield

Nottingham Accounting Solutions offers Sage Payroll Administration in Sutton in Ashfield.

Our Sage Payroll services save you the time, complication and burden which diverts energy and resources from the core activities of your business.

The task is made more difficult by the complexity of taxation and employment legislation and the accompanying penalties for non-compliance.

Outsourcing your Sage Payroll to Nottingham Accounting Solutions offers a great cost effective solution, simply e-mail, fax or telephone us the details each pay period and leave the rest to us.

Many businesses, of all sizes, outsource their payroll to a dedicated Sage Payroll Bureau.
Consider outsourcing - it can save you time, hassle and money.

For example:

• Free up staff to concentrate on the core aspects of your business.
• Stay up to date with the latest changes to payroll legislation
• Save the expense of having to invest in the hardware, software, staff and training for the payroll system
• Deal with Student Loans, Statutory Sick Pay, Statutory Maternity / Paternity Pay, are over retirement age and other complications such as tax credits.
• Even with only a few employees, you will make savings by engaging Nottingham Accounting Solutions to administer your Sage payroll.

Our Sage Payroll Bureau provides:

• Customised Sage payslips
• Administration of PAYE and National Insurance
• Tax credits
• Statutory sick pay
• Statutory maternity pay etc.
• Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue
• Summaries and analysis of staff costs
• Administration of incentive schemes, bonuses, and ex-gratia and termination payments

We can also supply Sage Payroll products at competitive prices and we also carry out Sage Payroll Training around the Sutton in Ashfield area on your own systems.

Click here now for an informal, confidential, no obligation chat to see where Nottingham Accounting Solutions can help you save time and money or even better, CALL NOW on 01623 550793 or 07870 359274 or visit our website for more details here Payroll in Mansfield.

Sage Training for Accounts and Bookkeeping in Sutton in Ashfield

Sage Training for Accounts and Bookkeeping in Sutton in Ashfield

Nottingham Accounting Solutions Ltd is based in Sutton in Ashfield can help you

Sage Training

When you have invested in Sage Accounts software, either Sage Line 50 or Sage Instant Accounts, it needs to work for your business. OK, you can go on a Sage Accounts training course which are very expensive, very general and usually miles away from your business. We offer one-to-one Sage Accounts and Bookkeeping Training on your own system for you and your staff in the Sutton in Ashfield area. Our Sage Training is tailored to suit your ability and confidence from a complete Sage beginner to a competent Sage user. We also offer further Sage training and support training as you go through your month end, VAT returns and year end routines at the appropriate times. See our website for more details at Sage Training for Accounts in Mansfield

Sage Accounts Installation, Set up and configuration

Save yourself hours and hours of your precious time – let us install your Sage Accounts and Bookkeeping Software, then set it up and configure it for YOUR business. This alone can save you hours of frustration.

Sage Accounts software sales

As a Sage Accountants Club member, Nottingham Accounting Solutions Ltd can provide you with the latest Sage products at competitive prices.

So:

•Nottingham Accounting Solutions Ltd can sell you the Sage software, install it, set it up and configure it to your business, training you or your staff to use it on a one – to – one basis and also offer the ongoing support for as long as you need it. Quite a cost effective solution to your needs. We aim to put you on the fast track to getting the most out of your Sage Accounts software but as an alternative, why not outsource your accounting and bookkeeping to Nottingham Accounting Solutions.

Take a look at our Accounts and Bookkeeping Mansfield web page for more details.

We also offer Sage Training for Payroll Mansfield.

So call Colleen on 01623 550793

Sage training for Payroll in Sutton in Ashfield

Sage training for Payroll in Sutton in Ashfield

Nottingham Accounting Solutions Ltd is based in Sutton in Ashfield can help you

Sage Training

When you have invested in Sage Payroll software, either Sage 50 Payroll or Sage Instant Payroll, it needs to work for your business. We offer one-to-one Sage Payroll Training on your own system for you and your staff in the Sutton in Ashfield area. Our Sage Payroll Training is tailored to suit your ability and confidence from a complete Sage beginner to a competent Sage user. We also offer further Sage support training as you go through your month end and year end routines at the appropriate times. For more information see our website at Sage Training for Payroll Mansfield.

