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.
OTHER RESOURCES?
>> FreeAgent also provides really helpful guides to hot topics for small business owners:
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
OTHER RESOURCES?
>> 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
OTHER RESOURCES?
>> More advice on when to hire an accountant from MileIQ
