Accounting Made Easy

Understanding Accounts in Your Business

 

Many people prepare accounts but do not understand what they are saying.

Essentially, a balance sheet is a photograph of your business at a particular date which shows what you own and owe.

a balance sheet is a photograph of your business

While a profit and loss account (or Income and Expenditure Account) is like watching the ocean tide going in and out. 

When the tide goes out, money goes out.

When the tide comes in, money comes in. 

What is left on the shore is called profit.

 

 

 

Our favorite accounting program is Quickbooks.

Click Here for a Look at It

 

Income Taxation

In this era of austerity, there is taxation everywhere, such as: –

  • Tax on work.
  • Tax on business profits.
  • Tax on selling goods or services.
  • Tax on inheriting or receiving a gift of property or money.
  • Tax on living in a house in Ireland.

 

Feel free to contact us if you wish to check the tax implications of any transaction you may wish to undertake.

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