There are so many bookkeeping myths. Let’s face it, for small business owners, they’re an expensive luxury. After all, they only input data, and you can get accounting software for that – right? That’s once of the biggest bookkeeping myths Oh boy, you’ve been listening to those myths. It’s time to set the record straight. …
Most small businesses are happy with their bookkeeper. They searched long and hard to find someone who was the perfect fit for their company and never looked back. However, not everyone will be so lucky. Bookkeeping may not be astrophysics, but it is essential for the smooth running of your business. You are busy doing …
Bookkeeping isn’t everyone’s cup of tea, but it is a vital component of running a small business. Starting out, when budgets are tight, the bookkeeper will probably be you. That’s why we thought it a good idea to run through some of the basics for you. Is there a difference between bookkeeping and accounting? Yes, …
New to Bookkeeping? This is What Every Small Business Should Know Read More »
When running a business, there are numerous areas demanding your time. Marketing, sales, budgeting, fulfilment, bookkeeping, staff – the list goes on and on. Of course, you only have a finite amount of time (and energy), so why not outsource where you can? One prime area is your bookkeeping. It can be time-consuming, so why …
It’s a harsh fact, but over 50% of new businesses fail within the first five years. That’s why if you decide to become your own boss, the lower your overheads, the better. To help you out, here are some tips about setting up home businesses while keeping overheads super-low. Home office or rented office? Do …
Home Businesses – 7 Tips to Help Keep Overheads Under Control Read More »
One of the biggest issues facing small business owners is getting clients to pay on time. The recent C2FO Working Capital Outlook Survey cites that out of 1800 small business owners across the UK, Germany, France, Italy and the US, 54% said cash flow problems was their biggest barrier to growth. A late payment can …
Technically, if you are self-employed, you do not need to open a separate business bank account. Mind you, having said that, having a dedicated business account is advantageous; we’ll look why in a moment. If your business is a limited company, then the simple answer is that you need a separate business account. That’s because …
Why It’s a Good Idea to Have a Separate Business Bank Account Read More »
Let’s start at the beginning. Cash flow is the money that flows in and out of your business. It’s either: Cash coming in from customers when buying your products or services, or Cash going out of your business in the form of payments for expenses, like rent or a mortgage, in monthly loan payments, and …
The first thing we want to clarify is that financial statements are not the same as bank statements. For starters, a financial statement gives you a clearer overview of how your business is looking. Your bank statement just gives you a list of transactions and, therefore, skirts over the underlying financial position your business is …
Bookkeeping Basics – everything you need to know about financial statements Read More »
The recent budget slapped businesses in the face. Not only are many still reeling from the impact of Covid (and will for many years to come), now they’re faced with the first rise in corporation tax in 47 years. But it’s OK. All the media’s headlines reassure us that the increase will only affect big …
SMEs, Not Big Businesses Will Feel the Corporation Tax Pinch Read More »
