Facebook Twitter Linkedin Instagram Pinterest
Instant Quote
Call Me Back
HomeCategory: <span>Budgets & Other</span>
Header image

News,May 2018

how to set smart goals

How to Define Smart Goals for your Brand?

17/03/2021Accountants , Accountants for Contractors , Accounting Issues , Budgets & Other , Business Growth Ideas , Making Tax Digital , Marketing Tips , Tax Issues

You’re just starting out your own company, and need a helping hand to determine the SMART goals for your brand. We’re addressing small businesses because it’s good to have SMART goals for your brand the moment you’re starting out on your venture. Gives you clarity on what you’re trying to achieve.    We’ve seen different businesses not going anywhere just because they’ve not defined SMART goals for their business. Setting SMART goals definitely mean you can focus your efforts, use time and resources properly, and improve your chances of what you want to achieve in your life. Let’s expand more on what SMART goals are all about.   What are SMART goals?   SMART is, basically, an acronym for : Specific (should make sense) Measurable (must have some meaning attached to them) Achievable (agreed, attainable) Relevant  (realistic and result-based) Time-bound (time-based and time-sensitive)   Some Benefits of Having SMART Goals   SMART is one of the most effective tools that help you out with the clarity, focus, and motivation you need to achieve your goals. SMART goals can be used by anyone, anywhere without the help of specialist tools or any training.    Apply SMART goals for your Business   You’ve set a goal for your business. Great! Now it’s time to set up a system for your business too. Let’s talk about some defined systems. You’ve just started writing a book, you want to get it done maximum by one year. So what will be your approach to get this done on time?    Take it slow. One step at a time. Try writing 250 words per day. If you’re consistent with these words, you’ll have 60,000 words in a year. This sums up to a 200-page paperback with 1.5 spacing.    Since we started out this blog by addressing small business owners, having a system and working according to that system primarily helps these business owners. If you’ve got a sales goal, all you need is 10 quotes per month with a 50% success rate. Are you in desperate need of a system to help you achieve your SMART goals? How about a quick call with our accountants who’ve been helping out businesses to achieve their goals.     

Read more
Business Survival Strategies

Business Tips that work in 2021

18/02/2021Budgets & Other , Business Growth Ideas

2021 doesn’t seem like a good year for all the business investors. Although the vaccine of coronavirus is here. The sad part is that the economy is not recovering any time soon. What a time to live in (not)! In times like these, what business survival strategies do business owners need to stay on top of their game. Here’s our quick analysis:    1- Always Think of a Funding Option You’ve already given it a thought, maybe.  Apart from loans, you must also look out for. In case you are not keeping up with what the government has already announced in this regards, Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), and the Bounce Back Loan Scheme are some of the popular options for you to consider.    2- Have a Back-Up Plan You might be too optimistic to expect all is will be well till the end of the pandemic scenario. Let’s just say that things may go a little haywire. There can be multiple factors that affect your business. Some of the things that have a massive impact on your business include a lot of competition and a lack of customers that make you end up with no sales/profits. You might also lack some capital to reinvest in your business.  Let’s just say there might a lot of factors involved.    3- Get Help from an Accountant How does an accountant help out? According to common perception, accountants just take care of your transactions. However, it’s important to understand that accounting and bookkeeping go hand in hand. An accountant can help you out with making some concrete decisions. These include taking a look at your transactions and helping you in taking concrete decisions in the future.  It’s never a bad idea to say no to a helping hand. An accountant will be your saviour if you’ve got to take care of important decisions and need help with money matters. Apply all these three business survival strategies, and gain more profits at your end. 

