As much as we all like to think it will happen, you can’t keep relying on that lottery win to see you through your retirement! Not only are some of us not saving for our future but many of us are oblivious to what our pension has to offer. There are three types of Occupational […]
Do you know and understand what your pension has to offer? Read More »
Making the shift from business owner to employer isn’t easy. You have regular wages to pay and, your employee is relying on you to keep this up. When you are planning on recruiting, don’t make the mistake of thinking that your only expense will be your employee’s salary. There are other costs of employment you
How to calculate the cost of an employee Read More »
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 »
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 »
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 »
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 »
A profit and loss statement is a financial report showing a summary of a company’s revenue, expenses, and profit (or loss) over a certain period. This can be over a month, quarterly, or annually. It gives owners and investors an insight into how a company is operating. Profit and loss statements are used alongside a
What is a profit & Loss Statement? Read More »
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 »
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 »
Pension Awareness Day has come around again reminding us all that time is marching on and we should all have a mind on how we plan to live when we retire. Since the introduction of the auto-enrolment scheme, those who are employed are at least saving something for our future What pension schemes are there?
