Small business

Why your accountant is the mentor you didn’t know you needed

Why your accountant is the mentor you didn’t know you needed

A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success.

But have you ever thought of your accountant as a mentor?

Why your accountant is the ideal mentor

Having someone who understands your business journey is incredibly important. You might see an accountant as someone who files your tax returns. But, in fact, we’re experienced business owners, with access to a significant network of other business professionals.

An accountant can be the mentor you didn’t know you needed. No-one knows your business better than us, so we’re perfectly placed to offer you advice, guide your business journey and help you push your skills and capabilities as a business owner.

As a mentor, an accountant will:

  • Expand your knowledge as an entrepreneur – as business owners, we have the knowledge and experience to help you move your business forward. And we can work with you to expand your leadership skills, business thinking and entrepreneurial ideas.
  • Be a shoulder to lean on – we’ll offer 1-2-1 mentoring sessions where we can listen to your unique worries and concerns as a business owner. Having someone on the same page to listen and empathise is vital for your business and your own mental health.
  • Guide the important elements of your business – we’ll help you manage and improve your business strategy, planning and decision-making skills. We’ll also provide the management information systems you need to guide your finances and planning.
  • Keep your finances on track – we’ll show you how to maximise profits, reduce costs, and make better financial decisions. We’ll also help you plan your own personal wealth and tax strategies, so you can achieve your own entrepreneurial goals and lifestyle.
  • Introduce you to a broader business network – we work with hundreds of other business owners across a range of industries. This means we can link you up with other entrepreneurs and founders, so you have a network of other like-minded individuals to connect with. This can be vital when brainstorming and benchmarking, or if you need to talk to someone who understands the specific pain points you’re experiencing.

Having someone to guide your business journey can be invaluable. A business owner must grow and evolve along with their business, and having regular mentoring catch-ups is the ideal way to progress, offload your concerns and look for new inspiration.

If you want to grow as an entrepreneur, please come and talk to us about our mentoring services and how we can guide your business future from here at The Stan Lee.

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Plain English guide to cashflow

Positive cashflow is the beating heart of your business. Dive into our Plain English guide to cashflow and find out how to get in complete control of your cash position. 

Why is cashflow so central to good financial management? Here’s our plain english guide.

What is cashflow?

Cashflow refers to the movement of money into and out of your business over a specific period.

In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming into the business (cash inflows). The ideal scenario is to be in a ‘positive cashflow position’. This means that your inflows outweigh your outflows – i.e. that more cash is coming into the business than is going out.

When you’re cashflow positive, the main benefit is that you have the liquid cash available to fund your daily operations and debt payments etc.

On the flip side, if you’re in a negative cashflow position, this can be a red flag that the business is facing some financial challenges – and that some serious cost-cutting and/or revenue generation is needed.

How does cashflow affect your business?

Not having enough liquid cash is one of the biggest reasons for companies failing. So it’s absolutely vital that you keep on top of your company’s cashflow position.

Five key cashflow areas to focus on will include:

  1. Monitoring your cash inflows and outflows – this means regularly tracking your cash inflows from sales, loans and investments, as well as managing your cash outflows from expenses, purchases and debt repayments.
  2. Managing your account receivables and payables – efficiently managing your customer receipts and supplier payments helps smooth out your inflows and outflows – and delivers stable cashflow that’s easier to predict and manage.
  3. Getting proactive with your budgeting and forecasting – creating realistic cashflow budgets and forecasts helps you predict your future cash position. By anticipating your future cash needs, you can actively plan for potential shortfalls or surpluses.
  4. Being in control of your stock inventory – having excess stock in your warehouse ties up cash. So, it’s a good idea to optimise your inventory levels and to only manufacture/order the items you need on a day-to-day basis.
  5. Investing in your cash reserves – with emergency cash reserves in the bank, you know you have the funds to handle unforeseen cashflow issues or sustain your operations during lean periods. This makes your whole cashflow position more stable.

How can our firm help you with cashflow management?

Positive cashflow is the beating heart of your business. Working with a good adviser helps you keep that cashflow healthy, stable and driving your key goals as a company.

We’ll help you keep accurate records, track your inflows and outflows and deliver the best possible cashflow position for the business.

Get in touch to chat about improving your cashflow and let’s find out how we can help you from here at The Stan Lee.

