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accounting

Guide to profit & loss statementWhen you’re trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L).

This is a simple set of figures that will give you a summary of what your business has spent and sold, normally in a 12 month period.

Crucially, a P&L statement will tell you how much profit or loss your business has made so it’s useful to have a good grasp of it.

Here’s an overview of Profit & Loss Accounts for a small business owner.
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Understanding the numbers of your business is crucial to your success. If you have a grasp of key figures, and have an understanding of your business’ accounts you are more likely to make good business decisions.

Knowing your way around business accounts isn’t something that comes naturally to everyone, but if you are serious about your start-up, investing some time and effort to learn the accounting basics will pay dividends for all business owners.

It certainly did for Paul Oberschneider, who after facing up to his financial shortfalls turned his life around to become a successful entrepreneur, angel investor and author. Here, Paul shows the value of knowing the numbers behind your business; Continue…

Small business accounting software has changed massively in recent years. Thankfully, the advent of cloud computing has consigned the days of buying book-keeping software in a box and installing it on your own computer to history.

Nowadays, start-ups and small business can choose from a whole host of online accounts software packages. The technology helps to ease the pain of book-keeping and accounts for small business owners and provides a range of other benefits too.

But with so many different web-based accounting solutions out there, how do you choose the right system for you and your business?

That’s where this guide comes in. If you follow the advice, and ask these questions, you should be able to quickly narrow down the field, and ultimately choose the best online accounting software for your needs.

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The area of tax for small businesses is not straightforward, in fact it can be a real minefield for the unwary. However, if you take a little time, and work with your accountant, it’s usually possible to find ways to save some tax.

To help you think about ways you and your business could pay less tax, we’ve asked Simon Cox of Forbes Watson Accountants to share 10 of the best ways small business owners can look to pay less tax. They are designed to make you stop and think. Are you doing everything you can do to save tax? Is your advisor helping you to do so?
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Accurate bookkeeping is a necessary evil when you run your own business.

There are three reasons you need to be on top of the money coming in and going out. HMRC will need information from you at some point (whether you are a sole trader or run a limited company); you need to know if you have enough cash to get you through the month (cash flow); and finally it’s good to know whether or not you are actually making a profit!
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A staple of business life for decades, the spreadsheet was adopted on a mass scale in the late 1980s and 90s alongside desktop computers. The fact that it is still used today is testament to the fact that it really was one of the killer apps of its time.

Increasingly, however, in the age of cloud-based software and connected devices, the spreadsheet and PC-reliant tools like it are being rapidly overtaken by advances in technology, leaving legacy business users at a competitive disadvantage.

Switching from spreadsheets to cloud accounting software allows small business owners to access more up-to-date figures for sales and cashflow, and view analysis and reports on a broad selection of other essential business performance indicators.

With a wider range, and more current information to-hand, cloud accounting can help business owners to make quicker and better-informed decisions.
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Tax isn’t the most exciting part of running your own business, but it is an issue that you will have to tackle at some point.

To help you to quickly get to grips with the subject, here are some handy tax tips based on our findings of working with small businesses over the past decade, and from our own personal experience at the ByteStart team.
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If you choose to set up a limited company when you start your business, there’s a lot more paperwork involved.

It’s one the downsides of going limited (the biggest upside of course being that you limit your liability should the business go under).

One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.
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Here are some essential tips for the self employed, and limited company owners, on how to keep your accounting records safe, and how long you are required to keep them for.
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When you start up your own business, one thing’s for sure – money isn’t going to be in abundance to begin with. It goes without saying that it will go a lot further the more self-sufficient you are in the early days. But if there is one area where it’s worth shelling out for professional help, it’s with your accountant.
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In this guide, we take a look at the differences between financial and management accounts, and how each type of accounts can benefit your business.
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