Pensions auto enrolment – how to get started

Pensions auto enrolment – how to get started

Pensions auto enrolment (AE) is the law and it’s making its way to your business NOW!

As we go through 2017 and beyond, more and more companies will have to auto enrol their staff into an approved pension scheme and this blog gives an overview what’s involved.

There are three big areas to work through:

  1. Preparing and choosing a pension scheme
  2. Running your pension scheme
  3. Compliance declarations
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Cloud accounting – We can work anywhere in #thecloudthatcounts

Frankly, using new accounting software is like driving a rented car. You may never have driven the specific make or model before but you know it must have gears, a steering wheel, lights, brakes etc. and it is just a case of finding out where they are and using them.

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Bookkeeping is the bedrock of your business – EBook

Good bookkeeping is the bedrock of every successful business.

As you can see from our illustration, bookkeeping is at the centre of every aspect of your financial management and you let it lapse at your peril.

However, we see too many businesses where the bookkeeping is not done well enough and in a lot of them the business owners don’t realise the problem – they don’t realise they are making decisions based on incorrect financial information.

We have produced a simple Bookkeeping EBook which shows you:

  • how important good bookkeeping is for profit and cashflow improvement
  • how your bookkeeping supports other financial functions
  • how to organise your business to get your bookkeeping right

It’s free to download, just click on any of the Bookkeeping EBook links on this page and off you go.

You can see how central good bookkeeping is to the entire financial management ecosystem of your business and we have blog articles on the other financial aspects which you might also find helpful.

Topics include:

Some business owners warm to numbers – others find numbers a complete anathema. Wherever you are on that spectrum it might be useful to get a bit of expert help where you need it.

Money – well spent.

Don’t forget to download the Bookkeeping EBook

Michael@diaryofanomb

 

Need a little help with your bookkeeping and financial management? – let us know how we can help you:

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Tax

Tax.

Keep it simple.

Submit all your tax returns in good time, pay the right amount of tax and don’t put the tax cart in front of the business horse!

The common taxes for owner-managed business are:

Being organised is the key to tax.

Good bookkeeping in your business should take care of VAT, payroll taxes and corporation tax and organised record keeping in your personal financial affairs will make your own tax return much easier to produce. Download our Bookkeeping EBook here.

Having a separate tax bank account to save into is also sensible so you have the money to pay your taxes when the time comes.

Read all about it:

Credit control

A sale is a gift until it’s paid for.

If you give credit terms to your customers then make sure they pay you on time.

You’re not a bank so don’t let your customers borrow from you, which is what they’re doing if they delay payment.

We help companies stay on top of credit control from start to finish:

  • credit checking prospects and ongoing customers
  • invoicing accurately, electronically, punctually
  • chasing for payment – phone is best!
  • taking action against slow payers

Put credit control front and centre in your business – you can’t afford not to!

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Profit

You’re in business to make a profit!

And then to make some more profit.

Your business buys, sells, hires, fires, grows, evolves and makes profits.

But are you measuring your profit accurately, with no surprises, and can you make better decisions, at the right time, to prevent losses and maximise opportunities?

We help businesses to focus on profit and on cashflow. From good bookkeeping to useful management information and all points in between we make sure the financial management foundation of every business is fit for purpose and fit for growth.

Read all about it:

Or why not visit our dedicated Profitability page and learn more about our free 2 hour consultation?

Management information

Management information is essential to tell you how your business is performing.

Every business wants to grow, to improve profitability, reduce risk, increase cashflow etc. but none of it can be done very well without the right management information at the right time.

Good bookkeeping is the basis of useful management information and the bookkeeping software available today makes it very easy to stay on top of all things financial. Download our free Bookkeeping EBook here.

But the two most important aspects of management information are:

  • make sure you understand it (accounting can be opaque!)
  • make sure you use it to make a difference

We think that management information is vital for businesses and we work with our clients to make sure they have the right information, in a user-friendly format, whenever they need it.

Using efficient workflow methods, saves you time to think about the big stuff and use management information to the full.

Read all about it:

Cashflow

There are two types of business – those that need to concentrate on cashflow and …….. all the rest.

They say “cash is king” and that’s so true. Even if you are making profits yo can still run short of cash and a business that’s short of cash is in trouble.

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Basics of VAT – an ICAEW publication

The Institute of Chartered Accountants in England & Wales (ICAEW) runs a Business Advice Service (BAS) which we are members of.

As part of the BAS commitment to UK business, we offer a free introductory meeting to any nearby company  i.e. within 10km of the SW6 or TW9 post codes.

If you would like to meet up to discuss your business then please give me a call on either number at the top of the page.

In the meantime, if you are just starting out or getting to a point where you might want or need to register for VAT, you might find this PDF document, Basics of VAT , a useful read. We can help you register, consider the flat-rate scheme, which is helpful for some small businesses and also look at whether being on cash accounting would be useful.

 

VAT should be easy

VAT is easy to deal with most of the time for most VAT registered businesses. However, you need to make sure you have complete, accurate and up to date bookkeeping and also remember to ask for advice if a new, different transaction comes along as the rules can throw up some very odd outcomes from time to time!

The HMRC VAT helpline 0300 200 3700 is very helpful as is their website.

Tip: your business is acting as a tax collector for HMRC so consider having a second bank account into which you can regularly set aside money for VAT, PAYE etc so that the money is available when the time comes to pay it to the taxman.

As well as VAT, we offer a wide range of practical financial and accounting services for owner-managed businesses and I hope we can help you soon – don’t forget the BAS free introductory meeting!

If you’d like to find out more on how we help businesses with VAT and HMRC, visit our VAT Services page.

 
 
Michael
@diaryofanomb