Category Archives: Accounts preparation team

Understanding Accounting Terms

The accounting world is full of an overwhelming amount of financial terminology and abbreviations.  The number of accounting terms can confuse the most astute business owner. How can you make sure you are meeting all of your legal obligations if you don’t understand what any of it means? Many business owners will be very familiar with a lot of the accounting terms, but not what they mean. With that in mind, we have created a quick guide to de-bunk the most popular terms. A Account A formal record that represents a single aspect of the business i.e. money, assets or resources. […]

Making Tax Digital (MTD) for VAT came into force in April this year, and the new process required the use of compatible software. The last three months will have been spent setting up making tax digital software in order to be ready to submit your first quarterly figures. For many business owners, this will have created major changes to their accounting procedures. Most businesses will be used to collating their figures and then submitting their VAT return each quarter via the HMRC website. This will have used figures which have been kept using whichever format they found most convenient. Often […]

Almost every company needs bookkeeping and payroll services. Keeping accurate accounting and payroll records are important to the successful operation of a company. Some companies don’t have the capacity for a bookkeeping department, so they employ the services of an external bookkeeper. With K.A.Farr & Co you don’t need to worry about all the ins and outs of bookkeeping systems and methods. We are fully trained in bookkeeping and the preparation of accounts. Drawing information from all types of records, including manually produced ledgers through to more sophisticated and computerised accounts systems. In addition, we can also offer advice on […]