For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult to plan, run...
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you should...
This time of year can be hard on small businesses. With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday. Talk to us. We can help. #smallbusiness #cashflowtips Are you heading away for a break from the business this year? This time of year can be hard on small business....
Is your business credit score holding you back? Our guide to business credit scores shows you five important ways to get your credit score back on track. #tax #accounting #businesstips #credit #creditscore Do you know what your business credit score is, and how it can impact your finances? Your business credit score is a numerical representation of the...
Which is more important? Cashflow or profit? We’ll explain why getting in control of your cash is vital for the stability and continued success of your business. #businessadvice #SmallBusiness #profit #cashflow Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they...
Do you find budgets boring? 5 ways to cut back on your personal spending without having to track every transaction. If you hate budgets and budgeting, how can you easily cut your spending? Here are five ways to save without tracking every transaction: Review your subscriptions - Your fixed outgoings are the easiest way to cut back: big outgoings...
Rising global energy prices are a worry for all business owners. When the cost of your predicted annual bill doubles overnight, that’s likely to stretch your cashflow extremely thin. The good news is the introduction of the Energy Bill Relief Scheme for qualifying businesses, helping to cap your gas and electricity costs at a more manageable level. We’ve outlined the...
To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position...
The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cashflow? And why is cash king? How do profit and cashflow differ? To really...
Sending invoices promptly is key to good cash flow management. As soon as you deliver a product or service, send an invoice to the customer. This will help you develop a habit of sending invoices for payment quickly. Getting your invoices paid on time is essential to maintaining a healthy cash flow. Here are five rules to help...
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