Resources
Accounting Glossary
Simple explanations of common accounting and bookkeeping terminology.
Accounts Payable
Money a business owes to its suppliers for goods or services it has received but not yet paid for.
Accounts Receivable
Money owed to a business by its customers for goods or services delivered but not yet paid for.
Balance Sheet
A snapshot of what a business owns and owes at a single point in time — its assets, liabilities and equity.
Cash Flow
The money moving into and out of a business over a period, showing whether it can cover its day-to-day costs.
Corporation Tax
A tax that limited companies pay on their taxable profits.
Management Accounts
Regular internal financial reports that help business owners understand performance and make informed decisions.
Profit & Loss
A statement summarising income and expenses over a period to show whether a business made a profit or a loss.
Reconciliation
Matching the transactions in your records against bank statements or other sources to confirm they agree.
Trial Balance
A list of all ledger balances used to check that total debits equal total credits before preparing accounts.
VAT
Value Added Tax — a tax charged on most goods and services sold by VAT-registered businesses in the UK.
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