Unfortunately, managing late payments is part and parcel of running a business. In fact, the average small UK business has to wait a staggering 71 days until their invoices are paid. That’s not much fun.
Gaining sufficient funding to run a small business is never an easy feat.
Despite the numerous grants and government help available, it’s rare that this will be enough to cover the costs a start-up requires. In fact, earlier this year it was reported that fewer than one in 10 firms who receive seed funding will also receive stage fourth round investment.
With HMRC paying extra attention to the tax affairs of smaller businesses, there’s no better time to prepare for the worst.
Open up your laptop, and a in a few little clicks you’re sat facing a lovely pristine spreadsheet. Here, at your fingertips, is a free tool which is just asking to be used for all of your bookkeeping, yes? Well, you could do. You certainly wouldn’t be alone. Many business owners use spreadsheets and they do an ok job – if you stay on top of them.
We’re all making the move into cloud accounting, whether that’s an enthusiastic move or not. If you haven’t already picked a cloud accounting software to use or you’re switching from another one, it can be a difficult to know which route to go down.
As accountants, your job is far more than number crunching. Accountants are also advisors and not just on tax liabilities and expenses but also on wider business concerns and current events.