Why business owners need to prepare for cheque system shake-up

October 2017 will see one of the biggest shake ups to the English banking system in years, as the laborious cheque clearing system is forced to acknowledge 21st century technology. Traditionally, once a business or personal cheque is paid into a bank account, the account holder can look forward to waiting six whole working days before the money is classed

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13 top tips to improve the finances of your business

Create a solid business plan, including realistic annual financial projections/monthly budget With these in place, you will know what your financial expectations are for the current or first/coming year – regarding your revenue from sales and the costs (as well as profit). It may be important too to have an associated cashflow forecast – to identify any anticipated ‘pinch points’

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Accruals and prepayments

This post has been produced by B J Harford FCCA, FIAB, Principal at Woodgrove Tutorials. Woodgrove Tutorials is an IAB Accredited Training  Provider. Their  Principal, Brian J Harford FCCA is an Award Winning qualified Accountant with 36 years teaching experience in Bookkeeping & Accounts including 17 years as a Part Time Lecturer at the London Metropolitan University (formerly Guildhall University) For

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Panama property taxes

Over the last 15 to 20 years the Panamanian economy has grown as strongly as any country in the world, there has been a large influx of foreigners that has seen a lot of new property developments particularly in Panama City with high rise flats. Taxation of property is well developed in the country.There is the annual property tax, a

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The valuation of stock

The valuation of items of stock plays an important part in determining the gross and net profit of a business. Stock should always be valued at the LOWER end of cost or net realisable (sales) value. This is an important concept because if closing stock is overstated gross profit will be overstated; in other words, the higher the closing stock

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Further aspects of depreciation

Depreciation can be defined as the writing off (to Profit and Loss Account) of the cost of a fixed asset over its estimated useful life. Virtually every business has fixed assets and therefore depreciation applies to almost every set of accounts produced. The most common method of depreciation is the straight line method. By this method the cost of a

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Control accounts

SALES LEDGER CONTROL ACCOUNT If the number of credit sales is low then a separate personal account for each debtor can be held within the General Ledger. However, whenever the number of credit sales becomes large, then it is advantageous to hold only one account in the General Ledger for all debtors. This account is called the Sales Ledger Control

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Excel 2016 – Top 10 New Features (Part 2)

This article has been provided by Filtered which is an online education platform which customises learning material for each user. The platform offers courses in essential business disciplines from leadership and management to strategy, spreadsheeting and project management.  Filtered provides discounts for IAB members on a range of courses.  To find out more about this offer please login to the restricted area of

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Excel 2016 – Top 10 New Features (Part 1)

This article has been provided by Filtered which is an online education platform which customises learning material for each user. The platform offers courses in essential business disciplines from leadership and management to strategy, spreadsheeting and project management.  Filtered provides discounts for IAB members on a range of courses.  To find out more about this offer please login to the restricted area of

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