HM Revenue & Customs (HMRC) plans to phase out paper VAT returns. From April 2010 you may have to submit your VAT Returns online and pay any VAT due electronically (for example by Direct Debit).
Collecting receivables: Many small businesses can improve their cash position simply by making certain that their billing, collections, and payables systems are operating as efficiently as possible. Small businesses do not have the luxury of large accounting and collection departments of big corporations so they often have their bookkeeping done by an external bookkeeper. More […]
1. Bill timely and accurately 2. Do not wait until an invoice becomes past due to chase it. 3. Deposit payments into the bank account daily!
Many new business owners think it’s not going to take much of their time because they don’t have many transactions at first, so they’ll do their own bookkeeping to save the cost. In many cases one of two things happens … they end up with a shoebox full of receipts at the end of the […]
In the normal course of business, a document is produced each time a transaction occurs. Sales and purchases usually have invoices or receipts. Deposit slips are produced when deposits are made to a bank account. Cheques are written to pay money out of the account. Bookkeeping involves recording the details of all of these documents […]
Cash flow is the lifeblood of small businesses. Cash comes from sales, collections of account receivables, and the sale of assets. On the other hand, cash flows out to meet all expenses and debt obligations of the business. The goal of good cash flow management is to have enough cash on hand when you need […]