small business accounting -

Navigating Record Retention in the UK: A Comprehensive Guide to Protecting Your Financial Future

As a regulatory requirement in the UK, maintaining thorough records of accounting data is, in fact, one of the cornerstones of financial security and successful strategic decision making. If you are on the hunt for accounting services for small business, a grasp of record retention may shield your enterprise against compliance pitfalls as well as… Continue reading Navigating Record Retention in the UK: A Comprehensive Guide to Protecting Your Financial Future

Why Every Small Business Needs a Dedicated Accountant?

Managing a small business comes with an array of responsibilities, starting from day-to-day operations management to securing long-term growth and development. Despite such challenges, what is important is to create and maintain proper financial management, that small business owners often overlook. It’s a mere assumption that only large corporations seek accounting help. Also there’s a… Continue reading Why Every Small Business Needs a Dedicated Accountant?

Ways to keep track of your outsourced accounting services

Are you planning to outsource your small business accounting services? Well, that might be a righteous solution to bring efficiency to your business finances, but it’s not the end from your side! Relax, you don’t have to do the accounting job anymore, but you definitely need to perform other peripheral tasks that come along. And,… Continue reading Ways to keep track of your outsourced accounting services

Understanding the importance of Data Privacy in the financial world

We are living in a world with boons of innovations and advancements in technology, but everything comes with a cost. Under this concept, the price is the uncertainty of financial theft. With an exposure of the data to so many comes the threat of piracy and unauthorised authentication. The most incredible asset for any organisation… Continue reading Understanding the importance of Data Privacy in the financial world

What is the significant impact of accounting on small businesses?

When we start a business, we invest capital. The motive behind running a business is revenue, and all the people who together run a business are dependent on their salary that comes from sales. The above lines make it very clear that finance inside a business plays a very functional role that further paves the… Continue reading What is the significant impact of accounting on small businesses?

What to include in the preparation of monthly management accounts?

As a surprise, management accounts in small business accounting services aren’t an essential need within a business premise, but that is only valid until you are not serious about your company’s growth and scaling the profit margin. But, how do management accounts affect business growth? Essentially, these business books contain: Management accounts are responsible for… Continue reading What to include in the preparation of monthly management accounts?

Best accounting practices for online businesses

Shifting the business to the virtual platform was a popular trend that was given a significant boost when the pandemic hit the world. Many businesses that were initially e-commerce based didn’t have much of an impact except for the shift in supply and demand curves, which is more like an economic shift. However, firms that… Continue reading Best accounting practices for online businesses

UK inflation rises to highest in nearly 30 years

The inflation rate in the British economy in the month of November was 5.1%. The expected increase for December was 5.2%, but the limits surpassed when the inflation rate rose to 5.4% in December, which is the highest in almost three decades. This has resulted in immense pressure on the bank of England to raise… Continue reading UK inflation rises to highest in nearly 30 years

Which business expenses are tax-deductible in the UK?

In a small business accounting environment, two things hold major accountability: income and expenses. While there’s a bound taxation scheme for incomes, there are expenses where businesses in the UK need to oblige the tax rules. What is a business expense? When simply put, business expenses are an outflow of resources that are put out… Continue reading Which business expenses are tax-deductible in the UK?

What is the difference between Notes Receivable and Accounts Receivable?

A very integral aspect of a smooth functioning business is the maintenance of liquidity. Accounts Receivable has been a very common subject for many dealing in various aspects of financial accounts, but there are different other kinds of receivables having significant importance. Notes receivable is one such type that is used for multiple purposes holding… Continue reading What is the difference between Notes Receivable and Accounts Receivable?

Category: small business accounting