Sage Payroll Installation, Set up and configuration

Save yourself hours and hours of your precious time – let us install your Sage Payroll Software, then set it up and configure it for YOUR business. Save hours of frustration.

Sage Payroll software sales

As a Sage Accountants Club member, Nottingham Accounting Solutions Ltd can provide you with the latest Sage Payroll products at competitive prices.

• Nottingham Accounting Solutions Ltd can sell you the Sage Payroll software, install it, set it up and configure it to your business, training you or your staff to use it on a one – to – one basis and also offer the ongoing support for as long as you need it. Quite a cost effective solution to your needs.

We aim to put you on the fast track to getting the most out of your Sage Payroll software but as an alternative, why not outsource your Payroll to the Nottingham Accounting Solutions Ltd. Payroll Bureau.

Take a look at our Payroll Mansfield web page for more details.

We also offer Sage Training for Accounts in Mansfield
So call Colleen on 01623 550793

Monday, September 27, 2010

Assets and Liabilities

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Assets and Liabilities

Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our personal lives, business is run on credit as well. Many businesses sell their products to their customers on credit. Accountants use an asset account called accounts receivable to record the total amount owed to the business by its customers who haven't paid the balance in full yet. Much of the time, a business hasn't collected its receivables in full by the end of the fiscal year, especially for such credit sales that could be transacted near the end of the accounting period.

The accountant records the sales revenue and the cost of goods sold for these sales in the year in which the sales were made and the products delivered to the customer. This is called accruals based accounting, which records revenue when sales are made and records expenses when they're incurred as well. When sales are made on credit, the accounts debtors asset account is increased. When cash is received from the customer, then the cash account is increased and the debtors account is decreased.

The cost of goods sold is one of the major expenses of businesses that sell goods, products or services. Even a service involves expenses. It means exactly what it says in that it's the cost that a business pays for the products it sells to customers. A business makes its profit by selling its products at prices high enough to cover the cost of producing them, the costs of running the business, the interest on any money they've borrowed and income taxes, with money left over for profit.

When the business acquires products, the cost of them goes into what's called a stock account.

The cost is deducted from the cash account, or added to the creditors account, depending on whether the business has paid with cash or credit.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Saturday, September 25, 2010

Making a Profit

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Making a Profit

Accountants are responsible for preparing two primary types of financial statements for a business. The Profit & Loss statement reports the profit (or loss) -making activities of the business and the bottom-line profit or loss for a specified period. The Balance Sheet reports the financial position of the business at a specific point in time, often the last day of the period. A Cash Flow forecast predicts what will /may happen in the future with any impact that may occur due to changing circumstances.

Everyone knows profit is a good thing. It's what our economy is founded on. It doesn't sound like such a big deal. Make more money than you spend to sell or manufacture products. But of course nothing's ever really simple, is it?

You read a P & L report from the top line to the bottom line. Every step of the income statement reports the deduction of an expense. The income statement also reports changes in assets and liabilities as well, so that if there's a revenue increase, it's either because there's been an increase in assets or a decrease in a company's liabilities. If there's been an increase in the expense line, it's because there's been either a decrease in assets or an increase in liabilities.

Net worth is also referred to as owners' equity in the business. They're not exactly interchangeable. Net worth expresses the total of assets less the liabilities. Owners' equity refers to who owns the assets after the liabilities are satisfied.

