Starting at the Beginning
What even is accounting? Before we start looking at specific topics, first let’s break down what accounting is and how it works.
Defining Accounting
It means more than you think, so start with an explanation.
Bookkeeping
The bread and butter of accounting that covers day-to-day work.
Compliance
The full stop at the end of the financial year, bringing the records into focus.
Tax
Unavoidable with a successful business, best managed with foresight.
Payroll
From hours worked to take home pay, this is the heartbeat of every workplace.
Double Entry
An accounting system is a closed system, and double entry is the backbone.
Debits and Credits
The push and pull that keeps the balance in check.
Income and Expenses
Money in vs. money out – simple but vital.
Assets and Liabilities
What you own vs. what you owe – the two sides of the coin.
Capital, Drawings and Shares
The owner’s stake in the business and how it changes.
