Not having a clear understanding of that you need to earn each month to pay the bills will impact the profitability of your business. When you get clear on what you need to earn each month you can plan your team’s work each month. You can plan what they need to do and what work will need to be completed.
Read MoreUnless you get a grip on your finances you will be more than likely losing money like a leaky bucket. All the hard work that you are putting in is going to waste because you are not seeing the benefit for it. You don’t know what you are owed by your customer and what you are spending each month on staff, bills and taxes.
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To motivate your staff by involving them in your financial plans they need to see what they are buying in to. They need to be able to see what they need to do each week to meet their targets and what you expect from them each week. They will need to see part of the financial plans for your business. You need to have this in a way where you can explain the targets that you need to meet and how they fit in to it.
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Do you struggle to understand the money that is coming from your bank account each week? Do you hide behind the sofa when you check and see that you don’t understand how your bank balance can be that amount? It doesn’t make sense!
Read MoreAll business owners have the same issue, there are not enough hours in the day. There is not enough time to produce amazing creative work for your customers and to spend time growing your business. You don't have enough time to do both tasks at the same time. You need to choose between helping your clients or growing your business.
Almost always the source of these frustrations are financial. You don't know where your money is or how to understand it!
Read MoreWhenever you speak to your accountant do you always feel that something is missing? That you are not getting the help that you need from them? That you are trapped in a cycle of not knowing what you are doing or where your business is?
Read MoreFor many businesses the reality is that they stay small and don’t grow beyond a certain point. This may be for a number of reasons it may be choice of the owner or it may be involuntary, the owner has big plans but they never come to fruition. The owner always trapped in the hope of one day I’ll get to where I want to be.
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We all start our businesses for the same reason. To give ourselves a better life. To have more freedom, more time to enjoy our life and to have the money to do it. But somewhere along the way life takes over. We get busy with work and the reason why we started our business gets forgotten as we work long hours evenings and weekends trying to make our business successful.
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Having too much money owed can also damage your business. This is cash that you need to have in your business and to be able to use to grow and expand. Having them money tied up by being outstanding form customer will stop you from investing in to your business and cost you money to finance your working capital for your day to day expenses.
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As a creative agency owner, you will have quickly realised that you need help with your bookkeeping. You don’t have the knowledge to do this yourself and your staff aren’t accountants—they are creative people and struggle with anything finance-based. You need help from your accountants to manage your finances for you and get everything in place so you can concentrate on running your business.
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There may be a time in the life of your limited company that you decide to close it. This may be for a number of reasons, you may want to retire, stop trading or your company is experiencing financial problems and you decide that you want to close it. This is never an easy decision to make and needs to be made with the agreement of the directors and shareholders of the company.
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When you’ve decided to start your own business you will need to decide what legal structure you will use for your business. Will it be a limited company, limited liability partnership or a sole trader. Deciding on the legal structure you use will impact the amount that you pay in tax and national insurance and also the amount of risk that you have in the business.
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Under the Pensions Act 2008 every employer has an obligation to put eligible members of their staff in a pension scheme and to make contributions into this. These obligations are called automatic enrollment.
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The help to grow digital is part of the Government's Plan for Jobs scheme, to help the UK back to work and to recover from the effects that COVID-19 has had on the UK economy. The scheme is aimed at small to medium sized businesses looking to adopt digital technologies and software products to help make their business more efficient.
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Because the benefit in kind tax is so low at the moment on electric cars it can make it attractive for owners of companies to make them available for their employees. The benefit in kind rate for pure electric cars are significantly lower than they are for petrol and diesel cars.
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Invoice factoring is a way that you can get extra finance in your company. As a company you will have many ways to make sure that you can meet your working capital requirements. This is even more so now with finance marketplace’s like Capitalise where you can connect your accounts and search for finance that is suitable for your business.
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The UK officially left the EU on the 1st of January 2021 and since then the vat rules for charging vat on goods and services to EU countries has changed slightly. The EU is now treated as being outside of the UK vat system.
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A mission statement helps your business have a focus outside of the normal commercial world. It gives the business a greater relevance in the world that we live in. It is a statement to define how the company seeks to make the world a better place.
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The term online accountants usually refers to accountants that provide their services using a variety of online software. They are normally doing the bookkeeping and accounts preparation in accounting software like Quickbooks or Xero and using a variety of third party apps to supplement them.
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Deciding how to pay yourself from your company requires a little bit of financial planning from a tax point of view. You are looking to keep to minimum the amount of tax you pay, but also do it in a way that is compliant. Finding the right mix of the payments that you take requires a bit of understanding about you and your company.
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