These shifts in assets and liabilities are important to owners and executives of a business because it's their responsibility to manage and control such changes. Making a profit in a business involves several variable, not just increasing the amount of cash that flows through a company, but management of other assets as well.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Thursday, September 23, 2010

Personal Accounting

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Personal Accounting

If you have a bank account, of course you balance it periodically to account for any differences between what's in your statement and what you wrote down for cheques and deposits. Many people do it once a month when their statement is mailed to them, but with the advent of online banking, you can do it daily if you're the sort whose banking tends to get away from them.

You balance your cheque book to note any charges in your bank account that you haven't recorded in your cheque book. Some of these can include ATM fees, overdraft fees, special transaction fees or low balance fees, if you're required to keep a minimum balance in your account. You also balance your cheque book to record any credits that you haven't noted previously. They might include automatic deposits, or refunds or other electronic deposits. Your cbank account might be an interest-bearing account and you want to record any interest that it's earned.

You also need to discover if you've made any errors in your record keeping or if the bank has made any errors.

Another form of accounting that we all dread is the filing of annual income tax returns. Many people use an accountant to do their returns; others do it themselves. Most forms include the following items:

Income - any money you've earned from working or owning assets, unless there are specific exemptions from income tax.

Personal allowances - this is a certain amount of income that is excused from tax.

Other allowances - some personal or business expenses can be deducted from your income to reduce the taxable amount of income.

Taxable income - This is the balance of income that's subject to taxes after personal allowance and deductions are factored in.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Tuesday, September 21, 2010

Bookkeeping Basics

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Bookkeeping Basics

Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while accounting encompasses many functions involved in managing the financial affairs of a business. Accountants prepare reports based, in part, on the work of bookkeepers.

Bookkeepers perform all manner of record-keeping tasks. Some of them include the following:

-They prepare what are referred to as source documents for all the operations of a business - the buying, selling, transferring, paying and collecting. The documents include papers such as purchase orders, invoices, credit card slips, time cards, time sheets and expense reports. Bookkeepers also determine and enter in the source documents what are called the financial effects of the transactions and other business events. Those include paying the employees, making sales, borrowing money or buying products or raw materials for production.

-Bookkeepers also make entries of the financial effects into journals and accounts. These are two different things. A journal is the record of transactions in chronological order. An accounts is a separate record, or page for each asset and each liability. One transaction can affect several accounts.

-Bookkeepers prepare reports at the end of specific period of time, such as daily, weekly, monthly, quarterly or annually. To do this, all the accounts need to be up to date. Stock or Inventory records must be updated and the reports checked and double-checked to ensure that they're as error-free as possible.

-The bookkeepers also compile complete listings of all accounts. This is called the trial balance. While a small business may have a hundred or so accounts, very large businesses can have more than 10,000 accounts.

-The final step is for the bookkeeper to close the books, which means bringing all the bookkeeping for a fiscal year to a close and summarized.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Sunday, September 19, 2010

Profit and Loss

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Profit and Loss

It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything else. Profit can be called different things, for a start. It's sometimes called net income or net earnings. Businesses that sell products and services generate profit from the sales of those products or services and from controlling the attendant costs of running the business. Profit can also be referred to as Return on Investment, or ROI. While some definitions limit ROI to profit on investments in such securities as stocks or bonds, many companies use this term to refer to short-term and long-term business results. Profit is also sometimes called taxable income.

It's the job of the accounting and finance professionals to assess the profits and losses of a company. They have to know what created both and what the results of both sides of the business equation are. They determine what the net worth of a company is. Net worth is the resulting value amounting from deducting a company's liabilities from its assets. In a privately held company, this is also called owner's equity, since anything that's left over after all the bills are paid, to put it simply, belongs to the owners. In a publicly held company, this profit is returned to the shareholders in the form of dividends. In other words, all liabilities have the first claim on any money the company makes. Anything that's left over is profit. It's not derived from one element or another. Net worth is determined after all the liabilities are deducted from all the assets, including cash and property.

