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As an accountant you probably think you’ve got your budget under control. You know numbers and watch your spending to ensure that you are managing your money well. But unless you’re applying crucial budgeting strategies, you’re not using this valuable tool to its full advantage. Here are 5 tips that will help: 1. Ensure your budget aligns with your business strategy. This may seem obvious, but in the day-to-day tasks required in business management, strategy may be forgotten. There are fires to put out, emergency expenses to pay, and last-minute purchases to make. So unless you’re vigilantly monitoring your outflow, your strategy may be nickel and dimed into extinction. If you don’t yet have a strategy, now is the time to develop one. Does your business require more aggressive marketing techniques? Are you attempting to grow your firm by hiring a support staff? Or do you want to focus on retaining current clients? Whatever your strategy, you shou...

As an accountant you probably think you’ve got your budget under control. You know numbers and watch your spending to ensure that you are managing your money well. But unless you’re applying crucial budgeting strategies, you’re not using this valuable tool to its full advantage. Here are 5 tips that will help: 1. Ensure your budget aligns with your business strategy. This may seem obvious, but in the day-to-day tasks required in business management, strategy may be forgotten. There are fires to put out, emergency expenses to pay, and last-minute purchases to make. So unless you’re vigilantly monitoring your outflow, your strategy may be nickel and dimed into extinction. If you don’t yet have a strategy, now is the time to develop one. Does your business require more aggressive marketing techniques? Are you attempting to grow your firm by hiring a support staff? Or do you want to focus on retaining current clients? Whatever your strategy, you shou...

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The Creditors' Ledger The Debtors' Ledger The Cash Book The General Ledger All of the ledgers contain "accounts". These "accounts", just like bank accounts are either in credit or in debt. For Pepe's Pizza Parlour, when Pepe has money in his bank account then the bank owes Pepe money. In this case Pepe is the bank's creditor and the bank is his debtor. In fact Pepe is overdrawn and has an arranged overdraft. Pepe owes the bank money. In this case Pepe is the bank's debtor and the bank is Pepe's creditor. Every party with which Pepe's Pizza Parlour has a transaction has an "account" with the business i.e. people who Pepe buys goods from and people who Pepe sells goods to. In addition there are accounts to represent how much equipment the business owns, expense accounts to cover the day to day exp...

Let us assume that on a given date we have taken each of our ledgers and balanced all of the accounts within them. What do we do with them now? We put them together to form a " trial balance. " All the accounts should have been balanced off correctly and they will all be used. Those accounts which have their balances on the left hand side are our debtors and those balances will appear in the left hand column of the trial balance . Those accounts with their balances on the right hand side of the account are our creditors and those balances will appear on the right hand side of our trial balance . Remember that every transaction that a business carries out is recorded against two accounts (i.e. a double entry). Provided that the accounts were balanced correctly at the beginning of the accounting period then left column (Dr) and the right column (Cr) should total exactly the same . If they do not then a mistake has been made. Th...

by Ken Delaney-Moore, Sheffield Hallam University Aims: This worksheet deals with: The need for objectivity and consistency within the accounting profession. The concepts of going concern, accruals, prudence, consistency, cost, materiality, business entity, money measurement, realisation and dual aspect. The main provisions of SSAP 2 After having completed the worksheet you should be able to explain these points. When you are done, please fill-in the on-line evaluation form in order for us to monitor the quality of the materials we provide for you. Tell us what we're doing right and wrong. It takes very little time, and your opinions are valued - thank you. Introduction Imagine that you are a business owner, and you take copies of your financial records ('books') to six different accountants. You ask each one to calculate your profit for the year. A fortnight later they each provide you wi...

by Ken Delaney-Moore, Sheffield Hallam University Aims: This worksheet deals with: 1. Balancing-off accounts 2. Preparing trial balances After having completed the worksheet you should be able to explain both of these points. When you are done, please fill-in the on-line evaluation form in order for us to monitor the quality of the materials we provide for you. Tell us what we're doing right and wrong. It takes very little time, and your opinions are valued - thank you. Balancing - off accounts Look at the following 'cash' account: Debits £ Credits £ 1 8 Capital 2000 2 8 Bank 1500 4 8 Sales 150 3 8 Purchases 300 7 8 Sales 140 5 8 Creditor - K.Lucas 180 6 8 Motor expenses 130 Q1. The 'balance' on this account is the difference between the totals of the debit and credit values. Enter this figure in the space provided (Don't use a £ sign). (Type your answer) Q2. If this account were a pair of scales, and the values ...

by Ken Delaney-Moore, Sheffield Hallam University Aims: This worksheet deals with: Who uses accounting information, and why. The difference between financial accounting and management accounting. After having completed the worksheet you should be able to explain both of these points. When you are done, please fill-in the on-line evaluation form in order for us to monitor the quality of the materials we provide for you. Tell us what we're doing right and wrong. It takes very little time, and your opinions are valued - thank you. Why do we bother keeping accounting records? There is more than one answer to this. Firstly, the managers of the business will want to know how things are going. They need financial information in order to plan for the futu...