Should I use simplified cash basis?

Financial reporting for small businesses can feel like a burden. If you’re running your own accounts, then even more so. There are several ways that small business owners can make the daunting more manageable… In this blog, we take a look at the basics of the cash basis system and outline the key factors determining if it’s the right option for your business. What is the simplified cash … [Read more...]

Bookkeeping basics for your small business

Running your small business is a big job. Whether or not you have one or two team-members, or you’re a sole operator, there are myriad tasks to be done every day, just to keep your business running. Admin - especially financial admin - can often get pushed to the bottom of the to do list and can add unwelcome pressure. In this blog post I’ll be looking at the basics of bookkeeping and outlining … [Read more...]

Should I hire a bookkeeper for my small business?

What does a bookkeeper do - and do you need one? Small businesses are run by people with a big passion, huge commitment and a dedication to what they love. Frequently, that passion doesn’t additionally extend to the everyday details and commitments required to stay on top of the books! If you’re not a fan of financials, or you’re just swamped with the day-to-day of running your business, … [Read more...]

Bookkeeping v Accounting: What’s the difference?

The terms bookkeeper and accountant are often used together or interchangeably when the two disciplines are in fact separate. Bookkeeping forms part of the overall practice of accounting. We take a look at bookkeeping v accounting and some of the ways the two differ and overlap. Depending on the size of your organisation you may only need a bookkeeper or it may make better business sense to … [Read more...]

How to manage expenses

There are many things to think about if you run your own business and a key one should be how to manage expenses. You can’t afford to waste money plus you need to make ensure that any legitimate expenses are logged correctly by employees so as to minimise the amount of tax owed by maximising your allowable expenses. You will only be taxed on your profits if you are not a limited company and … [Read more...]

Do I need an accountant for my part-time business?

Many people start a small business selling services or products whilst still working for another company, and think their business is too small to need an accountant. However, unless you are experienced in accounting and tax you may find yourself facing a very steep learning curve, whilst also trying to master being a business person and meeting your client’s expectations. If you don’t get … [Read more...]