To maintain a healthy business, leaders should regularly assess how their organisation is performing financially. Ideally, financial planning should aim to be accurate; however, this is rarely the truth! Let’s dive in to understand the difference between budget vs. actual variance and how we can utilise this data!
One of the most important ingredients to a healthy business is accurate accounting. Without this, businesses would struggle to chase their accounts payables, pay their employees or file accurate taxes. Xero accounting software is one of the most popular options to keep the finances of your small business under control. In this article, we’ll discuss six ways Xero can help your small-to-medium-sized business become more efficient at handling financials.
A financial process flowchart is a visual representation of how your business is run. It gives a clear understanding to all employees of expected procedures, provides best practices to achieve the best quality of work, and highlights all possible variables in one systematic graphic illustration.
The UK tech industry is one of the most booming sectors globally, reaching a combined market value of 1 trillion in 2022. However, navigating a software or tech company can be complicated as it carries unique challenges for even the most weathered business leader. This article will explore the five most important accounting practices for software and IT businesses to make the journey a bit easier.
In 2022, the lingering pandemic, socio-political events, rising energy prices and economic downturn have all presented challenges to every company owner in the UK and throughout the world. As companies reinvented themselves, they quickly realised they needed to foolproof their core operations to continue fighting through turbulent times. Here are the seven SME accounting trends and challenges every entrepreneur should be ready for in 2023.
The last couple of years saw the retail industry skyrocketing to unprecedented levels. The limitations of the pandemic era and the changing customer habits of the uptake in hybrid working patterns created a fertile ground for growth. The value of UK retail sales rose to £421bn in 2021, but the rise in customer demands came with its challenges. One of the difficulties that growing retail businesses face is accounting, which will be the focus of this article.
The global technology industry is projected to exceed 5.3 trillion USD (4.6 trillion GBP) in 2022. Setting up a tech business is a way forward for many entrepreneurs who want to take advantage of favourable market conditions and an excellent growth trajectory. With our knowledge and expertise we bring to you this article on the most common accounting challenges in the technology industry and solutions to tackle them.
If you have decided to outsource your finance function, you are probably already aware of the numerous benefits an external financial partner can bring to your business. With 37% of SMEs outsourcing at least one of their business processes, you are not alone on this path. Now that you are ready for the next step, you may wonder where to start. In this article, we will walk you through the process of finding the right accounting solutions and starting an effective partnership.
With an annual output of £183 billion, manufacturing is one of the largest operating sectors in the world. It is also a highly unique industry that requires increased attention from an accounting perspective. While most traditional companies sell stock or services, only manufacturers create their products from the ground up. In the following article, we will discuss how accounting for manufacturing differs from mainstream applications and share best practices for success.
No matter the size of your business, accounting functions are one of the essential elements to get right. When volumes are increasing, accounting departments can often get overwhelmed, which can cause delayed payments and bad reporting cycles. External financial service providers can provide a solution that can grow with your business needs and allow you to focus on core activities. But what services can you outsource exactly?
Your Outsourced Finance Department to fit your growing business needs
Perfect for small and medium growing businesses serious about their growth and achieving their potential. This program allows you to outsource your entire Finance Department without incurring any costs of hiring whilst maintaining a focus on giving you the holistic financial expertise to enable successful growth.
Perfect for small and medium growing businesses requiring an outsourced/virtual Finance Partner and/or for those experiencing difficulties associated with growth whether that’s cash flow issues or lack of clarity in financial decisions. This service gives you a better grip on your payroll, financial analysis and offers you support in understanding the financial performance of your business including which key areas to focus on. This service enables you to make decisions that will help your business financially.
Perfect for all businesses requiring bookkeeping and management accounting to gain valuable, actionable insights. Outsourcing your recordkeeping will free up your time to focus on your business.