Bookkeepers help the companies that employ them to monitor finances and balance their books. They keep track of company income and expenditure and are responsible for filing financial documents, such as invoices, in a consistent and orderly fashion. A bookkeeper may also communicate with suppliers, customers and creditors, particularly if he works for a smaller company.

A profit and loss, or P&L, forecast is a projection of how much money you will bring in by selling products or services and how much profit you will make from these sales. In good times, you use it to ensure that there will be enough money coming in to exceed the costs of providing the goods and services so you can make a solid profit. In tough times, your P&L can play an essential role in showing you what kind of a plan you need to return to breakeven, so that you'll be able to survive until better times come.

Cash flow forecasting or cash flow management is a key aspect of financial management of a business, planning its future cash requirements to avoid a crisis of liquidity.

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National Insurance contributions currently build up your entitlement to what are known as "contributory benefits". These include:

• jobseeker's allowance (contribution-based element)
• employment and suport allowance (ESA - contribution-based element)
• maternity allowance
• bereavement benefits (bereavement allowance, bereavement payment and widowed parent's allowance)
• incapacity benefit

You can only charge VAT if your business is registered for VAT. VAT is charged on things like:

• business sales - eg when you sell goods and services
• hiring or loaning goods to someone
• selling business assets
• commission
• items sold to staff - eg canteen meals
• business goods used for personal reasons
• "non-sales" like bartering, part-exchange and gifts

VAT-registered businesses:

• must charge VAT on their goods or services
• may reclaim any VAT they've paid on business-related goods or services

If you're a VAT-registered business you must report to HM Revenue and Customs (HMRC) the amount of VAT you've charged and the amount of VAT you've paid. This is done through your VAT Return which is usually due every 3 months.