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...
As a business owner, you want to make the best possible decisions for your business. The choices you make regarding strategy, spending, revenue generation and cashflow management can all have a major impact on the long-term future of the company. So, how do you give yourself that competitive edge when it comes to decision-making? The answer is to...
Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit. Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption to your staff...
An annual company account is a financial document summarising a business's financial performance over a year. It includes revenue, expenses, assets, liabilities, and equity, used to review the overall financial health of companies for future investments. The annual company account is prepared by the country's accounting standards and is usually published within the first 12 months of the...
Owning a small business is a tough undertaking. As a small business owner, you are in charge of a company's numerous interwoven components. Luckily, some of these concerns can be best handled by professional accountants. Each accountant specialises in a specific field. Accountants for small enterprises come in two varieties. First, there are certified public accountants (CPAs). They...
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...
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...
Being able to borrow money from your business is one of the perks of being a company director. But many owners/directors will be coming out of the Covid pandemic with overdrawn directors’ loan accounts (DLAs) – and without the capital to easily repay these DLAs. So, if you’re an owner/director in this predicament, what do you do? We’ve...
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...
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