12 Ways on How to Improve Your Cash Flow Improving your cash flow is essential for any business. This article will discuss seven ways to improve your cash flow and make your life easier. Cash flow is the lifeblood of any business. It is essential to have a good flow of cash to keep your business running smoothly. Unfortunately, many small businesses face difficulty in maintaining…
So, you have set up your self-employed or partnership, run it successfully for a while and now want to start taking some money out of the business. The way to do it is by taking drawings from the business for personal use. In this article, we will look at drawings in accounting, show examples and how it works in financial statements. Drawings Definition Drawings in accounting…
Do you have trouble keeping up with your small business finances? It might be time to invest in a bank feed for your business bank accounts if so. A bank feed is an automated way to download bank transactions from your company’s bank account at the end of each day. This is a huge help for accounting and keeping on top of the work. This blog…
When starting a small business, one of the first things to be decided is the legal structure you will have. It can either be a sole trader, limited company or a partnership. We have come up with 5 advantages and disadvantages of a Limited Company so that you can make up your mind. The most popular legal structure in the UK is a sole trader, with…
Hooray, you want to start a business! But do you want to be a limited company or a sole trader? This blog explores the main advantages and disadvantages of being a sole trader. We also have a blog about limited companies, so you can get a good overview of both before you decide – advantages and disadvantages of a limited company. Advantages of Being a Sole Trader 1. …
When you first started your business were you using a spreadsheet or handwritten books, or perhaps you still do? Well, we are going to convince you why changing to accounting software is the way forward, and we will give you not 1, not 5, but 10 good reasons! 1. Security How safe is a book or a spreadsheet? Yes, you can use a locked drawer or…
There is so much advice about keeping your data safe online, and I really hope you understand why it is essential to do so. As a business owner it is not just YOUR data either, you are often responsible for client and supplier data, and it is mandatory by law that you protect personal information to the best of your ability. But don’t be too scared,…
Budgeting is not everyone’s forte. If you are brilliant at it, you probably aren’t reading this blog, if you’re here it’s because you know you need to do it better. We are here to help you with 7 top tips to help you get better at budgeting as a self-employed person. It can be daunting to suddenly be managing personal and business finances, so try some…
HMRC have announced that making tax digital ITSA has been delayed to April 2024. ITSA is Income Tax Self Assessment. In this article, we will look at the following: What is Making Tax Digital (MTD) Making Tax Digital Deadlines The plans for Income Tax Self Assessment Why the delay? How to comply with MTD What is Making Tax Digital? Making tax digital is part of HMRC’s…
While starting a company is a dream to many and can be an extremely rewarding experience, by its very nature, it can throw a lot of curveballs your way. Some of these could be minor niggles, while others may require more drastic action to navigate and even force you to reconsider your position as a company director. So, if the latter of those scenarios applies, when…
Are you looking for bookkeeping templates for self employed? Business Accounting Basics have several Microsoft Excel Spreadsheets that can help to improve your bookkeeping procedures. All templates are free to download, easy to use, include instructions and examples. If you do not have Excel, there are a few alternatives, including Neat Office, Numbers for Mac and Google Sheets. As a small business owner, it is easy…
Businesses have always looked at digital transformation as a subsidiary to support business growth and incorporate resilience, but is it really the case? Digital disruption is not uncommon for businesses in the UK. With the developments of digital technologies, the traditional approaches of performing business tasks have been interrupted, and most companies have to immediately react to digitalisation and quick changes in the business markets. Why…
If you run a small business, you may ask what are accounting records and how do I keep them? This article will break it down into the different accounting records that a business may need to keep, how long to keep them, and the reports they produce. The accounting source documents are the basis for all accounting and where the process starts. What are Accounting records?…