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.

Budgeting for a small business is one of the most critical steps in the planning process. It is important to gather accurate financial data, forecasts, and industry analysis to ensure that your budget accurately reflects your business's needs. Without a well-crafted budget, making sound business decisions and tracking progress towards your goals can be challenging. Additionally, business budgeting helps you to allocate resources effectively and identify potential areas of cost savings.

With the last few decades of rapid technological changes, e-commerce has become one of the most popular forms of business opportunity worldwide. In fact, Britain is the third largest eCommerce market accounting for 30% of global eCommerce sales. In today’s article, we’ll cover the best accounting practices for online businesses.

Successful business debt management techniques can help business leaders to utilise debts while maintaining a healthy cash flow or reassess their strategies for a better long-term outcome. A well-managed debt is vital for a company’s health and credit rating, and while debts can be useful, all liabilities require frequent and regular attention. If you want to find out the most effective tips for business debt management, read this article.

Effective and meticulous accounting is the backbone of every business. As strategic partner accountants offer services that can help a company develop strategy, make decisions, and adhere to accounting standards and regulations. With this article, we want to bring you up to date with the top ten accounting industry statistics and trends that can help your decision-making when choosing the right accounting partner for your business.

Business owners who want to run an effective company must keep meticulous records of all financial transactions. Relying on desktop- or spreadsheet-based accounting operations is no longer effective. We show you the key benefits of cloud accounting and how Xero can help your business.

External financial sourcing is a complex subject to approach for small and medium enterprises. As a result of the current Covid-19 crisis, the importance of business funding has been brought to light.