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Good bookkeeping is not just about recording transactions. It is about knowing what your numbers are telling you.
Many business owners focus on making sales but don't regularly review their financial records. Without accurate bookkeeping, it can be difficult to know:
How much the business is actually making
Where money is being spent
Who owes the business money
What the business owes others
Whether cash flow is healthy
Which expenses are affecting profitability A business can have strong sales and still struggle financially if its records are incomplete or inaccurate.
My advice to business owners: don't wait until the end of the year to look at your books. Make bookkeeping a regular part of your business routine.
Accurate records give you the information you need to control costs, manage cash flow, measure profitability, and make better decisions.
As a Chartered Accountant and Bookkeeper, I help businesses organize their financial records, reconcile accounts, manage financial data, and prepare clear reports.
What is the biggest bookkeeping challenge your business currently faces?
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A client asked me last week: “Why is there still a balance sitting in prepaid? I already paid all of it.”
Fair question. Honestly, it’s one of the most common things business owners get confused about.
Here’s how I explained it. When you pay your trade licence for the year, that money has left your bank. But you haven’t used the whole year yet. So the unused part isn’t an expense yet. It’s something you’ve paid for and still own, like a credit waiting to be used.
Say you pay 10,350 for a 12 month licence. Each month, 862.50 moves into expenses. Whatever hasn’t been used by 31 December stays on the balance sheet as prepaid.
The client still wasn’t fully getting it from the schedule alone, so I broke it down year by year. 2020, 2021, 2022. Same prepayments, just showing how much was used and how much was still left at each year end.
That’s when it clicked for them.
The visa, shared desk, insurance and licence costs all work the same way. Pay now, use over time, expense a little each month.
If your accountant keeps saying “prepaid” and you nod along, ask them to show you a schedule like this. It’s your money, you should be able to see where it is.
This is part of my contra series, where I explain accounting without the jargon.
#accounting #prepaidexpenses #smallbusiness #UAE
Great explanation! Breaking prepayments down year by year makes it much easier for business owners to understand how their money is accounted for and why balances remain on the balance sheet.
Full of visual hierarchy
A personal Excel/CSV data-cleaning demo: 8 fictional input rows become 7 after removing one exact duplicate. Zero stock is preserved; a missing price stays blank and is flagged. The original data is retained for comparison. This is a self-initiated example, not client work.
I can help with Excel/CSV cleaning, reconciliation and clear reports. We agree scope, price and delivery after reviewing a sample. First project: 50% off the agreed regular quote, with no future-order commitment.
Great approach to data cleaning! Preserving the original data while flagging missing values and removing only exact duplicates helps maintain accuracy and transparency. These small checks can make a big difference in reliable reporting.
