As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your…
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A VFO or Virtual Finance Office / Officer, is a service offered by an acountant where they bring the experience and expertise of a high-level Chief Finance Officer and finance suoort to your business – without the cost of hiring a full-time, in-house employee. It is a specialty provided to small and medium businesses and…
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It’s important to stay on top of your debt collection to free up cash. Establishing how long it takes you to get paid is the first step, but how can you measure this? Debtor days measures, on average, how long your customers take to pay you. While there are many complex formulas to accurately calculate…
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Setting goals & implementing strategies for achieving them is an important step towards unlocking business potential. If you don’t have a #BusinessPlan which you update quarterly and refer to weekly, get in touch to develop one now! Success is about planning; we want to help you achieve success. It’s essential to take time out from…
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Now’s a great time to make a plan for the next 12 months. First, establish where you are NOW. Then, determine WHERE you want to be. Finally, work out HOW you’ll get there. For any sort of planning, whether it’s your Strategic Plan, Business Plan, or Personal Development Plan, you must first know your starting…
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HMRC are introducing a new penalty regime with effect from 1st January 2023. Under the new regime, there will be separate penalties for late VAT returns and late payment of VAT as well as a new methodology to the way interest is charged. This will replace the default surcharge regime and for most taxpayers should…
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The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A…
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Feeling like a slave to your business implies the loss of control; thinking that you need to be available to your customers 24/7 and that your team can’t cope without you. It can also imply a victim mentality – that this is just what it’s like to be a business owner and that it’s not…
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Business owners tend to focus on increasing profit and driving down costs. While this is important, don’t neglect your Balance Sheet. Profitable businesses can and do go broke; your Balance Sheet is a key indicator of how solvent your business is. Here are four key areas of your Balance Sheet to focus on: 1. Profitability.…
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If there’s one positive to take from the events of the last few years, it’s the opportunity to consider what’s important. For those of us in business, it’s important to redefine our plan and goals that ensure the business delivers our definition of success. The natural extension, for those with team members, is to revise…
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