Basic accounting links - anyone have some?

[Steve Kay]

Does anyone have any good links for the basics of accounting?

I have just started up a ltd consultancy to do some bits and bobs on the side of my regular wage slavery, and am attempting to understand the world of balance sheets, P&L, cash-flow and share capital (in order to avoid irritating the revenue, basically).

If you've got anything relevant or helpful, please pass it along for me to read - L.M.G.T.F.Y. turns up so many entries

Many thanks in advance

S

 

[Maslins]

I've got a few things which may be of interest to you on my site under useful guides.

What exactly are you looking for? I'm guessing you're not wanting to become an accountant, so don't need to understand (for example) debits and credits, but simply want to gain a better understanding of what the numbers in a set of accounts mean?

Might also want to take a look at business link, most accountants on here aren't fans of them, mainly as their "advisors" give out far more advice than they're qualified to (and most of it's crap), but their site has some useful stuff..

 

[Blackberry]

The best advice I can give is to get yourself an accountant at the outset who will work with you to ensure your on the right path and provide on going help and support.

They will clairfy every you want to knwo and a lot more you probably haven't even consider yet!

It might seem like an extra cost, but it will be money well spent

 

[julian_shaw]

These posts should prove very useful. Only one thing to add, the Business Link website has loads of good information, but I'd have a look at this page if I were you.

Have a look at the videos. They are in HMRC-speak, but they are informative and clear.

Then get yourself an accountant

 

[Moocher]

Have you thought about going on a course at your local college or adult learning centre?

 

[frauke]

Have you thought about going on a course at your local college or adult learning centre?

I suggested this to a client who wanted to do her own accounts and when she signed up to the local Accounts course at her local college it was 100% on Sage. She lasted 2 sessions.

We since worked together to find a book-keeping solution that she can maintain easily and I'm happy with.

 

[Steve Kay]

Thanks to all for their replies -

Moocher, I've not considered this, and to be honest it's probably over-kill - I am just wanting to get my head around what I need to do to avoid a spanking from HMRC, and to find out whether I can reclaim VAT on items purchased before I've registered for it

Much appreciated!

S

 

[CassioAcc]

Yes, you can claim VAT on purchases prior to registration - 3 year for goods and 6 months for services. It is not really accounting you are wanting to understand but tax. Perhaps look at the guide for self employment tax returns. This is by no means covers everything.

As mentioned above, if you are going to use an accountant then if you opt for a fixed fee you will get a resource to call on during the year.

 

[Bookkeeper in Guildford]

A good Bookkeeper could do all you ask for a few hours a month at quite a low cost.

We charge £20 per hour, most clients use us about 6 hours a month, and we can work remotely through secure post.

Look on Google for someone local to you if you would rather be able to sit face to face.

 

[Woodcrest Accounting Serv]

I'd recommend getting a bookkeeper/accounting technician so you can spend more time consulting and actually generating revenue. Also, making mistakes can be costly further down the line if you have to pay an accountant to fix any errors.

But, if you are determined to do it for yourself, there is quite a comprehensive, well-known book Free online at Google Scholar: Frank Woods Business Accounting

 

[weebly_one]

I have had a couple of basic books recommended which might tell you enough.

The Dummies guide to book-keeping and 'business accounts' by David Cox

I have not seen them myself but they might help you. You could always request them at your local library and buy them if they prove useful.

 

[TraceyAnn]

HMRC do very good workshops -so not only do you get to know what the revenue wants, you will also have a contact there in case you have any further questions - and they're free