by James Holden | Oct 14, 2021 | Bookkeeping
Bookkeeping is the recording of daily financial transactions, which is a significant part of the system of accounting in most companies and industry sectors. It involves preparing financial resource documents for company operations, processes, operations and many other occurrences of an organization. The ultimate objective of bookkeeping is to record financial transactions as they occur and provide interpretation for decision support. A number of methods are available to record financial transactions such as the single-entry system or double-entry system. Single-entry bookkeeping system records financial transactions in single account. Under this method, the date and amount of each transaction is entered; however, since the data is not written in code, it is prone to errors. Double-entry bookkeeping system records each transaction twice; the first record is for the current transaction and the second is for the previous transaction that was debited or credited. The single entry bookkeeping method makes use of certain computer software tools to record financial transactions and provides visual evidence for the recording and interpretation of data. The primary benefit of using this method is that the transactions are more easily recognized and may be immediately acted upon when required. Double-entry bookkeeping system makes use of bank reconciliation software to record financial transactions and use the cash basis method to record receivables. The software uses the debit and credit instruments to record financial transactions. Bookkeeping and accounting clerks, along with auditors, keep track of all company transactions. They create records of transactions by creating a database that contains details about each transaction. The accounting clerks prepare reports from the database by interpreting and comparing the information contained in the entries made in the books. The data is stored in computers, which are controlled by the accounting clerks, keeping track of transactions. Bookkeeping is divided into three basic forms:
by James Holden | Sep 8, 2021 | Bookkeeping
Probate is a legal and financial process that is used to deal with the issue of property, money, and possessions that belong to a person who has died. Dealing on behalf of someone who has died to sort out the possessions and financial assets they have left behind, can be a lengthy procedure that provides obstacles and causes a great amount of stress. Losing a loved one is hard enough without having to worry about the financial implications of such an event. If a person wants to consider the support of a probate solicitor Portsmouth then they should read this article to see if they require access to the services offered by such solicitors, what the services are that will be provided and finally what their next steps should be. Do I need a probate solicitor? A person may want to consider a probate solicitor to deal with the administration of an estate, provide representation and provide the documentation for them if they are seeking probate. Many circumstances may require the support of a highly trained lawyer who can ensure that the administration process is dealt with in a professional manner. Executors or the bereaved may wish to have support and assistance whilst they go through this process, this is when a solicitor could come in handy. The stress and burden of this process can be eased by the presence of a professional who has extensive experience in this field. If this is starting to sound like something that you could benefit from, then you should consider reading on to see what services could be beneficial to you. What services can a probate solicitor provide? A solicitor can determine whether a grant of probate is required. They can also ascertain the deceased person’s assets by collecting and collating important relevant
by James Holden | Sep 8, 2021 | Bookkeeping
This is a question divorce solicitors in Guildford get asked often, and is actually one that requires a surprisingly simple answer. There is often confusion surrounding the cost of seeking legal guidance from a legal specialist, which is why many potential clients may shy away from legal intervention initially. In actuality, the cost of a divorce can start from as little as the amount charged for a fixed court fee which is minimal, if the couple decide to complete all of the necessary paperwork alone. Despite this however, many individuals may possess hectic work and social lives which can make it extremely difficult to finish this paperwork, which is where a divorce solicitor can help Making the cost clear So where does the confusion surrounding the cost of divorce occur? If a partnership decides to seek the help of a legal professional they are normally expected to pay a fixed divorce fee plus a VAT charge in addition to the court fee. These costs will be made clear by solicitors at the outset. Despite these costs being seemingly well defined, financial confusion often begins when the couple find it hard to make decisions on matters such as child custody arrangements, finances, and division of assets. This legal wrangling can cause the costs to stack up, which is why the mediation of a divorce solicitor is crucial to conclude these disputes as soon as possible for both parties involved. What to expect from the legal process Divorce is extremely common both within the UK, and on a global scale. Despite it being so common however, many individuals may still be unsure of what to expect from the legal process, and the steps typically taken to end a marriage. Although every individual legal case differs greatly regarding the process and outcome, every
by James Holden | Sep 8, 2021 | Bookkeeping
It is important to first understand what probate in the UK means and the laws surrounding probate. In England and Wales probate refers to the procedures required when dealing with the estate of a deceased person. On the death of a person and prior to an executor or a next of kin being able to sell, transfer or claim rights to any of the deceased’s property or assets, a grant of probate may be required. There is a whole range of obligations that have to be fulfilled before an estate can be divided and allocated in the case of a will or if there is no will. A probate solicitor Emsworth is best suited to handle the complicated procedures to ensure that no problems occur at a later stage. Complications of probate law When someone dies it is necessary to carefully and correctly wind up their estate, which requires ensuring that all the individual’s liabilities are settled to enable an accurate value of the estate to be determined. Identifying all the assets and liabilities of an individual who has passed away is not always a straightforward procedure and may require some in depth searches being conducted. All sorts of debts need to be established, things like outstanding debts, credit card balances, utility bills and loans are but a few. Determining if any inheritance tax needs to be paid or if there is any income tax or capital gains tax outstanding is also crucial. A grant of registration has to be applied for to confirm the administrator of the estate. Selling off any assets that may be required to settle all outstanding debts must be done before the remaining value of the estate can be confirmed. Beneficiaries of an estate A probate solicitor will undertake the legally required course of action
by James Holden | Jan 8, 2021 | Bookkeeping
Business finances is the secret that many new businesses seem to know but often overlook. The first thing any new business should do is to set up a simple budget that covers all of their expenses and assets. By doing this, businesses can now start looking at their business finances in a more focused way. In short, business owners can now increase their chances of success by forecasting how they are going to spend their money. They can help this process along by using a service like https://www.pherrus.com.au/ to help with accounting requirements such as tax and planning to make sure they are following the necessary steps for their expenses and assets. Furthermore, they should make use of the help online like with companies like LeadJig, who provide advice and seminars to educate on financial situations and the best way to tackle this within a business. Many of today’s businesses are built upon some highly innovative and complex concepts. As such, it is no surprise that many of these businesses have exceptionally high finance requirements. Businesses, be it manufacturing or finance, have to set their financial forecasts aside along with other non-financial requirements and focus only on those matters that directly affect business profits. This is where proper business finances, financial planning, is so important. It is the backbone of any enterprise that wants to see its business thrive and succeed for many years to come. Many even tend to take assistance from experts such as Eide Bailly who can help them with their finances! So, what exactly constitutes business finances? Well, it is the sum of all financial commitments of a business that are required to pay for the daily operations of the business. Most businesses have accounts receivable at the end of each month that have outstanding balances
