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Self-employed: What expenses can I put through my tax return?

I don't normally do videos, but if you're in a rush, here is a 2 minute video that powers through some of the things you can claim. Below it is my blog which goes into a little more detail....

November 22, 2017

Rebrand: Why things are looking a little different around here

When I started Loud and Clear Accounting, I had 12 years accountancy experience and approximately zero years’ experience of running a business. Now, you don’t need to be good at numbers to see that my experience was pretty heavily weighted towards a particular skill set. If I was going to show you what that looked like in pie chart form, it would just be a coloured in circle. There would be no pie. So, I would love to pretend otherwise, but the past 18 months have been a massive learning c...

August 25, 2017

Poor cash flow: Are you simply spending too much?

As soon as you become a business owner, you immediately become very popular. This is because everyone makes two assumptions about you. The first is that you have lots of money. The second is that you are prepared to spend that money on making your business a success. Clearly you do need to spend some money on your business to achieve. I'm sure there are stories of entrepreneurs' who have made their millions by spending absolutely nothing, but it's probably safe to assume tha...

April 27, 2017

Is living in the red harming your businesses cash flow?

So many of us see dipping into our overdraft as a natural part of running a business. There's no shame in having an overdraft or even using that overdraft. After all the banks are quick to offer you one when you first set up your account and it is incredibly handy to have if cash flow is tight. All you need is one customer to delay settling an invoice for a couple of days and that could be your pay run in trouble. What's the harm in going into the red for a couple of days, paying your s...

April 6, 2017

Could stock be causing your cashflow problems?

Have you ever looked at your bank balance and wondered where all the money has gone? The way cash flows through our businesses is rarely a surprise. After a while you can easily memorise the regular direct debits, the wages, the loan repayments and the client retainers. You learn which customers pay quickly and which ones make you wait. The same often goes for your own relationship with your suppliers. Equally, you often know which months are tight. These are the months where the annual ...

March 2, 2017

Cashflow nightmares: the slow payers, bad payers and the non-payers

You're in business, you're making sales, you're busy and everything is going great. Everyone wants to work with you. Your reputation is sturdy. Competitors copy you. You've recently taken on more staff and now have a larger office. Look up success in the dictionary and there will be a big picture of you. Do you feel successful though? Are you able to go home and close the door on work or does that month end payroll keep you awake at night? You see the pile of invoices on your desk ...

February 9, 2017

Never, EVER, be ashamed or embarrassed to have problems with cash flow

Starting up a business takes a lot of work and with that comes a shed load of pride. No one wants to defiantly walk away from employment only to return a couple of months later with nothing but an overdraft to show for it. No one wants to be working long hours to pay back a loan from a failed dream. No one ever wants to be sat in an empty office or shop wondering if today is the day when you admit that it's over. However, 20% of new businesses will fail in the first year and 50% within ...

January 26, 2017

13 bookkeeping tips for when you think you’re too small for these things to matter

No business is too small for a bit of bookkeeping. However, when you're just starting out it can be hard to know what you need to do. Or even, what needs to be done. So here are my quick fire, tip 13 tips for anyone new to record keeping....

January 13, 2017

How you can use Xero to apply a marketing mindset to your finances.

Your business has two primary functions. The first is to attract customers and the second is to turn these customers into cash. I know it all sounds very cold; there's no hint here of your passion or your goals but ultimately that is what every business is trying to do. This means that when you start a business a marketing hat is glued to your head. You can never take it off. Ever. It doesn't matter if you are writing an email or speaking to someone who could know someone else who may at s...

January 12, 2017

Is a disinterest in your finances keeping you in the dark and stopping you from growing your business?

As we roll into 2017, the theme is always New Year resolutions, goals and targets for the upcoming months. "2017 is going to be our most successful year ever" the entrepreneurs' cheer in unison. Hurray! Probably the most popular goal is to grow your business. The question is how and the answer is to get more customers. It's all wonderfully simple and we all go out and buy some advertising, maybe do a couple of networking meetings, go home and then the vast majority of us will go back to ...

January 5, 2017

I have Xero, so why haven't I got real time information?

Real time information. This has been the buzz word in accountancy and bookkeeping circles for a couple of years now. Pretty much every article or blog on the subject will try to tempt you away from your beloved excel spreadsheet or your tried and tested desktop software such as SAGE. Get on the cloud, we cry. Then your business will have real time information so you can see exactly how you are doing at any moment and at any place. This is better than simply looking at your bank account eve...

December 8, 2016

Why being a member of the ICB is important to me, and if you’re looking for a bookkeeper, why it should be important to you too.

I am writing this blog fresh from my recent victory at the Institute of Bookkeepers annual LUCA awards. I have the trophy for New Bookkeeping Practice of the Year next to me. I'm not going to lie – I will be talking about and possibly even carrying around this award for some time. As a quick overview of me, I am a member of the AAT (Association of Accounting Technicians). I have been fully qualified for about 8 years and a member for around 5. As part of my practicing licence – I am a ...

December 1, 2016

Why do I need Receipt Bank, when I can take photos of my expenses through Xero?

My favourite Xero add on, which I pretty much always recommend to everyone, is Receipt Bank. Now here's my problem. If you ask me what Receipt Bank does, I'll tell you with great enthusiasm that it's fantastic; you take photos of your expenses and it pushes them into Xero, creating the purchase invoice and attaching a copy of your photo to it. But you can do that on Xero, you reply, bursting my bubble. Quite often, I am then shown how you can take a photo of your expense via the ...