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Are you pursuing a trade, or following a hobby?

Are you pursuing a trade, or following a hobby?

Are you pursuing a hobby, or carrying out a trade? It can be hard to define in some circumstances, so we’ve explained the nine ‘badges of trade’ as used by HMRC. 

Many of us have hobbies that are dear to our heart, whether it’s playing guitar, building a giant model train system or knitting copious numbers of jumpers for our family.

In many cases, it’s pretty clear whether these activities are being carried out in the course of a trade, or are nothing more than a personal hobby. But disputes with HM Revenue & Customs (HMRC) do arise. Are the profitable activities you carry out as part of your niche interest no more than a hobby? Or are the loss-making activities you carry out considered to be a trade, with the losses used to reduce your overall tax bill?

Let’s look at how you prove if this is simply a hobby, or a profit-making trade?

The nine ‘badges of trade’ and what they tell you

There’s not much meaningful guidance in the UK legal statute on what does and what does not constitute a trade or hobby. So, how do you make the differentiation?

One approach has been to consider the ‘badges of trade’. These badges can show the presence or absence of certain aspects that indicate whether a trade does or does not exist.

These nine badges are:

  • Profit-seeking motive: An intention to make a profit supports trading, but by itself is not conclusive.
  • Number of transactions: Systematic and repeated transactions will support ‘trade’.
  • The nature of any asset acquired: Is the asset of such a type or amount that it can only be turned to advantage by a sale? Or did it yield an income or give ‘pride of possession’, for example, a picture for personal enjoyment?
  • Existence of similar transactions: Transactions that are similar to those of an existing trade may themselves be trading.
  • Changes to the asset: Was the asset repaired, modified or improved to make it more easily saleable or saleable at a greater profit?
  • The way the sale was carried out: Was the asset sold in a way that was typical of trading organisations? Alternatively, did it have to be sold to raise cash for an emergency?
  • The source of finance: Was money borrowed to buy the asset? Could the funds only be repaid by selling the asset?
  • Interval of time between purchase and sale: Assets that are the subject of trade will normally, but not always, be sold quickly. Therefore, an intention to resell an asset shortly after purchase will support trading. However, an asset which is to be held indefinitely, is much less likely to be a subject of trade.
  • Method of acquisition: An asset that is acquired by inheritance, or as a gift, is less likely to be the subject of trade.

These badges are not an ‘all or nothing’ indicator. But when considered in the round, they may lead to an overall impression of whether or not a trade is being carried out.

Even if it is agreed that a trade exists, HMRC may argue that it’s not being carried out on a commercial basis. If so, this would deny any sideways loss relief (offsetting the losses of one activity against the profits of another for tax purposes).

Talk to us about checking the status of your hobby or trade

With the new trading allowance of £1,000 per annum, any activities you carry out which generate income below £1,000 won’t be required to be reported on your tax return. Because of this, there’s no danger of minor income from hobbies being targeted as trading activities.

The emerging problem is in areas such as crypto assets and day-trading of shares. Depending on the specific circumstances, these can be considered as trading, or generating capital gains and losses, or being outside of taxation altogether.

Where you carry out any activities outside of your mainstream business, talk to us at The Stan Lee so that we can advise you of any potential tax traps and tax benefits that may arise.

Get in touch to talk through your non-business activities and let’s get your best suited fee quote.

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3 Cloud Accounting Tips To Save Your Business Time And Money

3 Cloud Accounting Tips To Save Your Business Time And Money

Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc.

So, how do you keep your finances in check, while also spending less time and money on your accounts?

  1. Bringing your accounting into the digital age

Switching to cloud accounting can be a revolutionary step for many business owners, especially when you look at the ways you can streamline and automate the basic accounting tasks. By using accounting platforms like Xero, QuickBooks, MYOB or Sage, you get all the basics of small business financial management, but with the benefits of smart automation.

With most modern cloud accounting software, you can:

  • Automate the scanning and digitisation of your expenses and receipts
  • Automatically reconcile your bank transactions with your invoices and bills
  • Connect your accounts to other time-saving apps for mileage claims or staff expenses.
  1. Getting paid faster and with less admin

With a cloud accounting platform driving your business, you also make it easier to send out e-invoices and get paid faster and more effectively. Improving your payment times and cash collection can make a huge difference to your cashflow position, and also sets the right expectations with your customers – making it clear that you require to be made on time.

