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. …
Management accounts are monthly or quarterly financial reports. You might think your business is too small to worry about such things, but if you don’t have them, it’s a bit like driving in the dark without your lights on – you won’t see obstacles until you hit them head-on. Knowing your order book, how your …
What Are Management Accounts, and Why do You Need Them? Read More »
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 …
Our earlier article looked at the 4 signs that tell you it’s time to hire a bookkeeper. Well, now you’ve decided it’s time to ditch your shoebox receipt filing system and get some professional help one of the many advantages you’ll enjoy is access to bookkeeping software. The great thing about using a professional bookkeeping …
Xero and Receipt Bank – the perfect bookkeeping software combination Read More »
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 »
Let’s face it, the UK’s VAT system can be a minefield. That’s why we have written this post to include some of the most common VAT mistakes made by SMEs. As a business, you can generally claim back the VAT paid on goods and services bought for business use – provided you have a valid …
Running a business can be stressful, especially if you’re trying to get your head around things you’ve never done before, such as bookkeeping. Why struggle when you can outsource that part of your business to an expert who will be able to get it done much quicker than you can? If you’re not convinced, here …
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 …
E-commerce businesses have experienced a boom of late. The lockdowns we’ve all endured appear to have sent us lunging for our laptops. In fact, four in ten Brits have done more online shopping since the pandemic than before. That’s great news if you run an e-commerce business. But before you get the champagne out and …
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 …
