![]() Your business’s Nominal Ledger, which summarises all the activity in a business’s accounts. We walk you through the basics of bookkeeping, starting with the process of setting up your business’s books and developing:Ī list of your business’s accounts, called the Chart of Accounts. In this book, we introduce you to the key aspects of bookkeeping and how to set up and use your financial books. They must be vigilant about keeping a paper trail and filing all needed backup information about the financial transactions entered into the books. Bookkeepers must be detail-orientated, enjoy working with numbers and be meticulous about accurately entering those numbers in the books. Yes, the bookkeeper’s job is crucial and requires certain skills and talents. People inside (managers, owners and employees) and outside the business (investors, lenders and HM Revenue & Customs – HMRC) depend on the bookkeeper’s accurate recording of financial transactions. The owner also can’t know how much cash was paid to employees or spent on other business needs throughout the year.Īccurate and complete financial bookkeeping is crucial to any business owner, and also important to those who work with the business, such as investors, financial institutions and employees. Without accurate financial bookkeeping, a business owner can’t know how many sales are being made, how much cash is being collected or how much cash was paid for the products sold to customers during the year. Without the hard work of bookkeepers, businesses wouldn’t have a clue about what’s happening with their financial transactions. ![]() Information recorded in the books helps business owners make key decisions involving sales planning and product offerings, as well as manage many other financial aspects of their businesses. If you subscribe to the idea that information is power (and we do), you can see that the bookkeeper has a tremendous amount of power within a business. Read moreīookkeepers manage all the financial data for small businesses. Prepare year-end documents with confidence and easeįrom the importance of keeping a paper trail to the best ways to keep payroll rolling-and everything in between-this is the ideal resource for anyone looking to learn the bookkeeping ropes.Produce Profit and Loss Statements and Balance Sheets.Manage day-to-day records like sales and purchases.Find updated bookkeeping templates and resources available via download. ![]() From tracking transactions and keeping ledgers to producing balance sheets and year-end reports, this straight-talking guide takes the intimidation out of bookkeeping and shows you how to make it your best friend in business.įully updated to include the latest coverage of accounting practices and bookkeeping software, this new edition of Bookkeeping For Dummies features tons of practical exercises to get you up and running with what you need to keep your books balanced, your finances in order and the tax inspector off your back. Luckily, this new edition of Bookkeeping For Dummies simplifies every aspect of financial record keeping, walking you through the basic skills you need to make numbers your minion. Britain's number-one guide to mastering the art and science of bookkeepingĪccurate bookkeeping is crucial to the success of every business-but few people relish in this highly detailed task. ![]()
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