Cash Management

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The New Online Business Banks—Tide

Navigating the financial operations of a business requires knowledge and much patience. Writing checks, mailing physical invoices, and collecting payments take a good portion of an entrepreneur’s time—time that could have been spent focusing on other branches of a business. Luckily, modern technology made everything easy, including financial management via online banking. In this context, …

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What is Annual Accounting VAT?

The Annual Accounting VAT scheme is one method of paying VAT designed to reduce the administrative burden on small businesses. VAT-registered businesses usually submit their VAT Returns to the HM Revenue and Customs (HMRC) four times a year (quarterly). Still, with this scheme, your business is required to submit only one VAT return per annum. …

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3 Ways You Can Use the Profit First Approach as a Sole Trader

The mentality of putting your profits first as a business owner may be quite apparent and should be a given, but that’s not the case. In this case, we will also be tackling the Profit First approach as a sole trader. Most business owners still follow the traditional accounting model unknowingly, which is Sales – …

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7 Steps to Making a Profit First Instant Assessment

Business Wealth AcademyThe Academy is opening it’s doors again this coming July 12th and 13th. Sign up to receive an update from our team.  Join List The traditional way of accounting for profit is using the formula: sales – expenses = profit. Mike Michalowicz, the author of First Profit, introduced a new method, which flips …

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Everything You Need to Know About Your Business’s VAT Taxable Turnover

For most business owners, the Value Added Tax (VAT) is a source of administrative pain. VAT is a consumption tax charged by businesses on goods or services at the point of sale, paid by the end consumer instead of the company that sold the goods or services. This is why it takes a lot of …

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Profit First for UK Online Businesses

You may think that running an online business is a lot easier than managing a physical store. However, a lot is going on behind a virtual or digital operation. Even when you don’t retail physical goods but rather sell digital services, you might still find yourself stuck with the question: I know I’m earning a …

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Best Business Credit Cards

Before starting a new venture, entrepreneurs know that one of the industry’s best practices is to separate business and personal finances. To do this, owners need to apply for a separate business bank account, savings, and a credit card. Business credit cards are known to be convenience providers during company-related purchases, especially where large and …

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Profit First For UK Businesses

With job furloughing rates hitting record high due to the past extended Coronavirus lockdown period, it’s time you reconsider the way you earn a living. This global pandemic has been an eye-opener for many of us. We realize just how fragile our economic system is. We also realize how easily one major health crisis can …

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What Metrics Should I Use To Track My Business

Venturing out into the business industry can be quite overwhelming, especially for a neophyte entrepreneur. Its first years tend to become chaotic and messy as you try to weave your way through it. The beginning is where you discover what works for your business and what areas need improvement and looking at what metrics should …

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5 Steps to Balance Selling and Serving Your Customers

Suppose you are growing and managing your own business, especially in the early stage where the business’s team means you. In that case, it can be challenging to balance your focus between hitting your sales targets and serving your customers or clients. Here are 5 Steps to Balance Selling and Serving Your Customers.     …

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