Using the invoicing function in your business software, you can:

  • Quickly send out electronic invoices as soon as a job is completed
  • Set up automated invoices to be sent out at pre-agreed points in a project
  • Include payment buttons on your invoice, so customers can pay via PayPal or card
  • Remove the barriers to payment and speed up payment times.
  1. Getting a better overview of your important numbers

Using cloud accounting isn’t just about automating the time-consuming financial admin tasks. By recording and tracking all the financial and non-financial data flowing through your system, your accounting platform can actually provide you with a goldmine of useful real-time information.

With cloud accounting providing your reporting, you can

  • Access totally up-to-date real-time information, to improve your decision-making
  • Track your performance against targets to see how well the business is performing
  • Monitor spending and budgets to keep your cashflow under control
  • Understand your return on investment when it comes to sales and marketing activity 
  • See how promotion has driven sales but reduced your profit, due to discounting.

Talk to us about setting up a more productive kind of accounting

If you want complete control of your finances and business decision-making, updating your accounting software and processes will be key to achieving that goal.

We can help you decide which accounting software is most suited to your business, and how to maximise the benefits you get from automation and real-time data.

Get in touch to talk through updating your accounting and you can request us here fee quote.

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Xero Certified Accountants in Canary Wharf: How to Maintain Your Digital Accountancy Records with Xero?

Xero Certified Accountants in Canary Wharf: How to Maintain Your Digital Accountancy Records with Xero?

Xero Certified Accountants in Canary Wharf

Are you in the business or about into the business here in the UK? You know that the UK accountancy is now going mostly digitalised. You may need experts’ hand to help on your digital accountancy records. In this article, we have a brief about how to maintain your digital records with Xero software.  

Maintain Accountancy Records with Xero:

  • Xero Set Up: First you need to have the subscription with Xero and then set up your business with them in just few minutes. Xero has default Chart of Accounts that ready to use for you. You can setup your business not only for accounts, but also for VAT, PAYE, CIS and much more.
  • Bank Connection: You can connect your bank securely with Xero software so that all real time transactions will feed with Xero and ready to reconcile rather than manual import.
  • Bank Reconciliation: Once the bank transactions are in place with Xero, you can reconcile them on daily, weekly, monthly or at your own choice. The correct reconciliation leads to accurate readymade trial balance with profit and loss accounts and balance sheet so that you can prepare your management and final accounts.
  • Invoices and Bill Entry: Do you worry about manual invoices or invoicing software with extra costs. You can create your customised invoices with Xero and send to your clients digitally in such few clicks. You can also see online the amount unpaid from your clients that help you to accelerate your cash flow management. You can also do the bills entry with Xero to have the report of accounts payable.
  • File Stores: Worry about to keep your income and expense invoices that need file storage with extra costs? You can keep your files in Xero and have access anytime from anywhere as you like.
  • Data capture: If you have subscription with Xero, you can connect your company with Hubdoc with no extra costs so that you can capture data digitally. From Hubdoc, the data will integrate into Xero automatically once they are connected and upload data in Hubdoc correctly.
  • Expenses claims: You can manage your expenses with Xero and reimburse the spending of your employees. Even you can manage the expenses on the go including the mileage.   
  • VAT Returns: All VAT registered businesses here in the UK must submit their VAT returns with MTD (making tax digital) compatible software and you can do so with friendly Xero software. Preparing your VAT returns and submitting digitally is just with a click.
  • Much more: Using Xero means you have much more benefits including contacts, accept payment, financial reporting, easing multi currencies, connect with POS (point of sales) and so on.

The Stan Lee is Xero Certified Accountants based in Canary Wharf, London. We are ready to assist you on your cloud-based accounting with Xero software. We offer setting up your business with Xero software at no costs for our clients.

Get Free Xero Set Up

Disclaimer: The above information is just as a general information that might help you. However, we highly recommend having expert advice suited for your circumstances. The Stan Lee and its author are not liable if you rely on this and have any consequences.

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Restaurant Accountants: Checklist for Your Catering and Hospitality Business Accountancy Needs

Restaurant Accountants: Checklist for Your Catering and Hospitality Business Accountancy Needs

Are you an entrepreneur and involved in restaurant business here in the UK? We understand that you have calibrated in your business industry. However, are you aware about your catering and hospitality business accountancy needs? In this article, we have a checklist for you that might assist for your business accountancy, taxation, and support requirements.

