Reading Time: 4 minutes The difference between cash and accruals based accounting is: When are you counting the income or expense for tax purposes (and VAT purposes, if you’re VAT-registered)? Which year or quarter?
Reading Time: 8 minutes If you have a pile of receipts or a bank statement, and you don’t know where to start putting them together or why you should, then this is the post for you.
Reading Time: 4 minutes Strategically thinking about your business starts with thinking about what you’re working towards and why. First build your picture of success, then define goals around it, and then make plans to get yourself there.
Reading Time: 6 minutes After you get it set up, the main considerations are the number of transactions each month (in and out); how frequently you do your bookkeeping; how much you’re able to automate; and how many extra steps you have to go through, if any, for the reporting and analysis you want.
Reading Time: 4 minutes The main things you want to focus on are get paid as quickly as possible, ensure you don’t overlook invoices you need to pay, and making sure you have all your receipts and back up.
I recently read Katherine Grainger's Dreams Do Come True, and found so many nuggets that I really resonated with in it. I want to share and ponder one of those with you today. I do, however, think that losing is a crucial part of development, and it is often through...
How often do you think about your business numbers? Many small and micro businesses that aren't VAT-registered only look at their finances annually, often several months after the end of the tax year. As sole traders, we can file our taxes any time between 6 April and...
Have you ever gone to the supermarket, bought what seemed like a moderate number of low- to medium-priced goods, and been surprised at how high the total was at the till? (This happened to me all the time. It's why I quickly embraced the Scan As You Shop units when...
Now that you've worked out your Net Profit (see Why Do We Keep Accounts in our Businesses? – part 2: How to Discover your Net Profit if you haven't yet), you may find that you want or need to increase your profitability. There are some different options for this:...
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