Read more
where do you find the best financial advisor

Here’s How a Financial Advisor Helps you Out with Long Term Financial Security

29/01/2021Accountants , Accounting Issues , Budgets & Other

Getting all your financial goals sorted is still an alien concept for many of you. They may sound more like a luxury to most of you. Keeping things simple, best financial advisor helps you sort out your business like a pro. They tell you where and how you must spend your money. Professional help goes a long way. This will also give you the confidence you need to make your financial decisions. You’ll be certain to spend all your money wisely.  People tend to resolve all their accounting problems on their own, as they don’t want to spend money on things that won’t pay back in the long run.   Why You Need Best Financial Advisor? Talk to your financial consultant about your future plans. Let’s understand the role of a financial advisor first, and let’s figure out whether he’s the best financial advisor? People don’t emphasize much on it, because they consider themselves as financial planning experts. Normally, when you’ve got a lot of money coming in, you want to figure out the right channels you want to spend the money on.  This happens typically for business owners, retired personnel and divorcees. They risk losing money when they’ve invested in one specific channel, and there’s a chance that their inexperience may make their money go down. You don’t want your business to fall in inexperienced hands, therefore it would be a good idea to get some expert help.   Types of Financial Advisors There’s a chance that you might end up with a financial consultant that specializes in your industry and knows all the problems you might face with respect to that particular industry. We’ll help you find a specialized advisor as per your needs. We’ll help you find just the right advisor who’ll help you out with your financial needs. So what areas do our financial advisors specialize in? They deal with taxes, insurance, and some detailed work in real estate planning or retirement planning. If you’re someone who owns multiple businesses and needs help with each one of these, consider it done with amazing financial experts. It would be a great idea to get expert accountants onboard. Talk about pro-services delivered at your end in no time. It’s important to make sure that you find the right man to get the job done. Once you’ve done your basic research. Go on and take a step forward. Make sure you’re checking out reviews and calling these customers too. Talk to your friends, and get the right recommendations. The best help you can get are the reviews definitely.   What’s the Most Reliable Method to Find Best Financial Advisor You’ll definitely need help with mortgages, investments and general financial planning. Personal Finance Society, Chartered Institute of Securities and Investments, and Accounting Firms are some great platforms to look for financial advisors. Specialized advisors never disappoint. It’s never a bad idea to go for a best financial advisor that may not specialize in one specific industry, but industry specialized financial planners have a better grip at the problem.  So its always a better idea to get a financial planner on board to resolve your financial problems, so that you’re on the road to success with all your business ideas.

Read more
Budgeting your company

Budgeting for your Company- What Works and What Doesn’t Work Best?

27/01/2021Budgets & Other , Business Growth Ideas

It cannot be emphasised enough how important budgeting is for your business. You don’t require any budgeting company to help you out on this, budgeting can be done very easily if you have the right guidance and assistance. What is the budget? A budget is an estimate of revenue and expenditures for a given future period of time and is typically collected on a periodic basis and re-evaluated. Some businesses come up short in the primary year of trading on the grounds as they are uncertain about cashflow and budgeting. Another issue a few organizations face is that they have sufficient money yet are apportioning it to all some wrong spots, which means it is being utilized ineffectively and not working for the business. In another company, planning what to spend and where can be precarious where you have no proof of what works and what doesn’t. How might you plan and budget when you don’t practically have the foggiest idea what’s in store for your cash? The budgeting process for a company is a cycle whereby future pay and expenditure are chosen to smooth out the consumption cycle. Other significant exercises in the budgeting process incorporate things, for example, forecasting, monitoring, controlling and assessing the financial objectives. Still, wondering why is budgeting important for a company? Keep reading as we tell you the advantages of budgeting with what works and what doesn’t.   Be strategic While some business start with nothing with expectations of developing, others start with speculation and desire to make all the difference. Arrange what to budget and where to be precarious in another business where you don’t have proof of what works and what doesn’t. The answer for this is straightforward – you need to prepare and strategise. Take a gander at the long haul and don’t get excessively energized when any speculation cash hits your bank. Think in the long term and how the cash can be used wisely. Don’t underestimate the initial start-up expenses. The company has started and has clients on the books with whom it takes care of work, this is a good start. The organization pays out on items such as machinery and staffing. And cash from the job it does cannot reach the bank for at least  30 – 90 days from the date of completion of the work. If the organization does not have a timely client? Will it actually have the option to endure? What new entrepreneurs need to think about is the way that any instalments coming into the business might be far off yet. So, they’re supposed to budget for the main things and stick to any spending, so they don’t blow through all the money inside the business. Design out carefully, and search for extra venture if necessary. It’s acceptable if the business has high expectations of having customers paying when expected however you should, in any case, pray fervently yet plan for the most exceedingly terrible.   Ongoing costs Do you realize what amount of cash is required on a month-to-month basis to make a big difference for your business? This is a region that a few organizations flop on. They figure out how to factor in the enormous costs, for example, lease and staff compensation, yet can disregard things like the telephone line, broadband, protection and fixed. These little expenses can long add up. This risk can be limited with cautious arranging, investigate everything in your business and all that you want to achieve, what expenses are included; can any of these be diminished? Have you considered every single detail and cost?   Possibility plan How might you cope if something turned out badly? It appears to be rapid and truly developing at the moment you start a company. However, what occurs if your image doesn’t take off or a customer chooses not to utilise your administrations and go somewhere else? Your business needs to have plans set up for if the sudden occurs, for example, an issue in one of your items meaning it will require a further turn of events. There are just two ways that you can plan for this: Give your customer realistic time spans – additionally, attempt to consider any issues with the item/administration which could postpone it Give reasonable expectations to your customer – do not guarantee the world for them and convey a stone. In addition, consider placing some disaster cash aside in the organization so that if anything does not turn out as you might hope, you can dive into it. Budgeting your company would definitely benefit your company and we are just a message away if you need any help!      

