New Startup? Need Funding?
New Startup? Need Funding? A great business idea is an excellent starting point for a company. But without startup funding to provide the necessary capital, your business idea could be dead before it’s even begun. To quote a well-worn phrase, ‘Cash is King’ means it’s critical to start thinking about funding as early as possible. […]
Compliance: Setting up the Right Foundations
Compliance: Setting up the Right Foundations To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business. Still, setting up the right compliance foundations ensures that you’re doing everything by the letter of the law. Let’s look at the main steps to […]
Are You Suffering from Business Burnout?
Are You Suffering from Business Burnout? The last two years have been demanding and exhausting for many business owners. Are you one of them? Could you be suffering from business burnout? The challenges have been relentless, and we know many small business owners have had to navigate unprecedented demands because of the pandemic and related […]
E-invoicing: How Can it Protect You?
E-invoicing: How Can it Protect You? Is your business using e-invoicing? It’s a fantastic way to protect yourself and your customers from invoice scams. It can also help you get paid faster. E-invoices replace emailed PDF invoices or links to online invoices. Instead, e-invoices are delivered securely to your clients, even across different accounting systems. […]
How to Improve Your Procurement Spending
How to Improve Your Procurement Spending One of your most significant areas of business expenditure will be buying the goods and services needed for the company to operate. Whether these are raw materials, wholesale goods, or cloud services, you need someone to control this procurement process. Managing your procurement spending is vital for keeping the […]
Cash Flow and Profit: Which is King?
Cash Flow and Profit: Which is King? 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 cash flow? And why […]
Unique Selling Point: What’s Yours?
Unique Selling Point: What’s Yours? Making your business stand out in a crowded market can be a challenge. However, differentiating your business will be key to attracting the right customers. Give them a reason to choose you over a competitor. That’s why it’s important to identify your unique selling point (USP). Your USP give you […]
What is Personal Services Income?
What is Personal Services Income? Personal services income (PSI) is income received as payment for individual personal efforts and skills. It applies to many contractors who provide services to earn an income. PSI rules can apply to individual sole traders and other types of business entities, but not employees. If PSI rules apply, the entity […]
Financial Accounting vs Management Accounting
Financial Accounting vs Management Accounting What’s the difference between Financial Accounting and Management Accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can […]
Director Identification Number – Action Required
Director Identification Number – Action Required The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director, you will need a director identification number by November 2022. You can apply for a director ID from November 2021. What is […]