Bookkeeping Definition, Types and Importance of Bookkeeping

by | Sep 28, 2023 | Bookkeeping

There are rules around how long you have to keep records for – usually at least six years. Make sure you retain evidence of all your expenses in case HMRC want to investigate your business. The government implemented the first stage of its ‘Making Tax Digital’ regime...

Non-operating income definition

by | Aug 14, 2023 | Bookkeeping

Other types of non-operating expenses include asset write-downs and one-time restructuring or legal expenses that do not regularly occur in the normal course of business. Non-operating income is the part of the business income that is clearly distinct from income...

Generally Accepted Accounting Principles GAAP

by | Apr 19, 2023 | Bookkeeping

To record the transaction, you must debit the expense ($3,000 purchase) and credit the income. GAAP may seem to take a “one-size-fits-all” approach to financial reporting that does not adequately address issues faced by distinct industries. For example,...

Manufacturing overhead MOH cost How to calculate MOH Cost

by | Mar 31, 2023 | Bookkeeping

If you’re running a small manufacturing operation, it’s important to accurately calculate manufacturing overhead costs. The first two costs on the list, direct labor and factory overhead, are easy to understand because they are numbers you physically see daily when...

Big Four accounting firms Wikipedia

by | Jan 25, 2023 | Bookkeeping

The Big 4 have faced scrutiny for tax avoidance, and for conflicts of interest between their auditing and consulting businesses over the past few decades. Ernst & Young bears many similarities to PwC, offering services focused on their core competencies of...