Read more
eori number uk

Did You Get Your EORI Number?

02/12/2020Accounting Issues , Budgets & Other

From 1 January 2021, you will need an Economic Operators Registration and Identification (EORI) number to move goods between Great Britain and the EU. Prior to 1 January 2021, you only needed an EORI number if you move goods between the UK and non-EU countries. If you do not already have an EORI number UK, you will need to obtain one in order to move goods between Great Britain and the EU. You may also need one you move goods between Northern Ireland and non-EU countries.   Applying for an EORI Number From 1 January 2021, you will need an EORI number that starts with ‘GB’ to move goods between Great Britain and other countries. If you do not already have an EORI number that starts with ‘GB’ and you have yet to apply for one, this should be done as soon as possible. Applications for an EORI number can be made online. To make an application, you will need: Your VAT number and the effective date of your registration (which can be found on your VAT registration certificate); Your National Insurance number (if you are applying as an individual); Your Unique Taxpayer Reference (UTR); The date that your business started and its Standard Industrial Classification (SIC) code (which can be found on the Companies House register for a company); and Your Government Gateway User ID and password. Making an application using the online service should only take 5—10 minutes. You will receive your EORI number straight away unless HMRC needs to make further checks, in which case it will take up to five working days. Once an application has been made, the status of that application can be checked online.   Moving goods between Great Britain and Northern Ireland The Northern Ireland Protocol comes into effect on 1 January 2021. Special rules apply to the movement of goods between Great Britain and Northern Ireland. From that date, an EORI number that starts with ‘XI’ will be needed to: Move goods between Northern Ireland and other countries; Make a declaration in Northern Ireland; or Get a customs decision in Northern Ireland. To obtain an EORI number that starts with ‘XI’ you will need to have one that starts with ‘GB’ – if you don’t, you will need to apply for one first. If you already have an EORI number that starts with ‘GB’ and HMRC have identified that you are likely to need one that starts with ‘XI’, then they should send you one automatically, Expect to receive this from mid-December 2020.   Trader Support Service If you move goods between Great Britain and Northern Ireland, sign up to the Trader Support Service (see www.gov.uk/guidance/trader-support-service) for help and support on moving goods between Great Britain and Northern Ireland.

Read more
grants and loans

Environmental Grants and Loans: How can You Secure them?

