Lorna Murphy

national payroll

National Payroll Week

National Payroll Week was established by the CIPP in 1998 to raise awareness of payroll in the UK.   How does Payroll help the country?  Based on Office for National Statistics figures, the Government receives £249 billion through income tax and national insurance contributions annually.    How does Payroll help employees?  Payroll professionals can benefit businesses through strategic decision-making related to

National Payroll Week Read More »

What causes a business to fail?

There is always a risk in running a business. Over half of business start-ups fail within their first three years.  So, what can you do to keep your business afloat?   Insufficient Cash Flow  Many new businesses fail because there isn’t a contingency to keep them going. A slowing of cash flow can happen at any

What causes a business to fail? Read More »

accrual vs cash

Accrual vs cash accounting 

What’s the difference?  The difference between accrual vs cash accounting is the difference between when you record revenue and expenses. Accrual accounting is far better for managing a business, but cash accounting also has its advantages.  Accrual basis accounting  Accrual basis accounting shows business revenue and equivalent expenses when they are generated—not when money changes

Accrual vs cash accounting  Read More »

wages

Changes to wages 2023

From 1 April 2023, the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase. Except for those who are self-employed, everyone is entitled to receive the NLW or the NMW depending on their age or circumstances (see table below). Bryan Sanderson, Low Pay Commission Chair, said: The rates announced today include

Changes to wages 2023 Read More »

accountant skills

Skills needed by an accountant

An accountant is quite often thought to be someone sat crunching numbers, but accounting really is so much more than the numbers. So, what is really required of an accountant?  Analytical  In times gone by, accountants performed all the manual data-entry and transformation tasks within spreadsheets, and then interpret the figures. Automation now manages all

Skills needed by an accountant Read More »

Accounting – historic profession

International Accounting Day started in 1972 and was celebrated annually on 10th November as a day to inspire those starting their careers to explore accounting as a profession. Now, half a century later, it marks a day to celebrate those in the accounting profession, and their contributions to the world of business and the economy.  

Accounting – historic profession Read More »

business credit

Talk Money – Business Credit

This year’s Talk Money Week will focus on the theme of ‘credit’, and we are looking into credit from a business perspective. Everyone is feeling the pinch with the current rise in cost of living, and this includes the cost of running a business. Why should a business need credit? Previously, we looked at the

Talk Money – Business Credit Read More »