If you hold stock or work in progress in your business, then the value of this stock has a huge impact on your profit. Imagine a scenario where you buy £10,000 of goods and sell £2,500 worth of them for £5,000. Your loss, when not accounting for stock, would be £5,000. Sales less [...]
We are offering a FREE Business Review to all of our clients using a system developed by our sister company The Organised Business. You have a growing business and want to ensure that it is growing in the right way. We have the skills and knowledge to assess your current business and offer [...]
Another budget has gone by and yet again it seems to miss out most of the items that were speculated about in the weeks leading up to it. As far as budgets go this is a fairly low impact one for small businesses in our opinion. That said the Budget is a large [...]
When you run a business, you should be concentrating on how profitable you are – profit will ultimately turn into cash and the business will continue to grow. The first mission when getting to grips with your finances is to make sure you get decent monthly P&L’s. Once you have achieved this then [...]
When companies like Patisserie Valerie, who are regularly audited, report a £20m hole in their finances, nearly crippling the company and threatening the jobs of nearly 3000 people, what hope do you, as a small business, have of ensuring that you are not a victim of internal fraud. When you empower staff to do [...]
Running a business without a good grasp on the financials is like driving a car at night without the lights on. Eventually, you will crash and when you do it's going to be expensive. Getting a good grasp of the financials is essential if you want to steer your business in the right [...]
Often the first employee taken on by a business is someone to help with admin/bookkeeping. Bookkeeping is seen as a necessary evil by many business owners and delegating this burden is often high on the agenda. As the business grows the “Finance” department often gets neglected and the bookkeeper is left to their own [...]
The standard advice from accountants, for many years, has been for Directors to pay themselves a salary and shareholders to take dividends. Often in small companies, the Directors and Shareholders are the same people. This approach minimises the tax liability because dividends are taxed, or have been in the past, at a much [...]
Whatever your thoughts on Brexit – it seems it is going to happen and whether it’s a hard Brexit or a soft one we are going to leave, and the question is how we can prepare. Your business is likely to be affected even if you don’t have any dealings with Europe – [...]
Have you noticed that there always seem to be some change happening, something on the horizon to prepare for – auto-enrolment, GDPR and now Making Tax Digital. They say change is inevitable, but it does get a bit tiresome when it’s as relentless as seems to have been the last few years. Anyway, [...]
