Accountancy services

What is accounting, and what accounting services are available

Accounting covers all financial aspects of running a business, from sales invoicing, cost control and, management of cash flow and to tax reporting. The resources on this page will give you a thorough grounding in accounting terminology and the different approaches you can take to accounting

The choice of accounting package or accountancy service is dependent on you assessing your needs and how you want to be competitive. It’s wise to also look through our resources covering accountancy software, so you can get to grips with our summary of different accounting requirements, which you can use to help evaluate available online systems or your choice of accountant.

Accounting glossary of terms

Bust the jargon with this invaluable glossary

from FreeAgent

WHAT?  A directory of all accounting terms with brief descriptions

WHEN?  Any time you need a precise definition of accounting-speak

WHY?  Helps ensure you use correct terms, particularly if key customers, major suppliers or finance providers require specific information

Small business accounting

Read this comprehensive guide from Xero, a leading supplier of accountancy software

from Xero

WHAT?  This guide isn’t explicitly tied into the use of the Xero accounting package. (Other guides and supporting information from competitor accountancy software providers like Sage, Kashflow and Quickbooks, while helpful, is quite specific to those vendors).

WHEN?  You’re starting out and need to understand all the processes involved. Or, when you’ve reached a “tipping point” and the business isn’t coping with its book-keeping needs.

WHY?  The longer a business continues with poor accounting administration, the harder it is to put it right historically and going forward – the business may always be playing catch-up.


>>  FreeAgent also provides really helpful guides to hot topics for small business owners:

How to manage expenses

Guide to balance sheets

Chartered Accountants

Browse through a list of Chartered Accountants

from ICAEW (the Institute of Chartered Accountants in England and Wales)

WHAT?  A list of members of the Institute of Chartered Accountants in England and Wales

WHEN?  You’re about to launch the business

WHY?  When you are founding a business a qualified professional accountant can help with important decisions


>>  Analyse whether you should take a DIY approach from PremierLine

DIY accounting

Learn when to use an accountant

from Informi

WHAT?  Guidance article on when to choose an accountant and when to do the accountancy and tax yourself

WHEN?  You’re starting out and you’re unsure if you should do all the HMRC registrations yourself or hire an accountant

WHY?  Doing it yourself will help develop your knowledge and skills in tax, which can be important in efficiently and legally running your business, but this may overstretch you


>>  More advice on when to hire an accountant from MileIQ

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