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Driving your business with reporting

Would you drive a car without monitoring the dashboard? Don’t wait till year end to review your financial results! Respond faster with regular reporting and keep driving your business forward!...

Our Cashflow Management Service

Cashflow planning is critical to survival and growth in any business. Setting cashflow targets will enable you to predict large cash outflows and respond to changes in your business. Looking ahead with confidence and putting in place cashflow maximisation strategies is key to increasing business value. A Cashflow Forecast and our Cashflow Management Coaching meetings give you the chance to: Discuss the Cashflow Forecast and identify your current Cash Conversion CycleIdentify the likely causes of...

Boost your cashflow

Cashflow is the lifeblood of your business. It's also the most common cause of stress. Here are 10 easy ways to boost your cashflow: 1. Agree your Terms of Trade at the start of EVERY job.Your Terms of Trade should cover when and how you'll invoice, when you expect to be paid, and the consequences of late payment or non-payment. 2. Give payment options.Consider a small discount for payment upfront, ask for a deposit before beginning the work, or offer funding through an outsourced provider. 3. I...

Cashflow Freedom

Cash is the life blood of any business. In fact, even profitable businesses can and do fail because of poor cashflow. What’s important is that you understand your key drivers of cashflow. Improving cashflow is often all about changing your business's processes, for example, how you order stock and pay for it, how you bill for your services, and how you make sure you get paid by your customers....

Redefining what success means 

If there’s one positive to take from the events of the last two 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 what the business needs to deliver to the team....

Accounting Basics

Understanding your finances is a vital part of running your business. But getting down into the nitty gritty of the company accounts isn’t every owner's top skill. If you are new to company accounting, or simply want to expand your knowledge, we can help explain these standard reports. The profit and loss report and the balance sheet are both key reports when it comes to getting in control of your company’s financial health....

Do I need a remuneration strategy?

As an owner-manager, your chief concern will be making your business profitable and building up cash reserves in the company. But you’ll also want to be able to extract funds from the business too – whether this is via a regular monthly salary, or ad-hoc dividend payments. Salary vs dividends is the most common split, but there are a number of different ways of extracting funds from your business, all of which can have different tax and capital impacts – both for you personally and for the...

How much pizza can you afford after the new National Insurance changes

You’ll no doubt have seen the news of a rise in both employees’ and employers’ National Insurance contributions (NICs). It’s been a contentious move by the Government, with some people seeing the policy as a necessary way of generating extra revenue for the NHS and social care, and others questioning if a tax on workers is a positive step at this stage. However, this increase in NICs is coming and will take effect from April 2022 – and it’s going to have a meaningful impact for you a...

What's your money story?

What's your money story?What you believe about money and how you relate and interact with it affects every aspect of your life and business. A belief is simply a story that you have told yourself so many times that you think it’s the truth. So, for us all to live a vital, vibrant, and thriving life, the story we’re telling ourselves and choosing to believe about money needs to be uncovered, understood, and possibly re-written. Let’s start by understanding what money means to you, what...

Proposed change of accounting periods for Tax

Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to the tax basis period for unincorporated businesses. HM Revenue & Customs (HMRC) is proposing to change the way that unincorporated businesses are taxed, moving from a ‘current year’ basis to a ‘tax year’ basis. For affected businesses (those that don’t have a year-end between 31 March and 5 April), this could mean a much larger tax bill for the 2022/23 tax ye...

Achieving your goals

Have you ever found yourself struggling to achieve your goals because you just don’t have enough time to commit to them? Chances are, you’re doing things back to front. Rocks, Pebbles and Sand is a simple, yet crucial, planning concept depicting that we’ll achieve more if we set our annual goals (or ‘rocks’) first, then our 90-day goals (‘pebbles’) and actions (‘sand’). If we had a jar and first put in some sand, then added pebbles, then tried to put the rocks on top, not many ...

Welcoming your team back to the workplace

Covid restrictions have been easing or lifted across the nations of the UK in recent weeks. So, it’s time to start thinking about the return to the workplace and how you'll welcome your home-working and furloughed people back into the office. After months of working from home during lockdown, it's a big cultural shift to move back to the office or workplace. People will be anxious, worried and out of practice with the social norms of working in the same space. As an employer, it's your role to...

How's the forecast looking for your business?

Whenever we're going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading....

Forecasting doesn't have to be in a foreign language

The post-Covid, globalised economy has created a number of challenges for the average business. Depending on your business purpose and strategy, you may need to either upsize, or downsize, to secure the long-term future of your company. But what are the implications of scaling up, or scaling down, your operations? And how do you refine your business so it's fit for purpose and ready to take on your new aims and goals? The answer is to look carefully at your forecasting and your future decision-m...

Looking for help with EU VAT on exports?

Do you export goods or services from the UK to the EU? Are you ready for the new VAT One Stop Shop system?  We’ll help you understand the EU VAT changes and how to register....

Should I employ family in my business

Thinking of employing a family member in your business? Come and talk to us about planning out the right considerations around pay, benefits, and tax-efficiency. ...

NOW, WHERE, HOW,

First, establish where you are NOW. Then, determine WHERE you want to be. Finally, work out HOW  you’ll get there. Need help mapping your growth journey? Get in touch!...

Should you buy or lease your new equipment?

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the vans, the cooking and packaging equipment for your food business, or the high-end digital printers and macs you use to run your design business.But when a critical business asset is required, should you buy this item outright, or should you lease the item and pay for it in handy monthly instalments?...

Do you know if your dividends are legal?

Do you know the rules around dividends? If not, you could be making illegal dividend payments. Talk to us and we’ll help you meet your obligations and get in control of your company finances.We all know that dividend payments are a key way to pay yourself and your fellow company shareholders when your business makes a profit. But are you following the right rules when taking out dividends from your company? Dividends can only be declared out of your company’s available undistributed profits,...

6 Reasons To Look at Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. We can give you an overview of what reports you'll need to help you build a thriving business....

Do you need better access to funding?

If you want to strengthen your capital position, now’s the time to take action and to start thinking about your funding needs as a company. Talk to us about creating a funding strategy. ...

UNLOCK YOUR BUSINESS POTENTIAL

Temporarily trimming what you take from the business will boost your recovery. We can help you reduce the strain and improve cashflow as you rebuild with a #PersonalBudget and #Business Plan...

The Value of Cashflow Forecasting During Recovery

To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have access to detailed forecasts you can scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow position. After all now is not the time to let your cash to flow out of control....

March 2021 Budget News

The current version of the furlough scheme that started on 1 November 2020 was scheduled to end on 30 April 2021. In order to avoid a “cliff-edge” with resulting widespread redundancies the chancellor has announced a further extension of the scheme and also a phased reduction in support to employers. The CJRS furlough grant for May and June will remain at 80% of the employees’ usual pay for hours not working but it will then be limited to 70% for July and then 60% for August and September....

Warning - Self Employed Third SEISS Grant Available

The Third Self employed Income Support Scheme grant is available from 30 November to 29 January 2021. Further to our earlier 2nd lockdown brief, we now have more information about what actively trading and impacted by mean. As anticipated, this comes with more restrictions so we have several warnings....