And Make Everything Crystal Clear.

The year covered by your business’ accounts. Every business must prepare accounts for a year at a time.  Accounting periods can be longer or shorter than a year

An amount you are owed by a customer, also known as a trade debtor.

When you've had the benefit of a transaction, but haven't yet paid for it, that's an accrual. This is usually when you have received the service but not the invoice, if you have receive [..]

This is when you record a cost or income in your accounts when it's incurred, rather than when you've paid or received payment for it.

This is a strict test of whether you've got the cash flow to cover all your outstanding liabilities.

Something of value that a business owns, can access or otherwise benefits from.

When an independent organisation take a close look at your finances and offers an opinion or judgement on them.

When a debtor can't pay what they owe.

A cornerstone of accounting. A statement showing assets, liabilities and ownership interest. It shows the company position, under new international accounting standards this will be called your statem [..]