As a business owner, managing your accounts receivable (AR) is essential to maintaining positive cash flow and sustaining your business operations. Accounts receivable refers to the outstanding payments owed to your company by your customers or clients. Establishing a solid AR process can help you streamline payment collections, improve your cash flow, and ensure timely […]
Small business owners have a lot on their plate, from managing day-to-day operations to keeping track of finances. One of the most important aspects of running a small business is payroll. Small business payroll involves calculating and distributing salaries, wages, and benefits to employees. However, for many small business owners, payroll can be overwhelming. We
Bookkeeping is the backbone of any successful business. It involves recording, organising, and analysing a company’s financial transactions. A bookkeeper is responsible for maintaining accurate records of all financial transactions that occur within a company. We will explore what a bookkeeper actually does and why their role is essential to the success of a business.
As a business owner, one of the benefits of owning a Limited Company is the ability to issue dividends. What are dividends? Dividends are payments made to shareholders from a company’s profits. Today, we will discuss what dividends are, how they work, and how to take them from your company. What Are Dividends? Dividends are payments made
As a small business owner, it is important to understand which business expenses you can claim for tax purposes. Claiming business expenses can help reduce your taxable income and save you money. Today, we will discuss the types of business expenses you are eligible to claim for. Office Expenses Office expenses include rent or mortgage
Business bookkeeping is the process of keeping track of a company’s financial transactions, including income and expenses. Effective bookkeeping is crucial for small businesses, as it helps owners make informed financial decisions and stay compliant with tax regulations. Today, we will discuss the basics of business bookkeeping, including key terms and best practices. Types of
Outsourcing accounting is when you pay an external accountant or accounting firm to manage your accounts for you, rather than employ an accountant on your own payroll or do the accounts yourself. Advantages of Outsourcing My Accounting There is a lot you can gain from outsourcing your accounting function: Businesses of all sizes outsource their
New research has shown that chasing payments are a big problem for small businesses within the UK. Three out of every five (60%) invoices issued by UK-based small businesses are not paid on time. What is even more worrying is that, on average, small businesses are forced to devote 10% (an hour) of their working
Running payroll is an essential part of any business, as it involves paying employees for their work and ensuring that they receive the correct amount of compensation. However, it can also be a complex and time-consuming process, so it’s important to understand what it entails. Here are the key steps involved in running payroll: Collecting
From 1 April 2023, the corporation tax main rate will increase to 25% for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these companies pay Corporation Tax at the same rate as currently. Where