Picture this: your profit and loss statement shows £40,000 profit, but your bank account is nearly empty. How is this possible? The answer lies in understanding cash vs accrual accounting methods. As a chartered certified accountant with over 10 years of experience helping UK small businesses, I’ll explain how these two accounting approaches can paint completely different pictures of your business performance – and why choosing the right method could transform how you understand your profits and make crucial business decisions.
Tag: #smallbusiness
The Baker’s Dream – A Story for Small Small Business Owners
In this short video, ‘The Baker’s Dream – A Story for Small Small Business Owners,’ we follow the journey of Sarah, a small-town baker with big dreams. Like many entrepreneurs, Sarah faces challenges and moments of doubt. But a…
The Small Business Survival Guide: 5 Tips to Resolve Cash Flow Problems and Thrive
Are you struggling to keep your small business afloat? 💼💸 Cash flow problems can be a nightmare, threatening the very survival of your enterprise. But don’t panic just yet! There’s hope on the horizon, and we’re here to guide…
How Open Banking is Supercharging Small Business Payments
Let’s talk about something that can make a real difference in how small businesses operate—open banking! I know it might not be as glamorous as the latest iPhone or the latest Netflix series, but trust me, if you’re running…
Understanding Management Accounts: A Key to Business Growth
Running a small business can feel like juggling a dozen balls at once. You’re overseeing operations, managing employees, engaging with customers, and of course, keeping an eye on the financial health of your company. But are you really getting…
Why Choose a Chartered Certified Accountant for Your Business?
Why Choose a Chartered Certified Accountant for Your Business? Chartered certified accountants are regulated by a professional body and bound by a Code of Ethics. This means you can have total confidence in their professionalism.
10 Essential Bookkeeping Tips for Small Businesses-Streamlining Your Financial Management
Effective bookkeeping is crucial for the success of any small business. It helps you understand your financial position, make informed decisions, and ensure compliance with tax laws. Here are 10 essential bookkeeping tips to streamline your financial processes and…
Streamline Your Business with E-Invoicing in Xero
Invoicing admin can be a significant headache for small business owners. From chasing clients for financial documents to manually entering details into software, the traditional invoicing process can consume valuable time and resources. However, there’s a solution that promises to revolutionise your accounts payable and receivable experience: e-invoicing.
Unlocking Success: The Top 10 Benefits of Hiring a Qualified Bookkeeper for Small Businesses
1. Organised Financial Records Bookkeepers help small business owners maintain organised financial records, which are crucial for tracking income, expenses, and overall financial health. 2. Compliance Bookkeepers ensure that small businesses comply with tax laws and regulations by accurately…
10 Cost-Saving Tips for Businesses
There are a number of ways businesses can save money, and it’s important to explore all the options to find the best solution for your company. Here are a few cost-saving tips for businesses.