Monthly Archives August 2021

Cash Flow vs Profit: What’s the Difference and Which is More Important?     It’s the age-old debate: cash flow or profit? Whilst the two are undoubtedly related, they are certainly not the same thing and business owners must often sacrifice one at the expense of the other. In the long term, a business needs both positive cash flow and profits to continue operation, but which one should entrepreneurs be prioritising? Some say that “cash is king” whilst others argue that “profit is everything,” but what is the truth? Let’s take a closer look and find out.   What is...
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How to Keep Track Of My Cash Flow? 5 Bookkeeping Habits to Ensure Your Business Won’t Run Out of Funds       Bookkeeping is about more than just complying with government regulations when tax season rolls around. A solid bookkeeping system provides you with essential information that you can use to improve your business and ensure financial success. According to a news article and research by the ONS (Office for National Statistics), Almost half of UK businesses are within six months of running out of cash, despite the lifeline provided by the government during the COVID-19 pandemic.    ...
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Are You Ready For Your Tax Return? Four Tax Preparation Tips to Follow    If you want to avoid the stress of the tax period, follow these four simple steps to prepare your business in advance.   Tax season is one of the most stressful periods of the year for a business owner. With proper planning, however, you can change that.    It’s essential to start preparing for the filing of your business tax return in advance so you have time to gather all relevant records.    Take a look at the following tax preparation tips that can make the...
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Do I need an Accountant to do my Tax Return? 5 Reasons Not to DIY Your Tax Return For Your Small Business    It’s Tax Season and the question I'm asked the most is: Do I need an Accountant to do my Tax Return? And even after over 22 years of working in the accounting industry, my answer remains the same - Yes, You Do!  Why?   Well… As a small business owner, you may be used to taking the DIY approach. After all, you’re most likely a marketer, financial director, HR manager and payroll administrator, to name but a...
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Do I need an Accountant for my Small Business? 3 Signs That You Need An Accountant for Your Business     There’s so much to think about when running a small business and you can’t do it alone forever. For one thing, handling the financial side of your business is a full time job in itself and you really can’t afford to take your foot off of the gas for any length of time. Without external help, it’s all too easy to lose control of your finances and this can prove disastrous. Many small businesses put off hiring an accountant...
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