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7 Most Common Money Mistakes for Startups To Avoid

Smart financial management is essential for any business, no matter how big or small. However, it can be difficult to get things right, especially during the startup stage. Poor financial planning is one of the most common reasons that startups fail, so the sooner you take ownership of your business’ financial health, the better.Dealing with your finances head-on from the get-go is the best way to set yourself up for lasting success. Careful planning can help you to avoid common money mistakes...

May 26, 2022

4 Basic Bookkeeping Tips to Save Time and Money for Your Business

As a small business owner, the likelihood is that bookkeeping isn’t your favourite task. It is, however, extremely important in order to establish a profitable and financially healthy business that will be around for years to come. Compiling accurate financial data allows you to make informed decisions about the future of your business, whether that’s scaling up, cutting costs or identifying potential problems before they do any real damage. Bookkeeping may feel like a headache sometimes, bu...

May 3, 2022

Six Steps for Creating an Effective Business Budget

Every business owner must know where the money in their business comes from and where it goes.  That’s why financial management is one of the most important things to keep in mind. What is a business budget?  Simply put, it's a financial plan that gives a company relevant information on revenue, expenditure, and capital. Business owners also use them as guides to forecast earnings and expenditures and to keep them on track to meet their financial goals. If you want an accurate budget...

April 26, 2022

How to to Improve Your Finances Through Debt Consolidation

Managing different debts can be an arduous task for even the most capable business owners. Consolidating them into a single account can save interest and improve your credit score in the long run. Even successful companies go into debt for a variety of reasons, including playing it safe by risking other people’s money rather than their own. But if your company is to end up with multiple debt accounts, debt consolidation can be the saving grace. Some startup owners might be wary of debt consoli...

April 18, 2022

5 Personal Finance Tactics You Can (And Should) Apply to Your Business

There’s no denying the importance of separating your personal and business finances. Although the two are very different, there are some common personal finance rules that you should apply to your business accounts. Let’s take a look at the personal finance tactics that can help set your small business up for financial success. 1 .Set a Budget Budgeting is no-one’s favourite task but budgets are necessary to prevent overspending and correctly allocate resources. Even if you don’t maintai...

March 24, 2022

Why You Need an Accountant for Your Small Business in 2022

In the early days of a small business, the owner often does everything from bookkeeping and accounting to marketing and sales. However, as the company grows, it becomes more complex and it's no longer possible for the owner to do everything. At some point, most small businesses need to bring on an accountant to help with financial planning and tax preparation. Here are four reasons why you'll need an accountant for your small business in 2022. 1. Creating a Business Plan As a business owner, you...

March 17, 2022

5 Easy Yet Effective Tips for Small Business Growth

When you’re planning to grow your small business, it’s always best to be proactive. As your business grows, there are things that will inevitably break or bend. The secret to sustainable growth is anticipating and preparing for this so that you can chart a steady roadmap to growth and keep your business crisis-free as you expand. 1. Invest in Systems When your business is small, you don’t need such robust systems in place but when anticipating growth, it’s of vital importance that you in...

March 15, 2022

8 Warning Signs Your Business is Stagnating

It’s important to keep your business alive and flourishing, but the truth is that most businesses experience stagnation at one point or another. Business owners need to be able to spot the warning signs of stagnation so that they can take action and get the numbers moving in the right direction again.  The first step to solving a problem is admitting you have one, so let's discuss the warning signs that your business has stagnated. You No Longer Have a Clear Vision When you first started ...

March 1, 2022

Why You Should Stop Competing on Price - and How To Do It

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February 23, 2022

4 Key Actions That Helped Small Businesses Survive the Pandemic

The pandemic has been a difficult time for businesses of all sizes. However, some small businesses have fared better than others, largely due to their resilience and ability to adapt quickly. In this blog post, we will discuss four key actions that have helped small businesses survive the pandemic and how you can apply these lessons to a future crisis. 1 - A Clear USP One of the most important things that small businesses have going for them is a clear unique selling proposition (USP). This mean...

February 21, 2022

4 Healthy Financial Habits to Conserve Cash in Your Small Business

In order to keep your small business running smoothly, it is important to develop healthy financial habits. This means being conscious of how you spend your money and conserving cash wherever possible. In this blog post, we will discuss four healthy financial habits that can help you conserve cash in your small business. Let's dive into how you can build habits and create a more sustainable small business. 1 - Set Financial Goals In order to conserve cash in your small business, you need to get ...

February 16, 2022

7 Accounting Terms Every Small Business Owner Needs to Know

There’s a lot to think about when starting a small business and learning basic accounting terms may not be a top priority. However, it is incredibly important to familiarise yourself with accounting basics in order to get a grip on your finances and build a thriving business. Even if you outsource your accounting, it’s important that you can talk openly with your accountant and understand the advice they are giving you.Let’s look at seven key terms you need to know in order to gain an insi...

November 1, 2021

How to Delegate Effectively as You Grow Your Small Business

During the earliest days of running your small business, you might find that you’re able to handle most, or even all, of the tasks yourself. However, as your business grows, the demands on you as a business owner increase and you need to stop juggling before you drop the ball. It’s time to entrust a greater share of work to team members, contractors or freelancers so that you can focus on the tasks that matter and continue to grow your business.“But I Hate Delegating!” I totally get it.M...

