The last thing a business wants is overdue debt and not have enough to pay staff or pay for goods and services. This leads to fall in productivity, loss of trust amongst staff and suppliers. It plays into the hands of competition and can lead to loss of trust amongst your customers.
Remove the stress of employing the services of debt management company. Chasing a customer who you also rely on to buy your services can be very daunting. Especially if it is a recurring sales business. Set-up auto chaser to notify your debtors and prompt them to pay on time.
Increase Value of Sales
In most businesses 20% of the clients make up 80% of the sales. Sales can be increase in that per centage. The 20% of your clients buy other products or services similar to what they buy from you and you can easily stock them and increase sales. Increasing sales converted into cash is ideal.
Our Contribution to Businesses & Society at Large:
Business Growth & Transformation
Invoice Timing is important
One of the major problems private businesses face is cash flow. The problem starts from how quickly invoices are issued to clients and how soon clients pay their invoices. Most private businesses have a net 30 day policy for invoices to be paid. However, if invoices are not sent to clients on time this may end up being invoice receiving date plus 30 days which then averages collection date between 45 to 60 days. In some circumstances businesses are failing to invoice altogether due one reason or another. A sale can not turn to cash if no money is received from the transaction, putting undue financial strain on the finances of the business. Processes can be put in place to make the generation of invoices a simple task and easy to do. The system should be such that invoices can be generated and sent from anywhere, including from the mobile, making it easy to keep track of all sales and outstanding balances. There are ton of software available to undertake this task at little or no cost.
Unlock the Cash
Credit Sales (Accounts Receivable) can be planned and forecasted and compared to actual results.
Business Tax, VAT & Income Tax
How your business can claim the right tax in the most efficient way and enjoy peace of mind…
When are you required to pay for Corporation Tax?
The current UK Corporation Tax rate is 19% (2019/20), it is paid on profits if you are limited company. A foreign company with a UK branch registered as limited company in the UK also needs to pay Tax on their profits. So does a club, co-operative or other unincorporated association such as a community or sports club.
You have to register for Corporation Tax when you start doing business or restart a dormant business. If you start an unincorporated business write to HMRC to inform them about it.
Corporation Tax is worked out after you have deducted all your expenses from your income, a rate (19%-2019/20) of corporation tax is calculated on the profit and filed for as a Tax Return. The information passed on to HMRC notifies them of the company’s outstanding tax bill. It is important to keep good records of your business transactions not only is it good for filing the right tax or accounts but it helps you as a business owner know where your finances are heading.
Accounting for Business
How can Business Owners successfully interpret accounting information in their decision making?
Accounting emanates from the simple equation of Assets (What the business owns) equals the sum of Liabilities (What the business owes) and Shareholders equity (What is owed to investors). The Liabilities and equity represents how the business is financed. A further breakdown of the liabilities shows whether the business is predominantly financed in the short-term or for the long-term. Short-term finance is scary because any interim problem with the finances of the business can cause its collapse. This one of the reason why 60% of businesses that fail in the US are profitable. As a business if most of your finances are short-term then you have to be in control of payments from customers.
Good Record Keeping
How to Adopt Good Bookkeeping Practices for your business and be on the right side of the law?
When running a business one way to get the one potential problem off your shoulders is getting into the routine of keeping good records from the start. This will help you have complete visibility of your income, expenses, monitor payments from clients and suppliers or service providers. Failure to do this can cause your business cash flow problems, a result of having little control on your cash movement.
Ensure that your transactional paperwork are saved in a secure location that is easily traceable. Use virtual technology that is backed up to save paper documents in a way that can easily be searched or traced when needed. Use cloud software that allows you to easily access your documents from anywhere.