In the world of care – whether it’s foster care agencies, child nurseries, care homes or any business where you are trying to help others- the focus should always be on providing top-notch care services. However, the administrative side, particularly managing finances, can often become overwhelming and time-consuming, taking away from the core mission of…
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If you run a business in the care arena, something like a foster care agency, child nursery, alternative education provision, care home you are faced with some unique business challenges. Having someone in your corner who shares your passion rather than someone who just prepares figures after the event can be a real godsend. So…
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Happy New Year! As we embrace the start of a fresh year, it’s the perfect time for any business, especially ones in the care arena to set new financial goals and plan for success. Here’s how to get started: Reflect on the Past Year Begin by reflecting on the past year’s financial performance. What worked…
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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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Turning a profit is at the heart of running any successful company. But should profits be the only financial focus if you’re looking to create a stable, long-term business? Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can’t cover your overheads, you can’t…
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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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What on earth is a KPI and why are KPIs important to your business? A KPI (Key Performance Indicator) is a result that can be used to measure the effectiveness of different activities in your business. Put another way, if you want to define what success looks like from your business activities, employees, or projects,…
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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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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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If you run your own business, you may wonder why you need management accounts and what they are. Their purpose should be to provide you with accurate, up to date financial information reporting on the performance of your business to enable you to make better business decisions. At Balloon Accounting we believe that this management…
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