Payroll management is absolutely vital for any modern business. As with any accounting task, however, it’s important to ensure you steer clear of the main pitfalls associated with managing payroll. Here are the main mistakes to avoid: Misclassifying employees Modern businesses can be complicated, especially agencies. It’s not...
VAT / 18.09.2017
VAT challenges for a growing business
Rapid growth in any company is something that most business owners would want to be associated with. Ultimately it means you're doing something right, but it can also throw up its fair share of challenges. Businesses undergoing rapid growth will need to acknowledge that they...
One of the most important aspects of accounting for small businesses is producing annual financial statements. But what types of financial statements should you produce and why? Types of financial statements 1. Invoices Invoices record incoming and outgoing financial transactions between you, your clients, and third parties. These...
As sole traders manage their businesses alone, they are responsible for the administrative, legal and environmental aspects of their operation. With numerous laws and guidelines applicable to businesses, including sole traders, it can be hard to ensure you’re fully compliant. Without specific advice and assistance, sole...
As an accountancy firm that specialises in small and hospitality businesses, we know first hand how important accounting is when it comes to proper hotel management. Without proper knowledge of where money was being spent or how much was left, it would be impossible for...
For businesses of any size, it’s vital to be as tax efficient as possible. Structuring your business and operations with your tax liability in mind will ensure that you aren’t overpaying when it comes to corporation tax and VAT. Whilst all businesses are liable for...
Efficient payroll management is a major concern for small business owners. Here are a few top tips on making payroll easier. 1. Know important deadlines If you want to retain control of your payroll, it’s important that you know when accounting deadlines and employee returns are due....
VAT / 26.06.2017
The changing shape of VAT post-Brexit
Who should take the credit (or the blame) for good-old Value Added Tax (VAT)? Our French friends put it down to an idea they had back in the 50s, while our German cousins believe they first come up with the notion many years earlier. The...
In light of upcoming changes to the revenue process, businesses are facing more regulation than ever. While tax rates will continue to change, there are also practical considerations for companies when it comes to submitting their accounts to HMRC. With many businesses now required to...
Accounting / 13.06.2017
Essential accounting skills for 2017
With the advent of cloud accounting and advances in accounting technology, the landscape of the accounting industry has undergone vast changes - including the skills an accountant is expected to have. So what are the essential accounting skills for 2017? 1. Accounting for knowledge New developments in...
The days of Excel spreadsheets and piles of papers are over. With the introduction of cloud accountancy software, businesses are progressing into a new era filled with more accurate data and more manageable finances. Even the government is supporting the introduction of cloud accountancy with...
Accountancy has seen some significant developments over the past few years, some of them hand in hand with technology. Our own organisation has endeavoured to select the most effective of the new technologies available to us, for the benefit of our clients. But which trends...