Showing a profit, or a positive figure on the balance sheet, is of course the aim of every business. It's what our economy and society are built on. It doesn't always work out that way. Economic trends and consumer behaviors change and it's not always possible to predict these and what income they'll have on a company's performance.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Saturday, September 18, 2010

Sage training for payroll in Mansfield

Sage training for payroll in Mansfield

Nottingham Accounting Solutions Ltd can help you

• Sage Training

When you have invested in Sage Payroll software, either Sage 50 Payroll or Sage Instant Payroll, it needs to work for your business. We offer one-to-one Sage Payroll Training on your own system for you and your staff. Our Sage Payroll Training is tailored to suit your ability and confidence from a complete Sage beginner to a competent Sage user. We also offer further Sage support training as you go through your month end and year end routines at the appropriate times. For more information see our website at Sage Training for Payroll in Mansfield.

• Sage Payroll Installation, Set up and configuration

Save yourself hours and hours of your precious time – let us install your Sage Payroll Software, then set it up and configure it for YOUR business. Save hours of frustration.

• Sage Payroll software sales

As a Sage Accountants Club member, Nottingham Accounting Solutions Ltd can provide you with the latest Sage Payroll products at competitive prices.

• Nottingham Accounting Solutions Ltd can sell you the Sage Payroll software, install it, set it up and configure it to your business, training you or your staff to use it on a one – to – one basis and also offer the ongoing support for as long as you need it. Quite a cost effective solution to your needs.

We aim to put you on the fast track to getting the most out of your Sage Payroll software but as an alternative, why not outsource your Payroll to the Nottingham Accounting Solutions Ltd. Payroll Bureau.

Take a look at our Payroll Nottingham Mansfield web page for more details.

We also offer Sage Training for Accounts in Mansfield.

So call Colleen on 01623 550793

Friday, September 17, 2010

Bookkeeping

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Bookkeeping

So what goes on in the accounting and bookkeeping departments? What do these people do on a daily basis?

Well, one thing they do that's terribly important to everyone working there is Payroll. All the salaries and taxes earned and paid by every employee every pay period have to be recorded. The payroll department has to ensure that the appropriate government and local taxes are being deducted. The pay slip attached to your pay cheque records these taxes. They usually include income tax and National Insurance contributions that need to be paid to the government. Other deductions include personal ones, such as for retirement pensions, holiday pay, sick pay or medical benefits. It's a critical function. Some companies have their own payroll departments; others outsource it to specialists.

The accounting department receives and records any payments or cash received from customers or clients of the business or service. The accounting department has to make sure that the money is sourced accurately and deposited in the appropriate accounts. They also manage where the money goes; how much of it is kept on-hand for areas such as payroll, or how much of it goes out to pay what the company owes its banks, suppliers and other obligations. Some should also be invested.

The other side of the receivables business is the payables area, or cash disbursements. A company writes a lot of cheques during the course of year to pay for purchases, supplies, salaries, taxes, loans and services. The accounts department prepares all these cheques and records to whom they were disbursed, how much and for what. Accounting departments also keep track of purchase orders placed for stock or inventory, such as products that will be sold to customers or clients. They also keep track of assets such as a business's property and equipment. This can include the office building, furniture, computers, even the smallest items such as pencils and pens.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Thursday, September 16, 2010

Sage training for payroll in Nottingham

Sage training for payroll in Nottingham

Nottingham Accounting Solutions Ltd can help you

• Sage Training

When you have invested in Sage Payroll software, either Sage 50 Payroll or Sage Instant Payroll, it needs to work for your business. We offer one-to-one Sage Payroll Training on your own system for you and your staff. Our Sage Payroll Training is tailored to suit your ability and confidence from a complete Sage beginner to a competent Sage user. We also offer further Sage support training as you go through your month end and year end routines at the appropriate times. For more information see our website at Sage Training for Payroll Nottingham.

• Sage Payroll Installation, Set up and configuration

Save yourself hours and hours of your precious time – let us install your Sage Payroll Software, then set it up and configure it for YOUR business. Save hours of frustration.

