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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Accruals and prepayments

This post has been produced by B J Harford FCCA, FIAB, Principal at Woodgrove Tutorials. Woodgrove Tutorials is an IAB Accredited Training  Provider. Their  Principal, Brian J Harford FCCA is an Award Winning qualified Accountant with 36 years teaching experience in Bookkeeping & Accounts including 17 years as a Part Time Lecturer at the London Metropolitan University (formerly Guildhall University) For

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The 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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Panama property taxes

Over the last 15 to 20 years the Panamanian economy has grown as strongly as any country in the world, there has been a large influx of foreigners that has seen a lot of new property developments particularly in Panama City with high rise flats. Taxation of property is well developed in the country.There is the annual property tax, a

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The valuation of stock

The valuation of items of stock plays an important part in determining the gross and net profit of a business. Stock should always be valued at the LOWER end of cost or net realisable (sales) value. This is an important concept because if closing stock is overstated gross profit will be overstated; in other words, the higher the closing stock

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Further aspects of depreciation

Depreciation can be defined as the writing off (to Profit and Loss Account) of the cost of a fixed asset over its estimated useful life. Virtually every business has fixed assets and therefore depreciation applies to almost every set of accounts produced. The most common method of depreciation is the straight line method. By this method the cost of a

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