Accountancy FAQs
Find straighforward answers to frequently asked questions about accounting, business and finance. Take the mystery out of HMRC and tax jargon.
What Are Trade Debtors?
1 August 2026
Trade debtors are essentially unpaid invoices for the goods or services your business provides to its customers, although the term can...
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What Are Opening and Closing Balances?
21 June 2026
Business accounting is awash with all sorts of terminology, so our jargon-busting series of accounting FAQs explains common accountancy terms to...
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A Simple Guide to Cash Flow in Your Business
18 May 2026
Having cash in your business doesn’t just mean physical notes and coins. In accounting terms ‘cash’ also refers to any other...
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A Simple Guide to Gross and Net Profit
15 May 2026
The definition of profit seems simple enough, but in the business world there are two distinct types of profit – gross...
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What is Depreciation?
3 May 2026
Depreciation is the declining value of a fixed asset throughout its usable life. It’s used in accounting to spread the cost...
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What Are Business Overheads?
26 April 2026
Overheads are costs which you incur in order to run your business, but they aren’t directly related to the product or...
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What is Bank Reconciliation?
8 April 2026
Bank reconciliation is the process of making sure the information in your accounting records matches the transactions in your bank account....
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Cash Basis Accounting vs Traditional Accounting
9 March 2026
Choosing which type of bookkeeping method you use makes a big difference to the way you report income and expenses –...
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What is my Financial Year?
6 January 2026
A financial year is a 12-month time period used to report on your business’s financial performance. You might also hear it...
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What is Online Accounting?
1 January 2026
Online accounting uses online technologies to provide accounting services and software, rather than relying on the more traditional method of providing...
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The Financial Reporting Standard: What is FRS 105?
24 December 2025
Our frequently asked accounting and bookkeeping questions blog series is designed to make running your business as simple and stress-free as...
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What are Accruals?
23 December 2025
Accruals are amounts of money a business expects to receive or spend, which haven’t been paid yet. This method is sometimes...
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