HMRC are focused on an ambition to ‘become one of the most digitally advanced tax administrations in the world’ and with a statement like that, additional compliance and headaches are likely to follow, whatever the size and sector your business operates in.
The Cloud has become an increasing part of our everyday lives both socially and professionally. The accountancy industry is no exception.
With a wide range of online accounting software solutions on the market and the relatively recent developments from packages such as Xero and QuickBooks, the move by small business owners from manual bookkeeping or a traditional desktop solution to a cloud-based version is inevitable, if it has not been made already.
Management accounts are often the key driver in directors’ decision making for the future of a business. Management accounts routinely consist of profit and loss, balance sheet, cash flow, commentary and some potential key performance indicators. However, this information may need further detail, such as identifying weaker areas of the business to decide if improvements can be made before considering withdrawing a product line.
We are nearing the eye of the storm. Whether this be through changing attitudes of employees and consumers, innovation driven by artificial intelligence, political changes at home and in the US and, of course, Brexit, the macro environment is changing.
It’s scary, but profitable businesses go into administration all the time, and the success of a business is critically linked with its liquidity. Raising invoices for sales doesn’t automatically mean cash in the bank – it is more likely to mean money going out… certainly at the start of the provision of a product or service.
Cost has historically been the main catalyst that instigates discussions about outsourcing. A more recent trend however highlights the development toward improving overall business performance becoming the main initiating focus. Business owners want to drive their businesses forward and utilise the expertise available to them.