Category Archives: Accounting, Tax & Money

Online Bookkeeping Services – Why Should You Use Them

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Online bookkeeping service is what many companies offer now that we are in the age of the World Wide Web. Almost every service available in the physical world is available in the virtual world as well. The bookkeeping service industry is not any different. The internet has given most companies the convenience to locate services like an online bookkeeping service.

Using Freelance Bookkeepers In The U.K. Has Never Been More Practical

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As a small or medium business owner, we are always looking for the best ways to get great results while reducing cost and overhead. For this reason many such owners consider whether they should use a freelance bookkeeper in the U.K. or hire someone in-house. We will examine the considerations you will want to make when coming to this decision.

What Are The Advantages Of Outsourced Bookkeeping Services?

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Outsourcing is something that is becoming very popular in the world of business today for companies of all sizes and fields. As a matter of fact, the outsourcing of bookkeeping in the business world is something that is becoming quite a trend for a number of different reasons. Companies are now looking for competent, expert accountants that will be able to help them with all of their bookkeeping needs. Whether you are a small business or a larger one, you too will find that there can be many advantages of outsourced bookkeeping services.

Why Would You Outsource Your Payroll?

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It’s very easy for small businesses to get wrapped up in support activities and find themselves with not enough time to focus on their core business activities. Outsourcing various aspects of your business to 3rd party software providers might sound unsettling at first, but the reality is that applying innovative IT products to your business – whether they be through purchased software or software that is leased as a service – can be profoundly transformative.

Credit Control Mechanism

Credit control refers to a system used by businesses to ensure that credit is given to eligible customers who can pay and pay within the agreed duration. It is a small section in the financial control system used by businesses to ensure that upon a sale, funds are released when the sum is paid.

The objective of credit control is to ensure that businesses do not become illiquid as a result of un-coordinated issues of credit to clients. It is a significant system of control since it enables avoidance of lending or issues of credit to unworthy customers in the business.

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Benefits To A Business In Using An Online Bookkeeping Service

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Going from traditional to online bookkeeping has recently become an easy process for small businesses since online bookkeeping services have emerged. They are a virtual team of both bookkeepers and accountants that allow you to send your books to them so they provide monthly, quarterly or annual bookkeeping, accounting and payroll services remotely rather than on-site.

Importance Of Getting Regular Management Accounts Prepared For A Business

Many small businesses are aware of the importance of keeping business records. Unfortunately, most of them don’t give regular management accounts the importance it deserves. In fact, many will give priority to other records such as financial and cost accounting. Well, this should not be the case. Management accounts are equally as important. Unlike the other accounts (cost and financial), management accounts are based on future predictions. They focus on key performance indicators (KPIs) hence help in the running of a small business. The following are some benefits of management accounts:

5 Ways to Reduce Business Costs Through Money Savings Techniques

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Running a business successfully is a lot like running your own personal finances successfully. You need to look at the bottom line. You need to look at money coming in and the money going out. You need to follow these money saving tips. And you need to look at your income and your expenses. It sounds like common sense, but this practice is everything. And before you even get started crunching the numbers you need to remember one golden rule: People First, Money Second. This attitude will put you miles ahead of your competition and will gain you dividends you never thought possible. Why? Because money comes from people. But practice that model sincerely and you will be swimming in more money and success than you will know what to do with. Let’s look at 5 Ways to Reduce Business Costs through Savings Techniques. Here are the 5 best ways to save money.

The Benefits to a Business in Outsourcing Its Payroll Requirement

Small businesses everywhere in the UK are competing with one another to take as much share of the market as they can in order to survive. There are many aspects to being an entrepreneur and small business owner that are fun. The administrative nature of managing payroll isn’t. The vast majority of businesses would see huge benefits for outsourcing their payroll services to a professional. Here are a few of these benefits.

The Benefits of Good Credit Control Procedures in a Small Business

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Credit control is important in a business especially for small businesses. This means that every small business should ensure that it collects its outstanding invoices. Some small businesses in the UK let their uncollected invoices accumulate which ultimately affects their cash flow and also the performance of the general business. This problem can be attributed to poor credit control and lack of knowledge on the benefits of good credit control procedures in a small business.