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How to Receive Payments From Customers? 4 Flexible Payment Options for Your Business

How to Receive Payments From Customers? 4 Flexible Payment Options for Your Business   Ensuring your company offers flexible payment options could improve your profits. Here's how you can make that happen.   There's a large variety of payment options in regular use today. While that's excellent news, it can become a source of frustration when the service a business uses doesn't match with that of the customer's. Not offering one of the essential payment options could decrease sales for both large and smaller companies alike. That's why you should ensure that your business can receive payments in as many...
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How to Reduce my Tax Bill? 5 Common Tax Deductions that Small Business Owners Often Overlook

How to Reduce my Tax Bill? 5 Common Tax Deductions that Small Business Owners Often Overlook   They say that only two things are certain in life: death and taxes. Paying tax is inevitable but there are things you can do to reduce the percentage of your income that the taxman takes. As a small business owner, the likelihood is that you’re probably paying too much tax, which is why we’ve put together a list of the most overlooked deductions to help you reduce your bill. Of course, in order to claim the following tax deductions, you need to be...
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How an Accountant Can Help Maintain Your Business Credit Score? 5 Credit Score Tips for Growing your Business Credit Rating

How an Accountant Can Help Maintain Your Business Credit Score? 5 Credit Score Tips for Growing your Business Credit Rating   Let start from the beginning… If you are Self Employed or run a Limited Company, and you are looking to improve your business credit score, you must be aware that, in addition to the day to day running activities of your business, there are other obligations that you will need to fulfil at the end of each year.    As a Self Employed Individual, you will need to submit a Self Assessment Tax Return. It’s slightly different if you...
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Cash Flow vs Profit: What’s the Difference and Which is More Important?

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

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

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

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

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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The Most Dangerous Accounting Mistakes For Your Small Business

The Most Dangerous Accounting Mistakes For Your Small Business     Starting your own business is an amazing thing to do but it’s also notoriously risky. There’s a lot to think about when you first start out on your own and it can be tempting to put accounting on the back burner, but that would be a huge mistake. Good accounting is crucial to the financial health of your business and mistakes can be devastating, especially in the early days. It’s important to know which mistakes to avoid to ensure that your small business is around for years to come. ...
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How a Business Credit Card Can Help You to Better Manage Cash Flow

How a Business Credit Card Can Help You to Better Manage Cash Flow    As we edge ever closer towards a completely cashless society, credit cards are becoming more and more necessary. Business credit cards are also enormously helpful for bookkeeping, payment protection, and emergency funds. So long as you manage your account well, a business credit card can really help you to manage your cash flow more effectively and smooth out any bumps along the way. Here are the top reasons to get a credit card for your small business.    Separate Business and Personal Transactions  It’s important to...
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