If you’re starting a new business, then the bookkeeping requirements are unlikely to be at the forefront of your mind. At this stage there are more pressing things for you to think about.
However, once your business is taking shape, you will need to start thinking about keeping up-to-date and accurate accounting details of your income and expenses. But what kind of records do you need to keep? (more…)
For many small businesses, finding an accountant is both crucial and a bit daunting. It seems, at least from afar, that accountants are pretty much all the same and yet most small business owners know in their heart of hearts that is not the case.
While selecting an accountant can be a vexing process, especially if you are a new business startup, it’s much simpler if you approach it systematically and ask the right questions. So to help you find the ideal accountant for you and your business, here are the 15 questions you should ask before hiring an accountant; (more…)
Every limited company must submit their accounts to Companies House each financial year. In this article, we look at how you work out the deadline for your first annual accounts.
If you are a limited company director, one of your legal obligations is to ensure that your company’s annual accounts are submitted to Companies House accurately and on time.
Although it does not necessarily herald the end of a small business, decline into insolvency can bring significant changes in company structure, operations and management style.
It’s worth checking your company for characteristic signs that, if spotted and acted upon early enough, could help you to steer the business away from danger.
Here are 8 early warning signs that indicate your small business could be heading for financial trouble, and the actions you can take to overcome them. (more…)
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.
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.