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Small business bookkeeping for beginners

Bookkeeping lets you know how your small business is doing, and it helps keep you onside with the tax office. So what does it involve and how do you make it less boring? We break down bookkeeping for beginners.What is bookkeeping? Bookkeeping involves recording and classifying all the financial transactions in your business. It’s keeping track of what your business spends and what your business receives.These tasks used to be managed using books and ledgers, hence the name ‘bookkeeping’. O...

The Difference between a Bookkeeper, Financial Accountant and Management Accountant

“What’s the difference between a Bookkeeper, Financial Accountant and a Management Accountant?  When do I use one over the other? BookkeeperA bookkeeper is required to keep records of its business transactions into an accounting system like Xero. These transactions include sales, purchases, payroll, collection of accounts receivable, payment of bills, bank reconciliations, and travel receipts. To be good at their job, at a minimum, they must have a basic understanding of accounting term...