October 25, 2021

Making Tax Digital Deferred

Some of you will be breathing a sigh of relief after today's announcement that forthcoming changes to the tax system are to be deferred.Making Tax Digital for Income Tax – the requirement to keep records digitally, and submit quarterly returns – has been postponed from April 2023 to April 2024.This is in recognition that a lot more work is required by both HMRC and taxpayers to be ready for this change which is the most significant overhaul to the tax system since the introduction of Se...

September 23, 2021

Increase in NIC and dividend rates - What does it mean for you?

This week the Prime Minister announced his plans for resolving the health and social care issues.  National insurance contributions and dividend tax rates will increase by 1.25% across the UK from April 2022, with the projected £12bn annual income to be ring fenced to pay for health and social care.When will it apply? From 1 April 2022, there will be a temporary 1.25% increase in class 1 (employee) and class 4 (self-employed) national insurance contributions (NIC) paid by workers...

September 9, 2021

5 Reasons to Hire a Virtual Finance Director

After a sustained period of growth, business owners often find themselves in a tricky position. The business now requires an experienced professional to take charge of the finances, but hiring an in-house finance director is still out of reach. In this case, it’s time to think about hiring a virtual finance director (FD) to lighten the load and ensure that your business continues to achieve success. Let’s look at five reasons to hire a virtual FD. 1. Your Business has Grown  When y...

July 17, 2021

Six Quotes That Can Make You a Better Leader (From Some of the World's Leading Entrepreneurs)

Everyone has a fascination for famous quotes, and for good reason. Some of these have the power to alter one's perspective and outlook on life and even in business. What makes some people vastly more successful than others? They became experts in their fields and uncovered the best business practices and philosophies. Sometimes, a single quote can tell you a lot about a person and how they reached success. That’s why learning from the best entrepreneurs, even via a quote or two, is one of the ...

June 14, 2021

Why Cloud Software Will Never Replace Accountants

It seems like everyday we hear about another industry being threatened by the advancements in technology, but is accounting one of them? Cloud based accounting software certainly has risen in popularity in recent years, but Quickbooks and Xero are no replacement for living, breathing professionals - and here’s why… Location Freedom  Before we dive into the main reasons why accounting software won’t replace traditional accountants, let's take a moment to think about one of th...

June 10, 2021

The Four Biggest Fears Entrepreneurs Have (And How to Overcome Them)

While entrepreneurship is an excellent way to invest in self-worth and growth, many newcomers have latent fears from world changes and business demands. Here are some methods to help defeat them. Venturing into the business world as an entrepreneur takes dedication, persistence, and knowledge. But with a considerable majority of startups not surviving the first five years, many entrepreneurs have justifiable fears and concerns. While fear is an entirely normal human reaction to change and serves...

June 7, 2021

If you deferred your VAT last summer you need to read this

One of the first tax easements for businesses affected by the coronavirus pandemic was the option to defer VAT payments due between 20 March 2020 to 30 June 2020. The VAT was originally deferred until 31 March 2021, but a further deferral was announced giving businesses until 30 June 2021 to repay the VAT or arrange to pay in instalments. If arrangements are not made by this date, businesses incur a penalty of 5% and/or interest, chargeable in relation to the amount of the deferred VAT that...

June 4, 2021

How to Make Your Business More Socially Responsible

Year after year, customers have shown that they prefer to buy from socially responsible companies. Choosing to do so will not only help those in need, but it’s also a great way to build trust and relationships with your customers. However, it’s essential to be authentic.  The goal isn’t to become a socially responsible company just because someone proclaimed it the new norm. It’s to find causes that genuinely appeal to you and then see what you can do to help.  Different busine...

May 24, 2021

How to Write a Comprehensive Business Plan

Are you planning a new business or thinking about pivoting an existing one? Spice up your business plan to start on the right foot. Having a detailed business plan is critical to any venture. It helps you understand your goals and keeps you focused on what to do. At the same time, it can help secure vital investments for growing your business. Here’s an outline that may be of help if you need to create one for your business.The Executive Summary Always starts with an executive summar...

May 20, 2021

How Accountants Can Save You a Small Fortune

Accounting is a crucial part of every business, from small boutiques to multinational corporations. You can’t ignore your accounts and doing so for even a short period of time can damage your business. However, accounting is complicated, and mistakes can be costly. Hiring a professional accountant can save you a huge amount of time and money, which are often one and the same. Let’s take a look at how hiring an accountant can benefit your business.Accountants vs. Bookkeepers Th...

May 17, 2021

How to Grow Your Business and Shrink Your Debts at the Same Time

Research by The Telegraph newspaper found that 60% of new businesses fail within the first three years. One of the biggest reasons for this is debt. Not only can too much debt land your business in hot water financially, it also prevents many businesses from expanding and taking the next steps. However, growing your business and reducing your debts doesn’t have to be an either/or situation.  By creating a long-term plan and putting the time you spend paying off debt to good use, it’s po...

May 10, 2021

Increase in Scams Purporting to be From HMRC

As the 31 January deadline for self assessment tax returns approaches there has been an increase in the flood of scams purporting to be from HMRC.As HMRC issues thousands of SMS messages and emails as part of its annual self assessment tax return push, the department has warned taxpayers completing their returns to avoid being caught out by a rise in fraudsters using calls, emails or texts to offer fake ‘tax rebates’ or ‘tax refunds’. Fraudulent HMRC communications have already beco...

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