Updates

10 Ways to Save Your Cash-Strapped Business

In the challenging landscape of business, cost-cutting measures are often necessary to ensure survival and foster long-term sustainability. Implementing strategic changes can make a significant impact on a cash-strapped business, allowing it to weather financial storms and thrive in the future. Here are ten ways to cut costs and save your struggling enterprise. 1.  Evaluate […]

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Why is Managing Cash Flow crucial to a business?

To control its operations, a business must generate sufficient cash to cover daily operational expenses and avoid accumulating debt. The absence of adequate cash can impede the effective functioning of a business, jeopardising routine activities such as vendor payments, rent or mortgage, utility bills, and employee salaries. Enhancing cash management involves focusing on three key

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Self Assessment – Mistakes to Avoid

Submitting your Self-Assessment Tax Return accurately and punctually is crucial to avoid penalties. Here are some key points to consider:  Selecting the Correct Accounting Method:  HMRC offers two simplified tax schemes for smaller businesses (sole traders or partnerships): ‘Cash Basis’ and ‘Simplified Expenses.’  Cash Basis: Record income and expenses based on actual cash transactions or

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Top Money-Saving Tips for Freelancers

Freelancing offers the freedom and flexibility that many individuals crave, but it also comes with financial challenges that demand careful money management. Balancing irregular income, covering expenses, and planning requires strategic thinking. Here are top money-saving tips to help freelancers navigate the financial roller coaster and secure their financial well-being. Create a Budget Establish a

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How to choose the right accountant

Selecting the appropriate accountant entails more than just finding someone compatible on a personal level. It’s essential to have confidence that your chosen professional will exhibit proactivity and dependability, becoming an asset to your business. A proficient accountant furnishes you with reliable financial insights necessary for informed decision-making, fostering your business’s advancement. Know how much help you are going to need   Understanding

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business financial fraud

How to avoid becoming a victim of business financial fraud

Business fraud refers to illicit activities carried out by individuals or companies with the intention of deceiving or misrepresenting themselves. It involves unethical and dishonest practices aimed at benefiting the perpetrators.  Regardless of their size, any business can fall victim to fraud, especially with the current cost of living crisis and other contributing factors adding

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online business

8 accounting practices to use for an online business

During the pandemic, online shopping increased as high street stores were forced to close. E-commerce can have a high volume of everyday transactions which are kept on the selling channel, rather than in the bank account making it difficult to keep track of. Here are a few pointers which should help Hire an Accountant Keep accurate financial records Understand tax

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national payroll

National Payroll Week

National Payroll Week was established by the CIPP in 1998 to raise awareness of payroll in the UK.   How does Payroll help the country?  Based on Office for National Statistics figures, the Government receives £249 billion through income tax and national insurance contributions annually.    How does Payroll help employees?  Payroll professionals can benefit businesses through strategic decision-making related to

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