Primarily we offer a book keeping & accounting service - but we do more than that. We manage money, resources & assets.
As part of our work as bookkeepers, we take our clients receipts, and
put them into a logical order so that we are able to work out their
Income and Expenses.
The job of an accountant is
to put the numbers together, and from that information, to produce the
profit and loss account & the balance sheet. There are certain
words / vocabulary that are used in the world of finance.
Because
we know that people reading our site may not be very familiar with
accounting - the rules and concepts, we'll outline what income,
expenses, assets and liabilities are, and what you want more of and
what we want less of.
INCOME
Income refers to money coming into your bank account.
Examples include: Sales, Bank Interest Income, Commissions Received, Royalties Received, Dividends. You want more of this.EXPENSES
Expenses are the opposite of income. They are items that leave your bank account. Examples include: rent, insurance, light, heat, telephone bill
You want to try and reduce this.
ASSETS
Assets are items that produce income for you. Examples include a business, cash in the bank, cash in hand, money, the rights to music / books (because you wrote it) and it belong to you - intellectual property, trade marks, property. You want to collect as many of these as you can.
LIABILITIES
Liabilitites are items that take money out of your bank account. It is what you owe to other people. Example include mortgages, loans, credit cards, tax, debt. You want to make sure that this is manageable and reduce it where you can.
PROFIT & LOSS ACCOUNT
A profit and loss account is made up of Income minus Expenses. When we take away our expenses from our income, we want to be left with a positive figure. If the figure is positive, we've made a profit. And profits keep us afloat and away from bankruptcy.
BALANCE SHEET
The balance sheet is made up of the assets minus the liabilities. We want to have more assets than liabilities. If we have more liabilities, then assets, this is where we fall into the category of negative equity.
A book worth reading is Make The Most of Your Money - available on Amazon here: http://amzn.to/1qCDRDp
Boogles is built on the principles of recommending quality products and providing reliable service. Our diversified product range continues to grow by following trends, improving our standard products, and listening to the customer. Our unique service has established our place in this industry. This allows us to make a distinctive and substantial impact for our clients.