Top Bookkeeping Terms Explained

When you’ve spent a chunk of your working life employed, things like bookkeeping and accounting never usually come up – out of sight out of mind, as they say. It’s a safety net we often take for granted until we’re newly self-employed and the responsibility of managing our taxes (along with all the jargon that…

Recording Benefits in Kind in Your Bookkeeping

Recording Benefits in Kind in Your Bookkeeping

Some employers provide perks, known as Benefits in Kind (BiKs), to employees and directors that aren’t part of their salary, such as:   Company cars used for private trips Non-business entertainment Assets bought by the company that are for private use Private health insurance Gifts which are given as a result of the employee’s performance…

Working Out Exchange Rates in Your Bookkeeping

The world is getting smaller with people and companies trading across borders millions of times a day. This means that almost every business has the potential to buy goods and services in different currencies and can, by the same token, sell almost anywhere in the world. So how do you deal with exchange rates in…