Turnover is vanity, profit is sanity, cashflow is KING!

Some of the best businesses are brought to their knees by cash flow issues. Businesses which were full of promise with committed and passionate owners backed up by motivated staff disappear from Companies House on a daily basis because they didn’t have enough ready cash (or access to debt capital) to meet the bills. Late payment is definitely an issue but, as business owners, we’ve got to take some of the responsibility ourselves. If you know this is a problem…

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Construction invoices can be so much simpler

Construction and trade invoicing is a big job If you’re in construction or a trade, you’re probably really busy doing the work. It can be hard to make sure you get paid for it. Construction invoicing requires you to: keep records of third-party costs track time on site (which can be tough when you have a few jobs going) match the estimate or quote that you gave (which could require you to itemise the bill) It’s daunting. To make matters worse, most…

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Payroll Journals in Xero

Unlike most other transactions you will record in Xero, payroll data has to be entered via a ‘manual journal’ (if you are not using Xero’s payroll feature) and below we’ve listed how to do this step-by-step. Recording the payroll data for your business consists of both expenses (the cost to the business) and liabilities (how much the business owes to employees, HMRC, etc.) and this data once in the accounting software can then allow you to see if you have made…

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Tips to Save Taxes for Freelancers/Self Employed

Within the UK, if you are self-employed, working as a freelancer/contractor, whether through a limited company or as sole trader, you are allowed to deduct a variety of reliefs and allowances to reduce your tax bill. Slightly different rules apply depending on whether you are a limited company or a sole trader, so check on the HMRC website for more information about working for yourself as a freelancer or contractor. In the main, the rules governing the sort of expenses…

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Xero Bronze Partner Status Achieved

Easy Peasy Accounting (www.easypeasyaccounting.co.uk) are delighted to announce that they have now achieved Xero Bronze Partner status. This award confirms our commitment to providing the best accountancy services online! Read on to find out more about this award and our current offers on Xero. We’re really pleased to have been awarded Bronze Partner status – here’s a quick summary of the benefits to us and you! From now on, Easy Peasy Accounting will be listed in the Xero Partners directory, enabling…

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iZettle (Xero Add-On)

iZettle (Xero Add-On) Easy Peasy Accounting believe owners should be free to enjoy running their businesses. Advances in cloud accounting and online software has removed much of the hassle of admin and data entry, allowing entrepreneurs and owners to focus on doing what they do best, delighting customers and growing their business. Xero integrates with dozens of add-on business applications, which are an excellent way to automate business processes and streamline your workflow. Our highly experienced chartered accountants are expert…

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Time Saving for Small Businesses with Xero

Xero can transform the way you run your business by streamlining and simplifying the financial administration and putting you in control with real-time information on performance. What’s less obvious is how you can save time, effort and money on everyday activities. Here are a couple of examples that our clients love. DEALING WITH RECEIPTS Scenario 1 – Dave visits his local building merchants and buys some materials to complete a job for Mrs Smith. He leaves the store, puts the receipt on…

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CIS – A Introduction to the Construction Industry Scheme

The construction industry scheme works a little like a payroll scheme but for the constructions industry. Contractors employ subcontractors for jobs, on which they must deduct tax but not national insurance and pay it monthly to HMRC. These deductions are then used as advance payments towards the subcontractor’s tax and National Insurance bill. A contractor is a company or a person who employs a subcontractor to do construction work and may be a sole trader, a partnership or a limited company.…

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Easy Peasy Accounting

The difference between cash flow and profitability

Cash flow and profitability – two of the accountancy industry’s favourite phrases, and words you’ll find in no short supply on the pages of our blog. For business owners though, it’s really important to understand the difference between the two. Profitability means making sure your business consistently pulls in more money than it spends, covering all your costs, including wages, taxes and your own drawings on an ongoing basis. Cash flow isn’t so much about covering all your costs, it’s…

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Easy Peasy Accounting

Contact us today to see how we can assist you

Call: 01909 261985 or 0330 0431836

eMail: info@easypeasyaccounting.co.uk

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