Getting things right with your business jargon can be hard... So why not come up with some easy-to-remember acronyms? Let's just explain the difference between Gross and Net profits step by step. What is Gross Profit? This is a measure of profit calculated when you deduct direct costs (also known [...]
It’s always a shock to see a seemingly successful company go under, but this doesn’t just happen out of the blue. There are always warning signs, and the survival of your business relies on you being able to recognise them. The sooner you can spot financial trouble, the sooner you [...]
What is Gross Profit? This is a measure of profit calculated when you deduct direct costs (also know as cost of goods sold) from revenue What is Net Profit? This is the amount of revenue that a company keeps after all of its expenses and taxes have been paid. [...]
As a small business owner, it is important to stay on top of your financial transactions. This means tracking every sale and expense, in order to keep your business' finances organised. However, this can feel overwhelming when you first get started! Daily Business Transactions Customer invoices Supplier invoices Banking [...]
Creating a balanced business budget can seem like a daunting task, but it doesn't have to be. There are a few simple steps that you can take to make sure that your budget is both realistic and achievable. We've put together a step-by-step guide to creating a balanced business budget [...]
If you're a business owner, then you need to know about double-entry accounting. This system is the foundation of modern accounting, and it's essential for understanding your financial statements. What is Double-Entry Accounting? Double-entry accounting is a system of recording financial transactions. As the name suggests, each transaction is [...]
As a business owner, you might already know that market research is essential for your success. But why is it so important? And what can you do to make sure that you are conducting effective research? In order to understand your competition, you need to research them. This can be [...]
The UK government's plans to make tax digital have been shrouded in controversy since they were first announced. There has been a lot of misinformation floating around, and many people are unsure about what the changes will mean for them. In this blog post, we will dispel some of the [...]
Before you launch a startup, it’s essential to create a financial roadmap to give your new business a solid base. Of course, there are many factors and variables in place which make this process rather complex. That’s why we’ve broken it down step-by-step and put together this quick and useful [...]
So you've decided to start your own business. Congratulations! It's a tough road, but it is also incredibly rewarding. There are many things to consider when starting a business, from what type of company to create to how you'll market your product or service. That's why we've put together this [...]
