Sadly, late or non-payment of invoices is a big problem within the small business community, and can quickly lead to major problems with cash flow. Ultimately this means that they can be the difference between a business being successful or not. A lot of business owners look to profit to gauge their success, but as I’ve said many times before, profit means absolutely nothing without good cash flow.
Last month I attended a conference run by the Bookkeepers Alliance, where one of the questions posed to us was about the term “bookkeeper” and whether it’s still relevant. A lot of the discussion focussed on the observation that it’s often used prefaced with “just a”. Bookkeepers just record all of your expenses. We just use language that business owners can understand. We just provide accountants with high quality information in the format they need. We just tailor your information to help with any reporting you need. This prompted me to look at some other common bookkeeping myths.
Indulge me for a moment, and allow me to think that I have such influence that, after reading about when you should submit your self assessment, you immediately went off and submitted your tax return. Depending on the amount of tax you owe, you may have been told by HMRC to make payments on account (I almost wrote asked, but we all know it’s not really an invitation!) But what are they and why do you need to pay them?
I’m a big fan of cloud software and have a core set that I use to help make things as easy as possible for the businesses I work with, as well as freeing up my time to give them the attention they deserve. If you’re still using desktop accounts software, or no software at all (don’t worry, there’s no judgement here), join me as I take a look at the main benefits of moving to the cloud.
Earlier this month I made the trek (and it really was…car, train, tube, AND two DLR trains!) to get to the Excel in London for my first visit to Accountex, an exhibition and conference dedicated to those in the accounting profession.
It’s important for all businesses to keep track of their finances, but if you’re a freelancer it’s vital that you have a good understanding of the figures that make up your accounts. It’s likely that you’ll be working with a number of different clients and it can be tricky keeping on top of what work you’ve completed, what has been invoiced, and which invoices have been paid. So what are the main things you need to know as a freelancer?
Today marks the start of the new tax year, so now seems as good a time as any to talk about submitting your self assessment tax return. I know the deadline isn’t until January, but that’s the final deadline, not when you should start thinking about it!
April sees a number of increases to the national minimum wage, do you know the effects this will have on your payroll?
This is the second in a 2 part series that attempts to demystify the language of accounts. If you’re wondering what happened to A-H then hop over here to check it out and we’ll see you once you know your assets from your equity!
Do you know your accruals from your prepayments, or your assets from your liabilities? If you think that I’ve just dipped into a foreign language, then this short glossary of bookkeeping terms is for you. Running a business can be challenging enough, without having to also learn what feels like a whole new language. There’s a lot to cover, so we’ll look at A-H in this post, and I-Z in a future one.
This week saw the Chancellor’s first and last spring budget, with lots announced that will give those of us who are self-employed lots to think about. Let’s take a closer look at some of the main points of the budget.
Sadly there are always parts of running a business that aren’t quite as enjoyable as others, and for a lot of people the task at the top of that list is bookkeeping. It might not be your favourite way to spend a couple of hours, but good financial records are so important to creating a successful business. Here are 4 common mistakes a lot of business owners make, and how to avoid them.