Money mindset

Why do you find difficult to manage your business numbers? Is it because you were told at school you were bad at maths? Is it because you’re just terrible with money?  Have you had debt in the past?
 
These things do not have to be true in the future. However, it is also true that many, many business owners start their business without any real idea about how to manage their numbers. It is one of the most critical part of your business.  You need to manage the numbers carefully but often you set up and run your business without any experience with the numbers.  Many people never take any courses or undertake training in this as they just sort of expect to be able to manage it. 
 
I feel the same way that a lot of you feel about numbers about marketing and recording videos. It feels me with dread and I put off doing it as much as I possibly can. However, I know my business won’t grow if I don’t do my marketing and to this end I’ve...
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Cash Management

Have you heard the expression “Revenue is vanity, profit is sanity, but cash is king”.
 
It’s a phrase used a lot in the accounting world and one that holds true almost all of the time.  If you don’t manage your cash you will not have a business.  “6 figure” sums are always talking about revenue and are amazing but you have no idea if they have 6 figure costs at all or are turning a profit.  You also have to run the business you have, not the one you want, to ensure your costs don’t run away with you.
 
You must also be careful not to manage just your actual bank balance all of the time, as this includes amounts due for tax, payroll, supplier payments.  It also does not account for invoices that your customers have not paid you for yet.
 
Managing your business on a cash basis for day-to-day practical management of your business numbers is a perfectly good way to do things. However, you must always make...
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Know how much to put away for your tax bill

tax tax return Jan 16, 2020
So here we are it’s a new year and I’m now looking at my tax return and thinking I’ve got it all under control.
 
Obviously I have because I’m an accountant and it would be foolish if I have not already completed my tax return ready to pay in the next couple of weeks, however lots of people find this time of the year really stressful.
 
It’s obviously a time when you haven’t got very much money post-Christmas. Maybe you worked less in December, so earned less plus the money that comes in early January will just about tide you through until the end of January without a tax bill.
 
It’s a time where people worry a lot about money and it’s something that is really important to manage in your business. If you don’t manage your money carefully then you can be hit by an unexpected tax bill in January at any time when you least need it.
 
Don’t ever be afraid of your tax bill again and be sure that you know...
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