Following the announcement in the Chancellor‘s 2015 budget on Wednesday that Insurance Premium Tax (IPT) will increase from 6% to 9.5%, there are actions that employers can take to mitigate its impact, and we advise them to act now. Here are four key areas for employers to consider:
We’re living in a social era. Social media, social businesses and social change – which means the charitable behaviour and footprint of all organisations count for a lot.
It’s a sobering thought that 1m small and medium-sized enterprises (SMEs), along with 5.7m jobs have been lost since 2008 — only now is activity recovered to previous levels. What is even more worrying is that according to insolvency trade body R3, late payment has been a major factor in 20% of these failures.
Do what you love. Love what you do. And while you might be doing just that, accounting is probably not among the things you love. Dancing or baking might be your calling, but you’re likely to find yourself spending more time on bookkeeping, if you are like many business owners. It’s here that an easy-to-use accounting software can help you by doing most of the heavy lifting, so you can get back to your passion.
Payroll is often regarded as a cog within the wheel of business; a back-office process that should run like clockwork. Yet, like any business function, it’s rarely glitch-free. Payroll is complex and comes with a raft of challenges as well as legislative changes to adhere to.
Late payments and cash flow problems are once again hitting the headlines with the introduction of the small business conciliation service announced last month. The new business secretary, Sajid Javid hopes the service will provide support to large businesses and their suppliers and encourage a mutual agreement from both sides on the length of payment terms.
For small businesses, and particularly microbusinesses, securing funding is a credible and positive way to grow your business. But, if like many business owners, you don’t have a background in finance, knowing where to go, who to approach, not to mention understanding the complex language & terminology, the process can be time consuming, confusing and pretty painstaking.
Credit can conjure up fear among many small business in the UK, leading to a very guarded approach to borrowing. This aversion among small and medium-sized enterprise (SME) leaders to traditional forms of credit and borrowing, combined with a lack of awareness of funding options when bank loans are not appropriate, can leave SMEs feeling that they have few available options.
David Cameron recently revealed that there is a £1 billion gap between the total funding UK businesses receive and the amount they need to realise their ambitions for growth. Here I will investigate the reasons for this, and the benefits to UK companies and the wider economy of bridging the funding gap.
The way businesses conduct their core processes is undergoing dramatic change. Cloud migration is considered the norm for many companies now, with a large proportion of small businesses moving to the cloud so they can compete with larger organisations on a global scale.
There was a story in the press recently about a local company that really grabbed my attention. It was about how a twenty-eight year-old business had failed and gone into administration after making losses of over half a million pounds in just six months. And how it was all the fault of their new accounting software.
For small and medium-sized enterprises (SMEs), accessing initial start-up finance or funding for growth can be a daunting and stressful prospect. While bank lending is on the rise, the selective nature means many businesses are still struggling to access the finance they need.