A balance sheet is a snapshot of what your business owns (assets), and what it owes (liabilities), at a specific point in time. By analysing the balance sheet and comparing it with information from your income and cash flow statements, you can make a realistic assessment of the financial health of your business.
If your business is registered at Companies House, you have to prepare an annual profit and loss statement by law. Choosing to prepare a profit and loss forecast could have valuable benefits for your business. Here's a guide to profit and loss forecasts as well as a handy profit and loss template.
Small businesses must fully acknowledge items such as Gross Profit, Net Profit and EBITDA to fully understand how they performed. In this article we explain them to ensure that you understand what is being referred to when reviewing your business year…
While small business accounting can be intimidating for some business owners, there are a number of short, cost effective accountancy courses entrepreneurs can study themselves to help them get to grips with their company's finances. Is this wise or should you handover to an accountant and focus on growing your business?
One of the most common problems faced by small business owners is knowing how and when to extract money from their business. And most importantly, how do you record personal withdrawals from your company in the most tax efficient way?
70% of 500 businesses with 1-57 employees say they ‘don’t know who to turn to’ for support with auto-enrolment’, and, according to AccountingWeb, ‘A vast number of those are expecting their accountant or payroll bureau to come to the rescue’.
Accounts payable probably isn’t the most glamourous element of your business, but it’s undoubtedly one of the most important. Getting accounts payable right can have a substantial positive impact on your organisation because it affects some of the most fundamental aspects of doing business. Here’s how it all works.
Accountancy and commerce are inextricably linked. At the best of times, accountants are an invaluable resource, but no business can afford to be without one when the financial climate is less favourable.
As a small business, you have a choice of how you file your accounts. You can either submit a full set of accounts or an abridged set, which contains less detail but meets the compliance requirements of Companies House and HMRC.
Small business often run short of cash when customers don't pay as quickly as they should and marketing campaigns take time to work. We examine six solutions to help solve short term cash flow problems.
In 2013 Kavalake, the holding company of Gordon Ramsay’s restaurants, turned over a total amount just shy of £45million; £44,801,000 to be precise. However, after the cost of sales, administrative expenses and operating costs were deducted the company overall was left with a pre-tax profit of just £2.7million; or at least it should have been…
This article will explain the different aspects of R&D accounting in more detail. However, you may find it useful to take professional advice to ensure that you are claiming the correct level of expenditure for your specific R&D project.
If you’re considering how to improve your accounting processes and your financial decisions, we strongly recommend finding out more about Xero. Here’s a brief guide to Xero cloud accounting features and benefits, but if you’d like to discuss it in more detail feel free to get in touch.
Moving accounting systems is a daunting process, you’ve got all your financial history in the original system and learning something new takes time. But with the help of our Xero accountants, moving from Sage to Xero isn't complicated.
Tax avoidance and evasion have been in the spotlight over the last few months. Accountants, sometimes seen as aiders and abettors to the wealthy elite, are coming under fire. How should they act when mixed signals over how to interpret legislation can leave them without direction?
When deciding which accountant to take with you on your entrepreneurial journey there are two main things to consider before choosing. Should your travelling companion sit quietly in the passenger seat (endlessly re-counting the parking money) or would you like a bit more conversation along the way?
It's a rite of passage. After years of doing battle with increasingly uncooperative spreadsheets, the time finally comes to grasp the nettle and move your business to a purpose built accounting package. We review the options here.