The Benefits of Having Management Accounts Prepared for a Small Business

Benefits of having management accounts

Management accounts are a secret weapon for small businesses – yet they are only used by a tiny fraction of businesses in the UK. Find out the benefits of having management accounts for your small business. By helping you track, record and report all finances in a personalised way, management accounts are a great way to … Read more

The Difference Between Accrual vs Cash Accounting Explained

The Difference Between Accrual vs Cash Accounting Explained

As of April 2024, cash accounting will become the default method for self-assessment tax returns in an effort to make the tax process easier.  However, businesses can still choose to opt out of cash accounting and opt for accrual accounting instead. No matter which option is selected, being able to stay on top of your … Read more

Credit Control Mechanism

Credit Control Mechanisms

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 … Read more

BBA Claims Banks Willing to Lend to Small Businesses

BBA logo

Over recent years, lending levels amongst banks to small businesses has waned resulting in businesses losing confidence when it comes to getting finance.

The issue has led the government to come up with schemes such as the Funding for Lending Scheme in a bid to get banks lending to small businesses again to help boost the economy.

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Banks will need to share data on small business lending

Bank money in case

Over recent years, the supply of funding from banks to small businesses has suffered as a result of the global financial crisis.

The government has taken various steps to try and improve this situation and while there have been some improvements of late thanks to schemes such as the Funding for Lending Scheme, lending levels to small businesses are still being described as subdued.

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Small Businesses in the UK Suffer Consequences of Late Payments

Money trap

Over recent years, many people across the UK have decided to start their own businesses.

This has resulted in a new wave of small businesses that could potentially have a huge positive impact on the country’s economy.

However, for any small business that is still in the throes of growth cash flow can be a big problem and this is an issue that is being made worse by late payments.

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Problems with Suppliers Costing UK Businesses Billions

Suppliers Costing Businesses Billions

For most business these days, particularly smaller businesses, being able to cut back on unnecessary costs has become vital due to the tough financial and economic climate.

However, according to a recent report many firms are losing huge amounts of money as a result of problems with suppliers. In fact, it is claimed that resolving problems with suppliers is costing companies in the UK in excess of £10 billion every year – money that businesses, especially small ones, cannot afford to lose.

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