The tax year 2020/21 has ended on 5 April 2021. Although the deadline for filing and payment is 31 January 2022, many of us have already started to plan the filing of our 2020/21 self-assessment tax return. Uniquely, the pandemic has tuned our brains to be more organised and doing…
If you enjoy spending time with children and if babysitting is something that you love to do and find it rewarding then you can think of doing it as a full-fledged business. Time and effort are something that would be required of you for this business. Communicating with children and…
When the effects of inflation are ignored and it is believed that money has a fixed value, it is termed as money illusion. And due to this illusion at times of inflation, individuals may misconstrue that a higher welfare has been realised due to an increase in nominal income. This…
Most new business owners make cost cutting as their first move when cash flow or financial issues are a struggle for them. It is not only challenging but also quite risky to do the cost cutting job personally without taking the help of experts. Experts are there to take care…
Businesses have to learn to assess and review their processes regularly as well as adapt if they want to move their businesses forward. It is crucial that business clients and accountants come together to work during this time when support from the government has started to come to an end.…
Budgeting and forecasting are important for the success of business as one is in a position to set targets for income and expenditure and they help him to meet those targets as time progresses. Most of the established businesses exercise this and usually have a specialised accountant who assists in…
Ensuring that the accounting administration is intact is the first step of running a business. Though accounting might sound a little monotonous yet it plays a pivotal role in monitoring and maintaining money productively so that the owner of a business can gain understanding on which section of business to…
Bookkeeping assists in maintaining precise and error-free financial documentation. It is only wise to apply this process in businesses as it is legally required to keep detailed books and records. Ineffective accounting is a major reason for the failure of many big and small businesses. Absence of bookkeeping is like…
Timely invoicing is vital to a good cash flow management and you should get into a habit of immediately invoicing after the product or service has been delivered. The sooner you invoice your client, the sooner you will get paid. Follow a well planned process to chase outstanding invoices. If…
