Business

Many first-time business owners, and even some experienced ones, believe that all accountants are bookkeepers and all bookkeepers are accountants. That’s simply not true. In the UK, accountants and bookkeepers perform different duties and serve different purposes. If you’re unfamiliar with these different roles, this guide can help you understand bookkeeping and accounting practices so that you can...

Every business needs finance to get the initial enterprise off the ground. You may well have entered into finance arrangements to fund the initial stages of the business, taking out loans to purchase equipment, lease premises or take on staff. But when was the last time you reviewed the arrangements or looked at the options for accessing other...

While there are a slew of different things that you have to work on to improve your business, there are very few things more important than payroll. Just about every business with employees needs to make an effort to understand what payroll is and how its meaning can change depending on the specific situation and the nature of...

Business Survival - Would your Warrington business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away? It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing...

If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and performance. So, what’s the best way to stay in control...

Every business owner needs to take cash out of the business at some point. But if you’ve just moved from being a sole trader to a limited company, you may get caught out by the different rules around withdrawing cash from the company. Why are the rules different for directors and sole traders? When you’re a sole trader,...

When you start running a business, it’s important to be able to clearly separate your own personal money from the cash that’s been generated by the business. This is why you need a business bank account. One of the simplest ways to do this is to create a separate business bank account. Opening a specific business account gives...

Inflation is hitting businesses and households hard in 2022. Across the world, inflation is running high, thanks to factors like pandemic disruptions, monetary stimulus and supply-chain issues. You’ll see the effects at the supermarket and the fuel pump – and in your business. Eroding each dollar’s buying power Inflation increases prices, which eats away at the buying power...

As an unincorporated business (that’s sole traders, self-employed people and normal partnerships) you have the option of using a ‘cash accounting basis’ when preparing your accounts – rather than the more usual ‘accrual basis’. Preparing your accounts on the cash basis can be simpler and makes your life easier. But, in practice, you will still need to keep...

Getting your head around Business Finances and the basics of bookkeeping, accounting and good financial practice may not come naturally to all business owners. But the better you understand the numbers, the more control you'll have over your business and your decision-making. To get you started, here’s a rundown of some of the main financial terms and how...