Recent content by Shane Warne

Payroll deduction is an amount withheld from an employee’s paycheck by the employer to cover taxes, benefits, or other authorized expenses like health insurance or retirement contributions.

Zero-proof bookkeeping is a method where every transaction is recorded using a double-entry system, ensuring total debits equal total credits at all times—leaving no need for trial balance adjustments.

In accounting, "on account" means a partial payment or transaction made in advance or as credit, not settled in full at the time. It can refer to buying or paying on credit.

A trial balance is a financial report that lists all ledger account balances at a specific date to ensure total debits equal total credits, verifying the accuracy of bookkeeping.

Yes, $3,000 can be enough to start a small business, especially online or service-based (like freelancing, consulting, dropshipping, or digital products). Success depends on low overhead, smart budgeting, and careful planning.

The 3 C's of auditing are Compliance, Controls, and Checks. They ensure that processes follow rules, systems have safeguards, and transactions are verified.

An employee benefit trust (EBT) is a legal arrangement where a company sets up a trust to provide benefits like bonuses, shares, or pensions to its employees.

A payslip is a document given to an employee that shows their earnings, deductions, and net pay for a specific pay period.

An audit trail is a recorded history of all changes or transactions in a system, allowing tracking, verification, and accountability of activities.

A bank statement is a summary of all transactions in a bank account over a set period, showing deposits, withdrawals, fees, and the account balance.

CFO remuneration refers to the total compensation paid to a Chief Financial Officer, including salary, bonuses, stock options, and other benefits.

A general entry is a record of a financial transaction in a company's accounting journal, detailing the date, accounts affected, amounts, and a brief description.