Top Tips

Top Ten Accounting Acronyms

Have you heard of TLAs (three letter abbreviations)? Well, in the accounting world they don’t always come in threes… and they definitely don’t always get referred to in the intended way! The Essendon team have come up with a few just to whet your appetite…

  1. POA (Payments On Account)
    – Payments Of Annoyance
  2. HMRC (Her Majesty’s Revenue and Customs)
    – Hairy Monsters Ruin Christmas
  3. PAYE (Pay As You Earn)
    – Processing All Your Emails
  4. VAT (Value Added Tax)
    – Visiting Another Territory 
  5. AR (Accounts Receivable)
    – Ask Roger
  6. AP (Accounts Payable)
    – Ask Paula 
  7. CBC (Child Benefit Charge)
    – Children Being Costly
  8. CFO (Chief Financial Officer)
    – Champion Flower Owner
  9. MTD (Making Tax Digital)
    – More To Do
  10. Between you and us, we decided not to do an acronym for FFS (Flexible Furlough Scheme)

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