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Turnover and profit: what’s the difference?
Turnover! It’s a word that many business owners drool over as they tell you how much their business has achieved this financial year. But what does it really mean? Owning a business with a great turnover sounds impressive, but if it’s smaller than what’s owed to...
What is bookkeeping?
If you run your own business, you need to look after your accounts: that’s the money-side of things. It can mean looking after your cashflow, invoicing your clients, chasing payments or paying bills among many other things. An essential part of that is keeping your...
What is Working Capital?
Over the summer, we ran a 26-day series on social media called the A-Z of Accounting. Each day there was a brief paragraph outlining topics, phrases and words used by accountants and business finance specialists. Some topics were read by more people, so we’ve chosen...
Do you claim the right expenses?
Keeping track of everything in business can be challenging. And if you are not a qualified accountant then keeping track of the finances cannot only be a challenge, it can become a real issue that could have a major impact on your company. This is especially the case...
What to do when your clients cease trading
A client had some extraordinary bad luck recently when two of his customers in the construction industry abruptly ceased trading owing almost £50k to our client. The situation was worsened by the fact that the goods had been delivered and invoiced but there was little...
The A-Z of Accounting
Accounting has a lot of phrases that we accountants use regularly but may just sound like jargon to you. So, we’ve chosen 26 words or phrases that we use and explain them in laymen’s terms. A = Asset. An asset is something owned by a company that has future economic...
Are you getting the most from tax deductible expenses?
Tax deductible expenses! It’s not a phrase to quicken the pulse and for some people, it sounds a bit daunting, so what is it all about? Running a small or medium business means that as well as generating income for your enterprise, you also have to spend money....
Tax affairs! Are yours in order?
Keeping your tax affairs in order is essential. It may sound obvious and it may sometimes feel a little painful having to pay the taxman, but not doing so can lead to you facing consequences beyond any penalties you may incur. For example, last week the director of a...
Switching accountants is easy!
Have you seen the TV advertisement with a guy dressed as a sports coach? He suddenly pops up in the lives of ordinary people who are staring at their utility bills. Said coach then tells them that it’s easy to switch their supplier! And, let’s be honest, it is very...
There’s no such thing as a silly question
It’s unknown who said it, but we agree that there is ‘no such thing as a silly question’! There are some observers who may disagree; however in accountancy there really isn’t such a thing as a silly question. Business finance can be a bit of a minefield if it isn’t...