Small Business Financials

The Chancellor seemed to omit these new tax ideas in his Budget this week: Twitter tax, levied at 1p per tweet Hashtag tax, 1p per hashtag, max 5p per post.  COVID lingo tax, like a swear box - £1 each time you say 'unprecedented', 'new normal' or 'pivot'.  Unused App Tax (UAT), £10 per app on your phone that you haven't used in the last month Promo tax - payable for downloading tracks simply to get a Christmas number one Wii tax levied on the breaking of household objects Ringtone tax on irritating ringtones, doubled for Christmas ones Muzak tax - doubled for Christmas muzak and trebled for Christmas muzak before December Alexa tax - £1 each time you unintentionally engage your home assistant Interesting tax - £1 each time you say something is 'interesting' rather than using a more precise adjective So tax - £100 each time you start a sentence with 'So'. (Reduced to £50 if you train Alexa to reprimand you) * This article was originally publ

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No business can survive without bookkeeping. Bookkeeping is what collects money from customers, pays bills and employees, and gets new inventory. Unlike doing taxes at the end of the year, bookkeeping is something that needs to be done every day. The best option for business owners who don't have the time or knowledge to do it themselves is outsourced bookkeeping services. Here's why. * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser How artificial intelligence might impact the accounting department. * This article was originally published here Check out https://www.johannakimball.com

Many businesses have in-house accounting departments because this was simply the norm for years past. With new levels of technology and the ability for businesses to save money, be more efficient and improve their accounting accuracy, the benefits of outsourced accounting are becoming more recognized. As businesses grow, many are making the switch. * This article was originally published here Check out https://www.johannakimball.com

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Business tax Tags R&D tax relief * This article was originally published here Check out https://www.johannakimball.com

Andy Atkins is an elderly accountant operating from offices above a shop in a small town.  One day he received a letter from HMRC, stating that they suspected he was not paying his employees the National Minimum Wage and they would send an inspector to interview them.  On the appointed day, the inspector turned up. "Tell me about your staff," he asked Andy.  "Well," said Andy, "there's my accounting trainee, I pay him £240 a week, and cover the costs of his training.  Then there's my PA. She gets £190 a week, along with free board and lodging in the flat above the office.  There's also the half-wit. He works a 16 hour day, does 90% of the work, earns about £25 a week, along with a bottle of whisky, and as a special treat occasionally gets to sleep with my wife."  "That's disgraceful" said the inspector, “I need to interview the half-wit."  "That'll be me then," said Andy. * This article was originally publishe

Growth * This article was originally published here Check out https://www.johannakimball.com

This past week, AccountingDepartment.com Business Development Representative, Shawn Marcum attended the Entrepreneurs' Organization (EO) Xcentric event in New Orleans, LA. * This article was originally published here Check out https://www.johannakimball.com

Tax * This article was originally published here Check out https://www.johannakimball.com

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Finance & strategy Tags Consolidation Finance Management reporting * This article was originally published here Check out https://www.johannakimball.com

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Audio is not supported in your browser Steve discusses how to improve the closing process by increasing inventory record accuracy. * This article was originally published here Check out https://www.johannakimball.com

Accountants frequently ask new clients to either bring their passport into the office or to supply certified copies of the passport.  It's a requirement of the anti-money laundering regulations.  An accountant told me that a new client once sent him an unusual package.  On opening it the accountant found a copy of the client's passport. What else? Another one. Same as the first. And another, and another.  Indeed the package simply contained almost 3 dozen photocopies of the client's passport.  None had been certified by a solicitor - or anyone.  The accountant called the client to acknowledge receipt of the package and to find out why he had sent so many copies - and not had any of them certified.  The client was pleased to hear the package had arrived safely. "I should have checked as I must have misheard you. 'Certified copies' makes much more sense. I thought you asked for 35 copies." * This article was originally published here Check out https://www.

Growth * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser When to provide training and how to motivate the staff * This article was originally published here Check out https://www.johannakimball.com

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Practice software Tags AccountancyManager Practice Management Software * This article was originally published here Check out https://www.johannakimball.com

Accounting software Tags HMRC Practice Management Software Tax software * This article was originally published here Check out https://www.johannakimball.com

It's a brave new cyber world that we live in, one where virtual currency exists to exchange and pay for things globally. Certainly, this throws a whole new monkey wrench into  basic accounting platforms  and raises a few questions. How is accounting for cryptocurrency handled by an accountant, and just what in the world is it anyway? Here is the definition of cryptocurrency from  Techopedia: * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser The best indicators to use * This article was originally published here Check out https://www.johannakimball.com

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Audio is not supported in your browser Unique accounting issues * This article was originally published here Check out https://www.johannakimball.com

The company personnel department had carefully interviewed dozens of people for the job of assistant to the financial director. The head of HR thought that one candidate - Stuart - seemed ideal. Stuart had been to a major public school. He wasn't a qualified accountant but did have a masters degree in business administration. He satisfied all of the psychological profile checks the company employed and generally impressed the head of HR. The FD conducted the second interview after checking the notes from the first one and also Stuart's Linkedin profile. All was going well until..... 'Stuart,' said the FD, I've decided to offer you the job. And as you've impressed us so much I'm happy to start you off on a slightly higher salary than the one advertised. We'll pay you £36,000 a year. 'Thank you,' replied Stuart. 'But how much is that per month? * This article was originally published here Check out https://www.johannakimball.com

All businesses want to increase their cash flow rate, but sometimes cash flow delays come from within the company itself. Time-consuming manual processes and an Accounts Receivables (AR) staff that may be in the dark for some critical information can all be connected to a slow AR process. * This article was originally published here Check out https://www.johannakimball.com

Sales Tax * This article was originally published here Check out https://www.johannakimball.com

When it comes to a company’s bookkeeping practices, the business will only operate as efficiently as the processes that are in place. Proper bookkeeping is essential to the health of any company. If it’s done poorly, it can ruin a business gradually through higher costs, canceled vendor services, and lost profits. As you move into a small or midsize business to oversee its financial affairs, consider reviewing the company’s books and bookkeeping procedures to make sure that the division is operating as it should be. A reliable bookkeeping system is a basis on which all of a company’s vital financial information is built and on which outsourced CFOs can rely to make intelligent decisions. * This article was originally published here Check out https://www.johannakimball.com