• Sage Payroll software sales

As a Sage Accountants Club member, Nottingham Accounting Solutions Ltd can provide you with the latest Sage Payroll products at competitive prices.

• Nottingham Accounting Solutions Ltd can sell you the Sage Payroll software, install it, set it up and configure it to your business, training you or your staff to use it on a one – to – one basis and also offer the ongoing support for as long as you need it. Quite a cost effective solution to your needs.

We aim to put you on the fast track to getting the most out of your Sage Payroll software but as an alternative, why not outsource your Payroll to the Nottingham Accounting Solutions Ltd. Payroll Bureau.

Take a look at our Payroll Nottingham web page for more details.

We also offer Sage Training for Accounts in Nottingham

So call Colleen on 01623 550793

Wednesday, September 15, 2010

Sage Training for accounts in Nottingham

Sage Training for accounts in Nottingham

Nottingham Accounting Solutions Ltd can help you

•Sage Training

When you have invested in Sage Accounts software, either Sage Line 50 or Sage Instant Accounts, it needs to work for your business. OK you can go on a Sage Accounts training course which are very expensive, very general and usually miles away from your business. We offer one-to-one Sage Training on your own system for you and your staff. Our Sage Training is tailored to suit your ability and confidence from a complete Sage beginner to a competent Sage user. We also offer further Sage training and support training as you go through your month end, VAT returns and year end routines at the appropriate times. See our website for more details at Sage Training for Accounts in Nottingham

•Sage Accounts Installation, Set up and configuration

Save yourself hours and hours of your precious time – let us install your Sage Accounts Software, then set it up and configure it for YOUR business. This alone can save you hours of frustration.

•Sage Accounts software sales

As a Sage Accountants Club member, Nottingham Accounting Solutions Ltd can provide you with the latest Sage products at competitive prices.

So:

•Nottingham Accounting Solutions Ltd can sell you the Sage software, install it, set it up and configure it to your business, training you or your staff to use it on a one – to – one basis and also offer the ongoing support for as long as you need it. Quite a cost effective solution to your needs. We aim to put you on the fast track to getting the most out of your Sage Accounts software but as an alternative, why not outsource your accounting and bookkeeping to Nottingham Accounting Solutions.

Take a look at our Accounts and Bookkeeping Nottingham Mansfield web page for more details.

We also offer Sage Training for Payroll Nottingham Mansfield.

So call Colleen on 01623 550793

Accounting Principles

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Accounting Principles

If everyone involved in the process of accounting followed their own system, or no system at all, there would be no way to truly tell whether a company was profitable or not. Most companies follow what are called Generally Accepted Accounting Principles, or GAAP, and there are huge tomes in libraries and bookstores devoted to just this one topic. Unless a company states otherwise, anyone reading a financial statement can make the assumption that company has used GAAP.

These GAAP principles are not cut and dried, however. They're guidelines and as such are often open to interpretation. Estimates have to be made at times, and they require good faith efforts towards accuracy. You've surely heard the phrase "creative accounting" and this is when a company pushes the envelope a little (or a lot) to make their business look more profitable than it might actually be. This is also called massaging the numbers. This can get out of control and quickly turn into accounting fraud, which is also called cooking the books. The results of these practices can be devastating and ruin hundreds and thousands of lives, as in the cases of Enron, Rite Aid and others.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Friday, August 27, 2010

Basic Accounting Principles

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

Basic Accounting Principles

Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties."

As an example, a company's accountants periodically measure the profit and loss for a month, a quarter or a fiscal year and publish these results in a statement of Profit and Loss. These statements include elements such as accounts receivable (what's owed to the company) and accounts payable (what the company owes). It can also get pretty complicated with subjects like retained earnings and accelerated depreciation. This at the higher levels of accounting in an organization so lets not bother with them here.

Much of accounting though, is also concerned with basic bookkeeping. This is the process that records every transaction, every bill paid, every penny owed and every pound and penny spent and accumulated.