Checklist for Restaurant Business Accountancy Needs:

  • Business plan including forecast: Are you about to start your new business? Then you should set up your business plan before starting the business. You may also need business plan for your existing business. You should assess your business whether this is suitable to you, you have feasibility to start with and finally decide whether this is acceptable by you. You should also forecast in which period you will go for breakeven point and then earning your desire profit.
  • Register your business: Once you have decided for your restaurant business, you need to register the business either as a sole trader or under a limited company. This is a common question that which one is the best and you should seek an advisor for this suited to you. You should register for PAYE scheme if you have staff and for VAT where applicable. You also need to be aware about other registration relevant to your industry including licence from the local authority, health and safety and so on.
  • Book-keeping: You may be aware that your business accounts preparation depends on accurate and timely bookkeeping, and you should do so on regular basis. You may have inhouse bookkeeper, but this might be costly to you and do not add value to your business as not core business activities. We recommend using the outsourcing for your business bookkeeping if suited to you. Don’t forget digital aspect for your bookkeeping as we are now emerging technology for accountancy matters.    
  • Payroll and workplace pension: You may need to run payroll scheme if you have people working for your business as employees. Your business may be also subject to workplace pension if the employees have income in certain level. The payroll period could be on weekly, monthly, four weekly and other basis. Under the payroll, you will deduct tax and NIC from employees’ salary and as an employer, you will pay NIC as well.  
  • Company accounts and tax: You need to prepare the accounts and submit the self-assessment tax return to HMRC as self-employed if you have registered your business as a sole trader. As a limited company, you need to prepare limited company accounts under the Companies House Act and submit to them. You also need to prepare corporation tax computation and submit the CT600 to HMRC with the accounts.    
  • Others: The above lists are not complete and hence you should consider that as follows:
  1. Don’t foregate to have your business bank account to run the business
  2. Consider preparing management accounts to see how your business going rather than waiting for the end of the year
  3. Choose the suitable accountants where you can work smoothly in a partnership

We are aware that you have a range of challenges in your industry including customer trend, emerging technology, competitiveness, and an economic vibrant niche. Your industry is mostly affected because of the recent pandemic outbreak and now it could be the good time to resume your business after a long of stressful and terrible period.

The above information is just as a general information that might help you. However, we highly recommend having expert advice suited for your circumstances. The Stan Lee and its author are not liable if you rely on this and have any consequences.

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7 Key Points How to Start a New Business?

7 Key Points How to Start a New Business? Your Start Ups Business Advice

7 Key Points How to Start a New Business? Your Start Ups Business Advice

Welcome to every inspired idea that you might have to explore you as a successful entrepreneur. But do you have notes and set up the plan how to start the journey of your new business venture. In this article, we have listed the most common seven key points about how to start a new business.

7 Key Points for Start Ups Business 

  1. Market Research: Your idea is mostly inspired, but don’t forget about the market to explore the idea. You should have research about the target customers whether they will welcome your new idea. Moreover, don’t forget to consider about rivalry in your potential market that what is your position to compete with them.
  2. Business Plan: You should write a clear business plan to lead your idea and you may need an expert hand to support in your writing. The business plan should write about your new idea, how to go into the market, financial aspect, organisation chart and so on. The plan will help to implement your idea and find the prospective financial support from lenders and investors.
  3. Budget and Forecast: You also need to set up your budget and project about your business outcomes. In your budget, you should consider the initial costs and the available finance to cover the start up costs. You also need to consider working capital and predict at which point you want to go breakeven point.
  4. Pricing: The pricing or fee structure is very crucial part of your business to start with. The pricing should be set in such a way that it will cover your costs with targeted profit and also your target customers are willing to pay.  
  5. Business Structure: This is most common question how to structure the business; as a sole trader, partnership, or a limited company? The simple answer that this is your choice, and you should consider tax, compliance, admin, and other aspects to make your final decision. We will recommend having your start-ups business accountants for your business structure.
  6. Business Registration: We understand that this is now exciting time to register your business. Based on your business structure, you should register your business with the relevant organisations.
  7. Find Your Accountants: Your idea is inspired and now you are excited to start your journey. Let’s start your new business journey with a reliable, trusted and qualified professional helping hand accountants.