November 17, 2016

Strategy - How to outfox your competitors

I'm sure we've all seen the statistics on how many businesses fail within the first five years of trading. For any new start up, it's a scarily high percentage to read as it ranges from 50 to 80% depending on who you trust. Of course there are many reasons why a business will fail. No market. No cash. Poor profit. Underfunded. The list goes on. However I often wonder how many businesses have a strategy. A proper strategy. Too often the plan seems to work along the lines of "if I buil...

October 30, 2016

"How to win an award" - by someone who ALMOST won an award

Let's start (self-indulgently) with a paragraph about me. In June 2015 I left the comfort of employment to do some freelance subcontracting work whilst l researched the cloud accounting software that was changing the face of accountancy. In Oct 2015 I decided to set up a bookkeeping practice which focused on this "new" technology. In July 2016, with the help of some glowing testimonials from my clients, I was shortlisted for the technology champion at the AccountingWeb Practice Excellence award...

October 22, 2016

Can I avoid getting a bookkeeper? - Embrace the cloud

Well, yes, no and maybe. Are you aware of the business growth graph? It's popped up in several business books that I've read over the years and it basically looks like this very crude version that I have created on Paint. ...

October 13, 2016

KPIs - Friend or Foe?

There's an old business saying which is "what you can measure, you can manage". This is completely true of course but it's kind of unhelpful as ultimately you can measure pretty much everything in your business. So once you get a good bookkeeping system in place giving you accurate information every month, or even week, the temptation is to want to monitor everything. KPIs are a lovely accountancy buzz word. It stands for Key Performance Indicator. A KPI is effectively anything within your...

September 22, 2016

Bookkeeping: Chances are you are doing it wrong

Bookkeeping has changed. I've had several meetings this month where I have been shown bookkeeping that was either very time consuming to do or a mammoth data entry task. Because bookkeeping is my job, my goal is to always make it as efficient a task as possible. To lots of you, bookkeeping is probably a boring, mundane and time absorbing task. Maybe you do your bookkeeping on an evening or a weekend. Maybe your VAT Return is always left to the last minute and always takes far longer than ...

August 30, 2016

Remove the barriers to purchasing – the $300 million button

The other night, my partner and I wanted to make a purchase from Laura Ashley's online store. We'd chosen the items that we wanted and then began the process of checking out. Up until that point the shopping process had been fine. But then we hit the barrier – our email address had already been used to set up an account and we wouldn't be allowed to continue until we'd entered our password. Needless to say, neither of us could remember the password so after several failed attempts we decided...

August 12, 2016

The Dangers of Discounting - Beware of the Sale

Weather aside, we are now fully into the summer and with that comes the end of summer Sales. Over the years we've become accustomed to more and more Sales during the year and along with that, greater and greater discounts. From a retail point of view, it can become brutal. How much to do discount your products by? How low do you ultimately go? ...

August 5, 2016

Why you really should use technology for your accounting (but never do so for efficiency)

Is efficiency a meaningless word? The trend in accountancy and bookkeeping at the moment is to move over to cloud based accounting software. This is generally because you can automate the data entry side of things and therefore, as the software providers tell us, become more efficient. But what is the point of running an efficient business if you have no need for that efficiency. In some cases, being what others may consider "inefficient" could be absolutely fine. In my world, efficiency ...

July 22, 2016

Budgeting - Is it worth your time?

If you went by all of the business articles out there, business gurus and coaches, posts on social media etc. then we all want to grow our businesses. We all want bigger and better businesses… I guess you want to be running at least three dental practices. Have a mini empire. The reality is however, that some of us are okay. Yes some new patients would be nice; maybe even some more private work or a new income stream but nothing that is going to rock the Dental industry. So when do we tend t...

July 19, 2016

Why numbers and logic are sometimes wrong: the power of framing

If there was a fight between someone in finance and someone in marketing, who would win? The answer is pretty much always the person from finance. This is because when it comes to your business, the financial element will nearly always dictate what you do. This is the department in your business that will set budgets and look at return of investment. That's not a bad thing. Ultimately you are in business to make money so you don't want to throw money at apparently great ideas that will achieve ...

July 8, 2016

Why you need bookkeeping to be successful

I'm really passionate about bookkeeping. I've been lucky to work for some very forward thinking accountancy firms and what this has taught me is that compliance is valueless. Yes you need to produce year end accounts, that's a given, but if you take a step back and think about it for a moment, what do you get from that? It's just your tax bill isn't it? Have you ever looked at your annual accounts, reviewed the figures and taken these as the starting point to push your Dental Practice forwa...

July 8, 2016

What information does your accountant need to prepare your accounts and tax return?

With the Tax Return deadline fast approaching, there are probably thousands of business owners frantically packing a year's worth of receipts into bags and boxes, ready to drop them into their accountant's office. Invariably, this unique filing system is flawed, so it is likely that a phone call from the accountant will follow. Possibly asking for additional bank statements, maybe even asking for paperwork that relates to the correct tax year.So if you are that business owner, here is a breakdow...

July 6, 2016 Posts 26-50 of 59 | Page prev next
 

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