All the businesses in the UK become liable to charge VAT when it goes beyond the limit of £73000 per year. If a freelancer has registered for a VAT scheme, then they become liable to add VAT charges along with their regular fee that they take from their clients. This involves charging all the customers [...]

Survival in the business world is a hard task for many companies when the level of competition is very high. The fluctuating nature of economy can set back a company if they do not have the right people handling the balance sheet in an efficient manner. As long as the business world exists, business managers [...]

The Business world exists in a very delicate balance when keeps shifting according to the relationship of the world with each other economically. The economical stability keeps changing like the tides of the ocean, and always remains in a state of transformation. The international corporate laws governance monitors all the activities and it is essential [...]

So, what is IFRS? Why does everybody talk about it? Why do we need it? And who uses it? IFRS is an acronym for International Financial Reporting Standards. It is a set of principles and regulations for reporting many different operations in the financial statements. Very much like USA uses US GAAP, Canada uses its [...]

In a startup company, you are insanely busy. With so much going on, you can become blind to how you are spending company money. This is the first of a two-part series on bookkeeping techniques that will make you a black belt in managing money. Handle paper once. Buy yourself an expanding plastic folder, the [...]

While working for small and medium size businesses, I noticed that they didn’t have an effective bookkeeping system. As a result, their records were inaccurate, they were not able to keep up with paying their expenses, and also were not able to pay their taxes accurately as a result. Creating and maintaining an effective bookkeeping [...]

The CPA exam requirements are quite straightforward. However, I get many questions about the exam itself. Believe it or not, the composition of the exam, at least in terms of subject content relativity, hasn’t changed much over time. In this article, I want to discuss the actual contents of the exam, but before that here [...]

If you haven’t paid attention to the industry lately, CPA Ethics is a hot topic given the number and nature of corporate scandals and failures we’ve seen in recent years. But even prior to some of the most noted scandals, CPAs have always been required to pass the ethics exam, and take ethics related courses [...]

It is easy and inexpensive to use accounting spreadsheets but are they the correct choice for small businesses? We all know that there is a legal requirement to maintain accurate accounting records covering your business transactions. The tax man, the VAT man and a miscellany of compliance regulations means that accurate bookkeeping records are essential. [...]

The main goals of business are to make profits and increase their investor’s wealth. For achieving these goals, finance acts like blood for any organizations to continue their business operations in efficient manner. Finance can be made available through two main sources – Equity – Debt These both areas are distinguished below separately Equity: Generally, [...]