24/11/2020Budgets & Other , Uncategorised

With the efforts of world leaders towards an environmentally friendly economy, business owners are aiming for environmental grants and loans to reduce their carbon footprint. If you make your business environmentally friendly, the government helps you with several grants and loans. The importance of energy-efficient solutions will increase. The effects of global lockdowns on the environment are visible. You may be feeling confined at your home, but lockdowns have brought air pollution down to a minimum. Governments are now eyeing replacing their existing models with greener and more efficient ones. You can get offers and secure funding for the equipment. If you’ve already signed up for renewable energy, you might want to take up all the grants and loans that come your way.   How Industries are Contributing to Climate Change? Industrial waste and its management are expensive and difficult. The government has placed several filters in the form of laws and policies. This solution is effective but not permanent. Machinery and old industrial infrastructure are the biggest cause of chemical waste. Large industrial units have resources to invest in research and development. They may replace their units with more energy-efficient and renewable solutions. You may learn from the fact that large corporations are shifting towards energy-efficient mediums. But it’s the small and medium industries that make the real difference because of their bigger number and fewer resources. That’s why the UK government is providing tax reliefs and grants to the industries to walk towards a permanent solution. How to Secure Grants for Your Business? The support will be dependent on the location and the nature of your business. The environmental impact of your project and its sustainability, in the long run, will determine your course. Securing the funding might not be an easy task, but it is worth the try. Applying a systematic approach to your application process will increase your chances of securing funding.   How can You Find a Grant? The Internet is your friend. Use it for your benefit because there are multiple sites that can gather the related data for you. Some websites like GRANTFinder and Grants Online offer customized searching focusing on different schemes. Gov.UK is a general platform where you can find different options to finance your business.   How to Secure Capital Investment on Equipment? If you are planning to replace your current plant with a more environmentally friendly one and you can prove it with your results, then you can get an award for the project. Let’s take a look at some grants that you can avail for your green projects:   How to Achieve Sustainable Development Initiatives? If you think that your project is eligible for the grants and loans, you can look into the local schemes by the authorities with small grants that are relatively easy to get. Large schemes are available at the national level. If you are going for a new product and launching a new service and conducting a study and research, you can get Research and Development (R&D) tax relief.   The Renewable Heat Incentive (RHI) Domestic users have a major impact on defining environmental policies. UK government introduced an RHI scheme for domestic and non-domestic users. People who meet the standards and rules of the scheme can receive quarterly payments for the next seven years. Sounds cool? The payment will be paid against the amount of clean and renewable heat produced by their systems. But you have to meet their requirements and renewable goals first. The imitative is to help reduce the carbon footprint on the domestic level. The scheme targets the heat source mainly. Those who are converting their heating systems to renewable systems can benefit from the scheme. You may want to convert your existing solution to a renewable system because the government will pay you for it. What is more important than your health? You can enjoy the chilly winter nights without worrying that you are inhaling carbon dioxide produced by your heating systems.   Enhanced Capital Allowances In order to secure the finance part of the cost, you will have to prove the benefits. Sometimes you may only get the funding for only specific parts of the equipment. You should consider Enhanced Capital Allowances for the equipment funding. The scheme gives enhanced relief in tax on equipment purchases for industries and businesses. The Enhanced Capital Alliance (ECA) helps manage climate change with tax reliefs for businesses.   Bio-energy Capital Grants Scheme DECC supports the UK industry working with biomass-fueled heat and other combined heat projects. If your industry is planning to convert to biomass fuel energy, you can get the funding as part of the UK Environmental Transformation Fund. It encourages low-carbon technologies.   Energy Technologies Institute (ETI) It is a major platform with public and private sector interests. ETI is a consortium with several multinational corporations. They also work closely with government departments. The institute extends funding for low-carbon technologies with multiple industrial applications.   DEFRA Research Funding If you are an SME owner then you might have to look into this department and its funding options. The Department for Environment, Food and Rural Affairs offers some generous grants. They primarily focus on green solutions and research.   What is the Process of the Grant Application? Now that you have found your intended grant. You must consult your accountant to make the application. The application process is complex most of the time. We can help you with this process. Most applications need your detailed financial information. It is important that you don’t make any mistakes. It takes a lot of time to make an application. You have to be patient in the process.

Read more
high street banks

What are Some of the Alternatives to High Street Banks?