The above lists are not completed lists and therefore, don’t forget to consider the other points relevant to you. The most important is about your business marketing and promotion including a good website.

How can The Stan Lee help?

We are here at The Stan Lee to support on your start-ups business venture. Stan Lee Accountancy pride to serve as AWARDs winning accountants for your accountancy, taxation and business support needs here in the UK. Our team has the calibre and good hands to embark on your business venture.

Our initial consultation is completely free of charge without any obligations. Moreover, we offer ongoing tax and financial advice for our clients without charging additional fees. 

For further information, any questions or concerns and advice about the start-ups business, please call one of the team here at The Stan Lee and let’s find out how we can help.

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How to find an Accountant suited for your business?

How to find an accountant suited for your business?

How to find an accountant suited for your business?

An accountant is like a new business partner, they will become a trusted colleague if the right one is selected. It is said that a good accountant can save you time and money while growing your business, and the reverse is certainly true for a bad one. Before choosing an accountant, you need to look for someone that meets your requirements; someone you feel comfortable with, can trust and whose fees are reasonable.

When it comes to choosing, and working with, an accountant, there are certain questions you should ask to make an informed choice. Below is a three-step process you can use as a guide to select your trusted, suitable and professional accountants.   

Step 1: Searching for Your Suitable Accountants

Once you have decided the time has come to hire an accountant, you should search for one who matches your needs. To gather as much information as possible on your potential accountants, you can use the following research methods:

  • Ask friends, colleagues, and associates whether they can recommend a good accountant
  • Use search engines to find accountants’ websites and read thoroughly them to identify those who meet your needs
  • Contact your prospective accountants. You can call or email them and see how quickly and professionally they respond
  • Visit their office and talk to them and their staff to see who will be best suited to you

 Step 2: Choosing Your Potential Accountants

Having done your research, you are now able to choose the right accountants. The following criteria will help on your decision:

  • Working as a business partner. An accountant is effectively a business partner, so trust and confidence are paramount. Selecting the wrong accountant will be costly for your business and stressful for you. Charlotte Chung, senior policy advisor at the Association of Chartered Certified Accountants (ACCA), emphasises that the key thing to question during the hiring process is how the accountant will add financial value to your company. She says “Look for someone who can act as a business partner. You want them to demonstrate the skills and knowledge of supporting a small business.”
  • A good match. The right accountant will have more than just prestige – it’s important they understand your business needs and can offer relevant insight. Based on the research by Experian in 2015, about 59% of start-up directors are running a company for the first time. Therefore, they are often unaware of all their requirements. It is vital to find out whether an accountant works with small business, has expertise in the relevant sector, and whether their fees are an affordable and viable business cost.
  • Services and available resources. Not every firm will offer all the services you require. You must ask yourself whether the services offered by a specific firm will serve your purposes, not forgetting to consider your future needs. You should also assess the functionality of the firm and whether it suits your requirements; for instance, you can ask them which accounting software they use.
  • Staff specialisms and the firm’s reputation. You need to discover whether your prospective accountancy firm has the relevant experts to understand the needs of your business. For example, do they have specialists to give advice on tax planning, business development and any other consultancy services you require? You should also look into their professional qualifications in the relevant fields and their performance standards in the specific services that you need. Remember to include client testimonials and the firm’s reputation within the industry in your decision making. Do not forget to ask your prospective accountant about their professional authorisation to provide all the services you require.

Step 3: Working with Your Accountants

When you have appointed an accountant for your business, it’s necessary to monitor their ongoing performance, and check the following:

  • That you can communicate with your accountant at a time convenient to you without fear of being charged for every call
  • That your accountant responds quickly when you have any queries
  • That you can speak openly with your accountant, and that they understand your requirements and give honest advice
  • That your accountant visits your business and gives constructive and useful advice free of extra charges
  • That the accountant charges fixed fees wherever possible for their work
  • That the accountant updates you concerning deadlines for filling your accounts within reasonable timeframe

It is worth noting that you should have pleasant, professional, and productive relationship with your accountants, which is defined by ongoing conversation and information sharing, leading to ultimate trust. The way to get the most out of your accountant is to engage in dialogue. The more you share with your trusted and authorised accountant about your business, the more you will get out of the relationship.

