Pitfalls of payroll

Payroll is becoming an increasingly complex process.   Unless your business has no choice as regards whether or not it should manage its payroll ‘in-house’, consideration should be given and a decision made as regards potentially outsourcing this important function. Fundamental to making such a decision is not only the increasing complexity and associated risks of getting things wrong, but the

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The Payroll Administrator Apprenticeship

Whilst they have always been a route into a career or used for career changes, apprenticeships have achieved higher profile in recent months and years. History 2014 Probably, we have to look all the way back to the Government’s 2014 Autumn Statement pledge to create up to 3 million more apprentices by 2020.  At this point, it is worth mentioning

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Confused.com

So the rulebook which us bookkeepers have been using for the last forever has just been ripped up and put in the bin. Well that’s what it feels like to me and I know I’m not alone! Over the last few years we have experienced an enormous change in our industry predominately led by the software companies. I think we

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Further strengthening of the UK Anti-Money Laundering Regime

Over the summer, we ran a specific communications campaign with all UK members about the statutory requirement to be supervised under the Money Laundering Regulations. This requirement applies to all those who are ‘in Practice’, that is when providing bookkeeping and accounting services (i.e. other than as an employed person or on an unpaid/voluntary basis). As a part of this,

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Top tips for starting or growing a business

The IAB carried out interviews with four small business owners to hear their advice for setting up and growing a business.  To coincide with Small Business Advice week which took place between 4th and 10th September 2017, we are sharing these tips with you. Do what you love and love what you do: These tips are focused around being passionate about what you do to

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Piecing together the perfect finance package (for your expansion)

I’m expanding my business but I’m not sure what sort of funding I need? I’m guessing that you need help funding different elements of your business expansion?  In which case, it’s probably best to split the borrowing up into different agreements and match the terms to your needs. You’re right, but why would I want more than one liability? Do

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Why it pays to have a business plan

What is a Business Plan? A good Business Plan will describe your business now and what you expect it to look like in the future. Focus on how you intend to get there and the implications of the growth.  Remember, don’t just make it all sound like plain sailing, you should also make it clear you have recognised potential downsides

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Why business owners need to prepare for cheque system shake-up

October 2017 will see one of the biggest shake ups to the English banking system in years, as the laborious cheque clearing system is forced to acknowledge 21st century technology. Traditionally, once a business or personal cheque is paid into a bank account, the account holder can look forward to waiting six whole working days before the money is classed

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13 top tips to improve the finances of your business

Create a solid business plan, including realistic annual financial projections/monthly budget With these in place, you will know what your financial expectations are for the current or first/coming year – regarding your revenue from sales and the costs (as well as profit). It may be important too to have an associated cashflow forecast – to identify any anticipated ‘pinch points’

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