Tag Archives: finance

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.

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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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.

The Benefits of Having Management Accounts Prepared for a Small Business

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Small business owners should prepare management accounts alongside financial accounts. Management accounts are important for tracking, recording and reporting financial information for management purposes. There are no set standards for preparing managerial accounts and any business can design their own style according to their operation and business needs. There are several benefits associated with these accounts. Not only can small business owners enjoy the benefits of creating a competitive advantage but can also leverage the way they do business in their markets.

BBA Claims Banks Willing to Lend to Small Businesses

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.

Banks will need to share data on small business lending

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.

FSB Reports Increase in Confidence Amongst Smaller Businesses

Over recent years, confidence levels amongst both consumers and small businesses have taken a knock, driven largely by the difficult financial and economic climate.

However, according to a recent report from the Federation of Small Businesses, there has been a notable increase in optimism and confidence amongst small businesses across the nation.

Small Businesses in the UK Suffer Consequences of Late Payments

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.

Small Businesses Steer Clear of Bank Borrowing

In years gone by, one of the main forms of funding for small businesses was bank credit.

This was not only to help small businesses get off the ground as start ups but also to help them to grow and flourish through increased financial investment.

Small Businesses Crucial in Bid to Increase Foreign Trade

The government has been quite vocal about the fact that, as part of its drive to improve the British economy, it plans to focus on increasing UK exports over the coming years.

In fact, ministers have said that by 2020 they hope to have doubled UK exports by securing higher levels of foreign trade.