Articles

Keep all your receipts

It has never ceased to amaze me how many small business owners are so laid back with regards to keeping hold of their business documents and records. 

This includes receipts and invoices for all business transactions, whether you compile your own businesses bookkeeping or you use the services of an accountant or bookkeeper not keeping all your records and keeping them in a legible manner leads to all sorts of problems. 

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Work from home business idea.

If you are searching for a good idea for a work from home business, that will operate effectively around your family commitments, then I am sure you will have scoured the internet and various social networks and forums. 

You will possibly have come to a dead end or have a list of ‘Get rich quick ideas’ that probably will not give you the income you are being promised or indeed dream of. Bookkeeping is an ideal business that can be run from home, around your personal commitments. 

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Why do bookkeeping training?

Bookkeeping is a basic skill that most business owners lack, they work very hard in their business carrying out the various tasks of the business and running around in order to try and increase their profits but they neglect working on their business. I find the reason for this is they lack bookkeeping training and the knowledge to assess their accounts and profit and loss, without dealing with this lack of knowledge they cannot expect their business to achieve its maximum potential.

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How do I enter payroll journals in VT Transaction +

This is a question recently asked in our FREE forum by a member and the answer given

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What are accruals?

An accrual is an accounting method of allowing the cost of a product or service to be included in the period of accounts that you are reporting on even if you have not received an invoice for that product or service. This not only helps in reducing your profit and, therefore, your tax liability for the current accounting period but also your accounts must be prepared to give a true and accurate reflection of the businesses performance for the period of time that they cover and posting an accrual is important to ensure this is the case.

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Can I turn my idea into a business?

You may have a great idea for a business but don’t understand if you can turn this into a business. The first thing you must do is carry out some market research, while you think your idea is great, you need to assess if other people think the same.
Market research will vary depending on the type of business you intend to open, but ultimately any market research activities you undertake are to end up with the result of giving you a clear answer to decide if you can make your idea turn into a profitable business.

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Bad debts and writing them off in our accounts.

When preparing our accounts we have a duty to compile them in a manner that means they are correct to the best of our knowledge and belief, and any changes to the circumstances of the business that will result in an amendment being needed must be posted correctly so the accounts do adequately reflect our business transactions.

When we make a sale of goods or services to our customers ….

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Why do I Need a Business Plan?

Before you start your business you need a business plan. Lots of people start businesses without a business plan and its no surprise that the vast majority of new businesses fail in the first three years of opening. When people say to me that they don’t need a business plan its all in their head, I always ask them how a bank manager, potential landlord or investor might think of their professionalism if they cannot produce a business plan that is well written and looks like some……….

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What is Double-Entry Bookkeeping?

Double entry bookkeeping is the basic fundamental aspect using in bookkeeping. All computerised bookkeeping software uses the basic principle of double entry bookkeeping in the processing of transactions and its a skill you need to know if you want to use these software programs.

A lot of people think they can just enter transactions without understanding the double entry bookkeeping……….

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Business Owners Must Monitor Expenses

It is surprising how many businesses owners do not monitor the expenses incurred by their business and ensure they are getting best value for money when purchasing products and services. Many business owners are too busy working in their business and carrying out the day to day operations of what their business entails that they don’t take the time to work on their business………

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Funding for a business.

Funding for businesses will typically be a consideration at the start-up stage, but may also be an issue once the company is up and running either to smooth out cash flow peaks and troughs identified in your cash flow forecast or alternatively when unforeseen cash crisis issues arise.

The importance of cash flow planning becomes much more relevant now as you will find predicted or expected cash flow assistance much easier and generally………..

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Working From Home

Working from home can be a great benefit in a few ways. It will mean that you don’t need as much (if any) childcare provision saving you money, it helps reduce business overheads because you won’t be paying rent and other premises costs, no more time wasted commuting to or from your business premises. However, it also has drawbacks and one of the major drawbacks that I have encountered and a number of business owners that I have spoken to is the work life balance………

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Planning For The Tax Year End

The end of the tax year is fast approaching and it is now the time to make sure you have used all your tax allowances before it is too late. The personal allowance, capital gains tax allowance and annual investment allowances are all either use them or lose them allowances, you cannot carry them forward to the next tax year.

You must ensure you have brought your bookkeeping records up to date to accurately assess the businesses ………………..

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Open a Business as an Accountant or Bookkeeper

If you want to be a bookkeeper or accountant there is no requirement to have any professional qualifications, you will, however, need to have the skills to diligently carry out the tasks for your clients. It is an ideal business that you can start with minimal overheads and startup costs and work from home. With social media as a marketing platform you can even reduce the advertising costs that would normally be associated with a start up business of this kind…..

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Plan your business like an entrepreneur would.

People opening a new business in my view are not entrepreneurs, they become entrepreneurs when they become successful and to do this they need to develop a PLAN and execute that PLAN without this your chancing your arm and not really focused on what you are doing. 

Entrepreneurs and budding entrepreneurs approaching a business would Plan and I use ……..

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Growing a Business and Managing the Growth.

If you want to be a bookkeeper or accountant there is no requirement to have any professional qualifications, you will, however, need to have the skills to diligently carry out the tasks for your clients. It is an ideal business that you can start with minimal overheads and startup costs and work from home. With social media as a marketing platform you can even reduce the advertising costs that would normally be associated with a start up business of this kind…..

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What do You Want From Your Business?

When assessing your business plan, the most important question to ask yourself, it may seem silly but describe what you want from your business or what would you say would make you successful?

Some people go into business to make loads of money, some want more control of their work/life balance, and some want control of what they do or shape their future……….

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Reduce The Chances That Your Business Will FAIL

So many small businesses fail and when assessing some of the common problems I have decided that the easiest way to demonstrate this to you is by using the acronym F.A.I.L. to help you avoid the common pitfalls.

Failing to plan, I am a great believer of the saying ‘If you fail to plan you plan to fail’ this in the business world I so very apt………….

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Where Do I Start If I Want To Open a Business?

If you want to open a business but may now know where to start I would suggest that the considerations before starting your business and actions to consider are summed up by the acronym D.R.A.W .

Decide on the buisness that you want to open. Think about……..


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