But the owners of the company, which can be individual owners or millions of shareholders are most concerned with the summaries of these transactions, contained in financial statements. The Balance Sheet summarizes a company's assets. A value of an asset is what it cost when it was first acquired. The fBalance Sheet also records what the sources of the assets were. Some assets are in the form of loans that have to be paid back. Profits are also an asset of the business.
In what's called double-entry bookkeeping, the liabilities are also summarized. Obviously, a company wants to show a higher amount of assets to offset the liabilities and show a profit. The management of these two elements is the essence of accounting.

There is a standardised system for doing this; not every company or individual can devise their own systems for accounting; the result would be chaos!

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

What Is Accounting Anyway?

Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.

What Is Accounting Anyway?

Anyone who's worked in an office at some point or another has had to be involved with accounting. “The Accounts” … they're the people who pay and send out the bills that keep the business running. They do a lot more than that, though. Sometimes referred to as "bean counters" they also keep their eye on profits, costs and losses. Unless you're running your own business and acting as your own accountant, you'd have no way of knowing just how profitable - or not - your business is without some form of accounting.

No matter what business you're in, even if all you do is balance a cheque book, that's still accounting. It's part of even a kid's life. Saving a pocket money, spending it all at once - these are still accounting principles.

What are some other businesses where accounting is critical? Well, farmers need to follow careful accounting procedures. Many of them run their farms year to year by taking loans to plant the crops. If it's a good year, a profitable one, then they can pay off their loan; if not, they might have to carry the loan over, and accrue more interest charges next year.

Every business and every individual needs to have some kind of accounting system in their lives, otherwise, the finances can get away from them, they don't know what they've spent, or whether they can expect a profit or a loss from their business. Staying on top of accounting, whether it's for a multi-million pound business or for a personal bank account is a necessary activity on a daily basis if you're clever. Not doing so can mean anything from a bounced cheque or posting a loss to a company's shareholders. Both scenarios can be equally devastating.

Accounting is basically information, and this information is published periodically in business as a profit and loss statement, or as part of a set of management accounts.

Nottingham Accounting Solutions Ltd offer accounts, bookkeeping and payroll services in the Nottingham and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk

Tuesday, April 27, 2010

Sage Training for Accounts in Mansfield

Sage Training for accounts in Mansfield

Nottingham Accounting Solutions Ltd can help you

Sage Training

When you have invested in Sage Accounts software, either Sage Line 50 or Sage Instant Accounts, it needs to work for your business. OK you can go on a Sage Accounts training course which are very expensive, very general and usually miles away from your business. We offer one-to-one Sage Training on your own system for you and your staff. Our Sage Training is tailored to suit your ability and confidence from a complete Sage beginner to a competent Sage user. We also offer further Sage training and support training as you go through your month end, VAT returns and year end routines at the appropriate times. See our website for more details at Sage Accounts Training Mansfield

Sage Accounts Installation, Set up and configuration

Save yourself hours and hours of your precious time – let us install your Sage Accounts Software, then set it up and configure it for YOUR business. This alone can save you hours of frustration.•Sage Accounts software sales
As a Sage Accountants Club member, Nottingham Accounting Solutions Ltd can provide you with the latest Sage products at competitive prices.

So:

•Nottingham Accounting Solutions Ltd can sell you the Sage software, install it, set it up and configure it to your business, training you or your staff to use it on a one – to – one basis and also offer the ongoing support for as long as you need it.

Quite a cost effective solution to your needs. We aim to put you on the fast track to getting the most out of your Sage Accounts software but as an alternative, why not outsource your accounting and bookkeeping to Nottingham Accounting Solutions.

Take a look at our Accounts and Bookkeeping Nottingham - Mansfield webpage for more details.

We also offer Sage Training for Payroll in Nottingham Mansfield

So give Colleen a call on 01623 550793