In today’s global economy, businesses across the world need to be able to provide accurate financial information to their investors, lenders and other stakeholders. This, however, often requires a level of technical knowledge that many businesses do not have access to. Outsourced accounting services have become increasingly common in recent years, and for good reason: …
So, you are running a business and you have done your research to find the best possible insurance policy. You’ve got all the necessary cover in place, with adequate limits and appropriate excesses. You are covered for everything that could possibly go wrong, but… You still can’t help but feel like you are paying too …
There are a number of reasons why you may want to change your business structure from being a sole trader to a limited company, for example, you may have grown your business to the point where it makes sense to have additional investors (shareholders), or your earnings are now at a level where it can become more tax efficient. If you are not familiar with the process of changing your business structure, this article will help you understand what is involved.
Cash flow forecasting helps identify trends in incoming and outgoing cash so that companies can prepare for future expenditures, avoid excessive debt, and meet payroll obligations. This process often involves using budgeting to determine how much money will be required over a given period of time. This type of forecast also takes into account other factors such as the cost to produce goods or services, expenses related to ongoing operations, interest payments on loans, capital repayments, tax instalments and other assets required to help grow a business.
You might think that choosing bookkeeping software is a no brainer, but that’s not always the case. No single product will fit every business’ requirements, so how do you choose the right one? The truth is, it’s not a one size fits all solution and it doesn’t have to be based on which package is the cheapest—but rather which one will suit your business’s specific needs.
Franchises are a fast-growing business model and there are hundreds of them all over the world. In fact, 83% of US-based restaurants and cafés are franchises. However, there are only a few benefits to choosing a franchise. Maybe you’ve decided to go the franchise route because you want to start a business by earning a steady income without having to take big financial risks. Maybe you’ve decided to become a franchisee because you want an opportunity to work for someone else but want to have the autonomy to run your business as you see fit. Whatever the reason, know that several other considerations must be taken into account before you choose to franchise.
Business owners need to find ways to increase their profits and grow their business. It can be difficult to find ways to increase profits when you’re starting, and it can be even harder when you’re running a well-established business but whether you have been trading for years or just starting, it is always useful to take a step back and review techniques that will continuously help you grow.
In the past, the only time people would talk about ‘cash’ was when they wanted to buy something or to borrow money. But now, money and spending are more complex, as there are so many options for payment plans and credit, that it is much easier to ‘spend’ or give credit without really having visibility of the longer term consequence.