Blog posts about bookkeeping

Introduction Depreciation is a crucial concept for small businesses, impacting financial reporting and tax calculations. This guide demystifies depreciation, explaining its importance in layman’s terms, especially under the K2 accounting framework commonly used by smaller

Parking fines are issued to the person who drove the car and not to the company that owns the car. So, if a parking fine is issued, it is not the company but the person

All kinds of clothes and accessories are normally considered as personal expenses, even if they are only intended to be used for business purposes. There are exceptions for protective clothing and branded clothes with company

Expenses for exercise related wellness activities can be compensated for within some limits for all companies except sole trader businesses and for partners in trading partnerships (Can be compensated for hired personnel, not the partners.).

Introduction Accrual is a fundamental accounting principle crucial for small businesses. This page introduces the concept of accruals, their purpose, and significance for small businesses, especially under the K2 framework. What are Accruals? Accrual involves