tslbookkeeping.com » Accounting

Buildings and Contents Insurance

Paul — Thu, 27 May 2010 11:52:16 +0000

If you are wanting to buy a house you should consider buildings and contents insurance. Buildings insurance covers the actual house and covers water, fire damage and all that sort of catastrophe whereas content insurance basically looks after your posessions. You can often get the two types of insurance from the same company on the same policy but often it is a good idea to buy cheaper going seperately. Shop around using price comparison sites and play them off against each other. This is probably the best and cheapest way to get insurance for your new home, and all your posessions.

Insurance Cover

Paul — Fri, 21 May 2010 10:41:07 +0000

On a mortgage it is all very well paying monthly costs but what if you lose your job, can’t pay your repayments, fall ill or in the worst case scenario – die? This is something we don’t want to think about but when buying a house these things do have to be considered. Mortgage insurance cover, life insurance and critical illness cover are all recommended but purely a choice by the mortgage payer. If someone can’t pay the mortgage because they are no longer alive or too ill to work then someone still has to be made accountable. This is where insurance comes in and covers the costs.

Keeping Costs Down

Paul — Tue, 18 May 2010 08:33:44 +0000

When buying a house it is best to keep costs as low as you can, because there are many things that you may not have taken into account that may crop up and need to be paid for. Shop around for the prices for solicitors and mortgages to get the best prices and you won’t be disappointed. If you are looking to keep costs of things for your house down too then you can use websites like freecycle and freegle. These sites are available for people to swap and give away items they no longer require. Get yourself signed up and save some money.

So How Much Should You Charge?

Paul — Thu, 13 May 2010 08:04:35 +0000

Ok so you have decided that someone is going to rent from the house you have just bought. Depending on whether you are renting the whole house or just a room or section of a house, prices will vary and really need to be judged at your own discretion. There are many websites that give you a guide on how much you charge depending on room size, how many you are sharing with and many other factors. There is also the factor of whether the person renting is a friend or purely a professional agreement. Either way can work but you need to make sure that everything is done legally. This will mean paying tax on the monies you receive from the person renting.

Charging Rent

Paul — Fri, 07 May 2010 08:53:07 +0000

When you buy a house you may find that you can’t afford to live alone and need to rent out one of your rooms. The advantage of this is that you can charge fees that will cover part of your mortgage repayments and although usage of more electricity and gas will be increased, the charges will be split between more parties. It is often a good idea to live with someone else anyway, and whilst it might not be ideal on some occasions, you have to keep thinking that you are getting a good deal out of it. It is helping you pay off your mortgage whilst being able to live your life.

Accounting

Paul — Fri, 26 Jun 2009 14:07:39 +0000

Accounting is the recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the financial statements.

Whether you are just starting a business or have been operating for a long time, here is a listing of accounting services that may hel you:

Chart of Accounts: If you don’t yet have a chart of accounts, set one up! The chart of accounts is the foundation on which you will build your accounting system. Account numbers are used as an easy account identification system. After the chart of accounts, you establish a general ledger system, which is the engine that actually runs your accounting system on a daily basis.

General Ledger: A general ledger reflects a summary of transactions during the accounting period. It is set up like your chart of accounts, although not every single entry is included in this ledger. Generally, your checkbook register is a great source to set up this ledger. An important component of the general ledger is source documents like sales receipts and billings. Source documents are critical in that they provide an audit trail in case you or someone else has to go back and study financial transactions made in your business. This is where the record of debits and credits are of your business. The debits and credits of your business are actually what is considered to be your accounting system.

Financial Reports: Prepare and explain your financial reports, such as your Profit/Loss Statement, Trial Balance, Balance Sheet, Statement of Cash Flow, etc.

Consulting: Sit down with you, either in person or by phone and discuss what is needed to keep accurate records for your business.

Budgeting & Planning: It is critical to plan ahead and it is also critical to set up a budget plan. Any business needs to know where they are today and where they want to be tomorrow. Get the plan and budgets in focus.

Software Conversions-Accounting Software: What TSL has found through working with clients is that the best software for keeping records is QuickBooks Online Edition. Do all the work from our office or just part of it. Having a secure connection online allows both companies to interact and maintain accurate business data. However, if you have other accounting software, that isn’t a problem.

Non-Profit Companies: It’s important to know how to approach the Board with your ideas. It’s critical to be in compliance with non-profit guidelines and it is mandatory to prepare for an audit. Make sure you have plans, budgets, and forecasts as well.

Management Reporting: We have a series of reports to help you manage your business. Reports are based on client need.