The self-employed must consider their pension options with more urgency than those in full-time employment. Without the privilege of being automatically enrolled into a workplace pension scheme, saving for retirement can be tricky. Read more ›
Hiring an accountant is a crucial decision to get right, especially during the vital start-up phase. Without one, key decisions can be missed at extra financial burden to your business.
On the other hand, having accurate figures to work from helps you compile spreadsheets, assess profit margin and calculate tax payments with added clarity. Read more ›
Cloud accounting has proven increasingly popular in recent years. It allows companies to store data off-site on remote servers in a bid to save time and money. There are plenty of cloud-based software options out there, each with various features that will suit different business models. Read more ›
The new £10 note is set to be unveiled on 18 July, showcasing a modernised polymer design imprinted with the novelist Jane Austen. Its release into circulation is still some time away and the Bank of England have earmarked September as the likely launch date.
If your business deals in cash, you should prepare for the change by updating payment terminals which accept and dispense banknotes. Contact the manufacturer for further information. Here’s what else you need to know. Read more ›
The move to a paperless system is one liable to mistakes, especially for a busy accountancy firm with mounds of files on record. However, in an increasingly online dominated arena, the paperless move is one necessary to keep up with the times.
Digital accounting will greatly improve overall efficiency, helping you to quickly access documents or calculate tax equations at the click of a button. Co-operation with clients and other accountants – who are also likely to be paperless – will become easier as well.
Calculating profit and loss is the ultimate objective when writing a business plan. Doing so accurately is a vital component for managing cash flow and evaluating future company performance.
For start-ups in particular, drawing out your first business plan may be trickier than expected. It’s unlikely you’ll know every financial detail at this stage – and some unexpected expense always seems to pop up out of nowhere – so working out profit margins can be as much guesswork as it is anything else.
To help with this, we’ve put together some tips for writing out your first business plan, allowing you to visualise which areas are performing well and those that need tightening up.
Successful companies are able to adapt their business model to the ever-changing environment around them. As technology improves, this means the behaviour and spending patterns of your target audience will also shift. You must recognise these changes and acclimatise to them.
One such change comes with contactless payments – the latest in a line of payment technologies that have evolved rapidly over the past decade. Previous adaptations, such as chip & PIN readers and instant card swiping, resulted in an increase in card transactions when they were introduced.
A similar pattern has begun to emerge with contactless technology. Statistics by the UK Cards Association shows that over 102 million contactless cards are currently in issue, an increase of around 27% on last year.
A business forecast is an estimate of a company’s future performance, principally relating to its income, expenditure and profits. An effective forecast model will also gauge economic trends and environmental factors that can influence these basic calculations.
All types of companies, from SMEs to large multinationals, should have a well-organised forecast to work from. They catalogue an array of complex figures in the same place, helping you compose financial decisions with greater clarity and avoid detrimental spending practices.
If you’re looking to produce a new business forecast, here are some tips on how to get started.