Choosing the right accountant is crucial for creating a successful business, where a careful decision is required. The Stan Lee always works in the clients’ best interests. Please contact us to find out how we can add value to your business venture.

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Five Important Tips for Managing Small business Cash Flow

Five Important Tips for Managing Small business Cash Flow

Five Important Tips for Managing Small business Cash Flow

Managing a small business can be stressful, with so many day-to-day tasks to think about and stay on top of it can be easy for some things to slip through the net. In this article, we talk about five important tips for managing small business cash flow.

1. Accounting software

Monitoring your cash flow is a particularly important task, and one way to stay on top of this is with accounting software. This will help you to manage it more efficiently and keep a detailed track of what is coming in and going out of your business.

There are lots of different software packages out there which are inexpensive, but if you’re not confident with managing your finances in detail then hiring an accountant or bookkeeper is a great option.

2. Chasing payments

Chasing outstanding payments can be a frustrating task so one way to improve your cash flow is to get your customers to pay on time.

One way to achieve this is with online invoicing software which will send out automatic reminders to your customers that payment is due. They can then pay with a one-click payment option and take away the stress of chasing for outstanding invoices.

3. Business expenses

Keeping track of all your business expenses is another way to manage your small business finances. Again, digital banking or an accountant are going to be the best solutions.

Digital banking makes it so easy to track incoming and outgoing payments. Having all your payments and expenses go out on the same day might seem logical but it’s not ideal for managing your cash flow.

4. Manage your payroll

Employee wages are one of the biggest outgoings for any small business and there are plenty of ways you can be savvy about this.

Paying your employees via direct debit is a big-time saver and look at your payment runs – working bi-monthly as opposed to bi-weekly can potentially save on admin costs.

5. Reduce outgoings

Not keeping track of your outgoings is a sure-fire way of losing money quickly. If your business uses expensive equipment look at having it repaired or reconditioned as opposed to buying it brand new.

Try not to upgrade any products or equipment unless it is necessary, and if you are planning on using any business or accounting software look for open-source business software which is free to use for the end-user.

Contact Us

For more information about managing your small business cash flow, you can speak to one of the team here or call us directly on 020 3778 0973 or email info@thestanlee.com – we would love to assist you any way we can.

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Five crucial accounting tips for small businesses

Five crucial accounting tips for small businesses

Five crucial accounting tips for small businesses

There are a lot of things to think about when it comes to running a small business. Obviously having a good business plan and marketing strategy helps. But what about the financial side of the business? You need to be good at keeping on top of all the accounting tasks such as managing debt, invoices, and expenses. Below are five crucial accounting tips for small businesses.

Bookkeeper or accounting software

There is a lot of software available to help you manage all of your accounting. Do not feel that you have to do everything yourself. If you are unsure of which type of accounting software to use, you may want to hire a bookkeeper who can do the day to day accounting tasks for you. Hiring a professional bookkeeper or accountant will ensure that you are not making mistakes and that you are recording everything in detail.

Separate payments received from borrowed funds

As a small business owner, you might have had financial backing in the form of a loan. This loan would have been used to boost marketing campaigns or anything else that was needed to kick start your business in the beginning. Therefore, you need to be clear that your loans do not appear in receivables. Make sure that your bookkeeper or accounting software (if you have decided to use it) separates your income from any borrowed loans so it is clear as to what you must payback.

Make sure your clients pay balances on time

There is nothing worse than having to chase clients for outstanding invoices or regular payments. Set out your payment terms from the start and insist that payment is prompt. The receivables column is vital in keeping your business running. Regularly review your billing process as well as ensuring that if you are using any invoicing software it is all up to date.

Manage business expenses

As a business owner, you need to keep a detailed record of any expenses that you or your employees submit. Try to find a regular time when expenses can be submitted instead of trying to calculate them every week or as and when someone submits an expense form. By calculating things on a set day, for example, you will have a better understanding of where your finances are each month.

Calculate a minimum monthly profit

Turning a profit is why we are all in business but running the numbers can get confusing. The best way is to implement a system of expenses and recurring payments so that you know what the minimum income is that you need to turn a profit each month. Income is the easiest way to put a strict target on what you need to earn. Without that financial goal in place, your accounting will become confusing and it can put a strain on your business.

If you need business advice or help with the financial side of running a small business, why not get in touch with the team at The Stan Lee.

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