Revitalising Financial Management: How Bowdon Accounting Services Provided Strategic Finance Support to a Small Business
Recently, we partnered with a small, family-owned limited company that was facing significant financial challenges. The Challenge: This company, known for its innovative products and exceptional customer service, was struggling with its financial management. Rapid growth had brought unexpected complexity to their operations, and their internal accounting systems were no longer sufficient. Cash flow was […]
Understanding the True Cost of Hiring Staff
Hiring new staff is a significant investment for any business. But have you considered all the associated costs beyond just salaries? Here’s what every business owner needs to be aware of: 1) On-Costs: National Insurance contributions, pension schemes, and other statutory costs can add up quickly. Make sure to budget for these mandatory expenses. 2) […]
Understanding Business Expenses for Tax Purposes
Understanding business expenses for tax purposes can be complex. Here’s a guide to help you navigate: What are Business Expenses? Business expenses are costs incurred wholly and exclusively for running your business. Deducting these expenses from your income can reduce your taxable profits, thus lowering your tax liability. Seeking expert tax advice and strategic finance […]
Why Do Small Businesses Go Bust in the UK? The #1 Reason Unveiled!
Despite the relentless efforts of dedicated entrepreneurs, numerous small businesses in the UK encounter financial challenges. 📉 The primary culprit? Cash Flow Issues. Research indicates that an astounding 82% of small businesses fail due to inadequate cash flow management. Critical statistics include: 🚫 43% of businesses suffer from late payments, which significantly disrupts their cash […]
Understanding the Different Types of Charities in the UK
Understanding the various types of charitable organisations in the UK can be complex. This guide will help you navigate through different types of charities, focusing on charity finance management, the role of a charity accountant, and strategic finance support: 1) Charitable Incorporated Organisation (CIO)a) Provides limited liability for trustees, can own property, and enter into […]