If you operate as a self-employed lawyer, IT specialist, architect, manage a firm or agency, or provide professional services in any capacity, your time is your most valuable asset. As such, it’s crucial to ensure that you’re charging appropriately for your services, not only to maximise your income but also to maintain fair wages for your staff and strike a healthy work-life balance for yourself. In this post we look… Read more
In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. With the election out of the way, business people and mortgage holders are… Read more
As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial… Read more
Depreciation is basically a reduction in the value of an asset over time. What this means for your business is that if you buy a substantial asset like a computer or a car, you can claim a certain amount of the loss of value over time as a business expense. It’s also a method of spreading the costs of large assets over time. It’s important that your business claims the… Read more
Taxes – there’s no avoiding them. But there are ways to reduce the amount you have to pay so that your business is more profitable. All it takes is some preparation, planning, and the advice of a good tax specialist. So one of the first things you need to do is talk to your accountant about all the legal strategies available for minimising your tax bill. Here are some examples.… Read more
Starting out as a professional services contractor is an exciting time. Whether you are in IT, medicine, engineering, law or something more creative, contracting provides a unique set of opportunities and challenges. And whether your goal is to just have enough work for yourself, or build a future agency, getting your accounting right from the get-go will be key to the success of your business, enabling you to make financially… Read more
As a small business owner it’s easy to get caught up in the day to day running of your business and have little time for the bigger picture. After all, time is money and every minute counts. This is particularly true in an industry where you are either billing by the hour, or employ freelancers and contractors, and tracking every minute (or at least every 15 minutes) can play a… Read more
If you are a small business owner or contractor you may have noticed the recent hype around eInvoicing. If you are wondering what it is all about and whether eInvoicing is right for you, read on. What is eInvoicing? eInvoicing is the direct exchange of data from one accounting system to another. By using eInvoicing you can electronically transfer an invoice at the push of a button, directly from your… Read more
A fractional accounting team or fractional accountant, is a finance department or professional that works on a part-time, retainer, or contract basis. They bring the experience and expertise of a high-level accounting team to your business – without the cost of hiring full-time, in-house employees. Fractional accounting teams service several clients at once typically on a part-time, retainer, or contract basis. Their specialty is providing outsourced accounting, tax and bookkeeping… Read more