Time to Compare: Director’s Loan Account, Salaries and Dividends As a director of a company, you should be rewarded accordingly for the work you do. There are various ways to receive money from your company. As a business owner, you might be asking yourself what these ways are, how they differ and which one to …
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Clearing Account: Top 4 Questions & Answers! At What A Figure! Accounting we will review the core questions you may have about clearing accounts: What is a clearing account (CA)? How does it work? What is the difference between clearing and suspense accounts? Why does it matter in e-commerce? Let’s go through them one by …
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Budgeting and Forecasting: Start the Growth Journey Many e-commerce business owners find themselves juggling many roles, and as a result, budgeting and forecasting get overlooked. However, to do business we can’t only focus on the past. When you analyze the P&L or any other financial reports you always need to look back at how the …
How to Reconcile Foreign Currency Transactions in Xero? Earlier or later every successful business goes global and consequently faces the need to reconcile foreign currency transactions. At What a Figure! Accounting we will walk through the following questions: How to reconcile multi-currency transactions in Xero? What are foreign currency gains and losses? The impact of …
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How to Calculate the Break Even Point? (+free template to build your own scenarios!) Probably, the most common question every business owner is asking is: “How much (and at what price) do I need to sell products to be profitable?” Guessing is not the best approach while doing business, even if you have a good …
The 6 Key Questions About Business Assets Financial literacy starts with understanding the business assets as it is a cornerstone for determining the company’s value. It’s hard to say where you stand if you have no idea what you own. In this article, we will cover the 6 most important questions you may have in …
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What is a Chart of Accounts? Business owners usually overlook the importance of their chart of accounts. However, it’s a great misconception. Read on to understand the benefits of a good COA and how to build one for your e-commerce business. At What a figure! Accounting, we will walk you through the following points: What …
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E-Commerce Bookkeeping Guide: all you need to know Bookkeeping is an essential activity for staying afloat in every business. Overlooking it can be especially painful before meeting tax deadlines and filing statutory accounts. In this article we will discuss the following: How does bookkeeping differ from accounting? What are the key tasks? What is e-commerce …
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When to hire a bookkeeper is a question most entrepreneurs and company directors ask themselves at one point. At what stage is it the right time? You don’t want to do it too early, but leaving it too late is just as bad decision. At What a Figure! Accounting we will cover this in detail …
When to hire a bookkeeper? – 4 key factors Continue Reading »
Are you having trouble with your Xero reconciliation? Have you reconciled all your bank transactions, but your Xero balance still doesn’t agree to your bank balance? There could be three reasons why: 1.) You have Outstanding Payments and Receipts in your bank reconciliation 2.) You have missing or duplicate bank transactions in Xero. 3.) Your …
How to do Xero reconciliation – your Bank doesn’t agree? Continue Reading »