03/11/2020Accounting Issues , Budgets & Other

People holding business bank accounts are now distancing themselves from the customary high street banks for obvious reasons. A lot of things have brought about this decision, but one of the main reasons is the lack of innovation and bad customer care. A poor saving rate is another major reason. If you are running a business or a start-up, you’re least bothered about the banking policies and more into savings. Make your processes and transactions as simple and handy as you can. You don’t have to bow down to all the incompetent services offered by high-street banks. Why not go for more ‘challenger banks’? If you’re someone who loves brand loyalty, then it’s the only right option for you. According to popular opinion, people don’t generally recommend the banks they opt for their services. With current account switching services, switching to another bank is easier than you think. If your bank is not part of the new scheme, turning to a new bank/ new banking system is always a good idea.    Give Credit Unions a Try If you’re looking forward to taking up a credit union, know that there are about 450 unions in the UK. A credit union lets a shared community borrow money from each other. They’re basically owned by different members and each community member has its own share. Let’s dig up further in credit unions. Credit unions normally extend their support to small businesses, which makes it possible for small businesses to be a part of the group as well. So how do credit unions work out? Since a credit union is run by all the community members, there’s no chance of a shareholder. They are volunteers elected by the membership. Any surplus profits are used by the credit union for its growth.   Give a try to friendly societies? Cash overview or money survey are some high-street banking options. Friendly societies are like credit unions. These offer multiple scopes of items including investment accounts and insurance.   Find Asset Based Lenders Asset-based lenders usually rely on lending money against your business. If you own a factory, plants, or machinery; this will be based on stock finance or invoice discounting. If the lender is a more ambitious kind of a risk-taker, he may further offer you a conventional loan. Mainstream lenders often lend more money on different terms to the banks. Banks have a protected devised policy that they cannot bend because of the risk factor. However, you can find plenty of people ready to give you money depending on their hunger.   Tier Unsecured Lenders Comes To Rescue Second-tier unsecured lenders will probably extend the same kind of loans that mainstream banks offer. However, they will take more risks for you. This enables them to lend to those businesses that pose more risks. Mainstream banks do not provide you with loans on your terms with elevated risk factors. They also offer their services without any security or guarantees on your liable assets. But, as the risk is higher, their interest rate will be higher too and their repayment plan is shorter. A business will need to demonstrate a strong track record of cash generation for eligibility. What about Private Equity or Venture Capital Funders? Private Equity/Venture capital funders often fund businesses. They deal with those businesses is simple. They always look to expand and scale more quickly. So instead of loading up the business with loans that require repayment in a narrow time frame, these types of lenders will give you cash in exchange for a share in the ownership of your business.   Reach Out to Capital Funders If you are expanding or buying another business, venture capital funders might become your borrowing option. They are constantly looking to expand your business. When they have a shared interest in your business, it sells at a way higher price after some time.   The Idea of Charity Banks What if the lent money is from a charity bank? You can find one in the UK which is regulated and registered as a charity. These operate like regular banks. The only difference is that you’ll have to serve the community as a result of the money received. So lend for your benefit, and serve the community as well. Charity banks often use investment and other deposits to fund charities and other social causes. It’s not a full-fledged operating bank, but you end up with these because of the rates offered by them.  Ethical Banking for Everyone According to a report from 2010, UK consumers save a huge sum of £19.2bn using the channel of ethical finance lenders. These ethical financiers will give one prime benefit that helps you become a part of something that has a positive social and cultural impact.   Islamic Banking System is Completely Interest-Free Yes, you heard it right the Islamic banking system will give you the facility of interest-free repayments. Islamic banking means that you don’t have the burden of paying the interest rates on your loans, but you have to give a reason and follow the bank’s policy to maintain the code where the borrowed money is being used. They also provide business grants, but you have to layout your business model for the loan. Also, the bank addresses people from all faiths.   Explore Peer to Peer Lending Options Peer-to-peer loans (P2P) is a new alternative to high street banks. P2P websites are running where you can borrow loans from other consumers. It is a platform where consumers lend each other money. To find people with plenty of money to spend lending money to the people who need that money. You can find plenty of online peers to peer platforms including Zopa, Ratesetter, Quackle, etc. to name a few. A relatively new alternative to high-street banks, the unique point of peer-to-peer loans (P2P) is that the websites that offer them allow borrowing between consumers. Companies that specialize in peer-to-peer lending include Zopa.com, Yes-Secure.com, Ratesetter.com, Funding-circle.com, and Quackle.co.uk. …

Read more