Accountables, Richmond Street, Glasgow (2026)

24/08/2021

Finding a reliable, certified accountant to help your business can be tricky. We’ve got three handy tips when it comes to finding a match made in heaven.

ℹ️ Reviews
Ask around for recommendations in the small business community, or from others working in your area. Use your connections. Looking online for accountants is a great way to find options.

ℹ️ Qualifications
There are specific credentials depending on the sector your business occupies. After reviewing options, those who do not have the necessary and legal qualifications should be taken off your list—to avoid legal issues.

ℹ️ Know What You Need
Accountants have specialities within their industry. Maybe an online Accountant is what you’re looking for? Make sure to discuss how they work with clients and how much experience they may have in your given industry. What’s your budget? At Accountables, you can tailor our services via a sliding scale, so you know exactly what you’re paying.

You need to be extremely confident in your decision to take on an accountant. Take a look at our website—and see the reviews for yourself.
https://accountables.com/

23/08/2021

Today we’ve got a quick and easy term to understand. So, what does it mean when a transaction is ‘on credit’?

✅ 'On credit' or 'on account' refers to an agreement for an individual or company to pay in future for goods or services they have been provided.

Much like a credit card, an agreement is reached for the balance to be settled at a later date. See, it was a short one! Take a look through our posts for more quick and easy definitions.

20/08/2021

Being the boss isn’t easy. It’s a constant juggle of the many moving parts that exist within a successful business.

Now, to be considered the best boss, employee workplace satisfaction is absolutely vital.

✅ Ignoring employee retention will breed discomfort and disharmony in the workplace. The people that work for you deserve to be inspired, but that inspiration has to come from you—the business manager.

ℹ️ Be Clear About Your Expectations
Employees want to feel a sense of accomplishment, so set clear expectations and keep up to date with their efforts.

ℹ️ Find Out What Motivates Your Workers
To be a great leader you have to be able to motivate your workers. No two people are the same, and it’s up to you to understand what drives your individual staff members forward. Adaptability is key.

ℹ️ You’re All in It Together
Great bosses are great leaders—they understand that they are not above the people they work with. Without trust and admiration for the work your team does, your business won’t be an enjoyable place to work.

There you are, some helpful words of advice to be a better boss. Don’t forget—everything takes practise.

19/08/2021

Good business practices should have you keeping accurate records of your businesses finances. But, which receipts should you keep and how long are you required to keep these for?

For whatever reason, you may need to look back through your internal records. For legal audits, Governmental revenue services (like HMRC or the IRS) require you to keep your financial records for a certain period of time.

Here’s a list of the key receipt items you should keep a hold of for at least 6 years in the UK:

ℹ️ General receipts of purchase
ℹ️ Deposit information (cash and credit sales)
ℹ️ Invoices
ℹ️ Credit card receipts
ℹ️ Bank statements
ℹ️ Petty cash slips for small cash payments
ℹ️ Accounts payable and receivable
ℹ️ Payroll records
ℹ️ Tax filings
ℹ️ Previous tax returns
ℹ️ Any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return

Be sure to keep your financial records organized, meaning that they are easily accessible and simple to navigate and of course, are securely stored for years to come.

17/08/2021

We should all know what a ledger is! (It’s a record of bookkeeping entries 😉)
But what is a ‘general ledger’ and why do accountants use them?

✅ A General Ledger is used to record financial transactions and data for companies. It’s used by companies that employ double-entry bookkeeping.

✅ General ledgers produce a trial balance, income statement, balance sheet, statement of cash flows, and many other financial reports.

✅ The information in a general ledger is extremely useful for accountants, company management, analysts and investors to investigate the company’s performance on an ongoing basis.

So, that’s general ledgers covered! Need any more terminology explained? Watch this space, we’re here to make confusing accounting terms crystal clear.

12/08/2021

You’re not alone if you’ve considered taking the plunge and investing in cryptocurrency (with the hopes of creating a huge profit and sizable nest egg).

❓Is Cryptocurrency safe?
Crypto exchanges are vulnerable to being hacked. These breaches have led to sizable losses for investors, who’ve had their coins stolen.

Most make buying and selling crypto easy. However, some people don’t like keeping their assets on exchanges due to thefts.

Store assets offline in “cold storage” in hardware or paper wallets. The biggest risk with cold storage is losing your private key. Once lost, it’s impossible to access your cryptocurrency.

❓Who Uses Cryptocurrency?
Square and PayPal are making it easier to buy and sell on their platforms. Other highly influential companies are buying up crypto; Tesla bought $1.5 billion of bitcoin in early 2021.

❓Should you invest in Cryptocurrency?
Owning some cryptocurrency can make your investment portfolio more diverse, (we call that diversification). But, like everything in life—it’s not without risks.

If the whole idea of buying crypto sounds too risky, there are alternatives to potentially profit from it. Buying stocks in relevant companies and investing in exchanges could lead to a profitable investment.

12/08/2021

Recently moved to the UK? Opening a new bank account for your business? Today we’re breaking down the different kinds of UK bank accounts you can apply for, enjoy!

ℹ️ Basic Bank Account:
A basic bank account, or a savings account, is the simplest account that provides you with the tools needed for everyday banking.

ℹ️ Current Account:
A current account is the most common account for day to day. Often minus a monthly fee, a current account provides all the features you need. For most current accounts, you must pass a credit check. You may also have the choice of an overdraft!

ℹ️ Packaged Account:
A packaged bank account differs from current accounts. It gives its owner extra benefits for a monthly fee.

Every bank’s offer will differ—but a typical extra found in the UK would be breakdown cover, or mobile and travel insurance.

ℹ️ Student Account:
A student account suits those in higher education. Benefits can include an interest free overdraft or a railcard. This account will terminate once you graduate, so make hay while the sun shines!

Remember, discuss the account you want to open with your bank and take time to understand the terms.

10/08/2021

Finally, this should be an easy one! Today we’ve got a term that you should know—'income statements', what are they?

✅ An Income statement is also known as ‘a statement of revenue and expense’ or, a ‘profit and loss statement’. It’s one of three financial statements for reporting a company's financial performance. Of course, the other two statements being the ‘balance sheet’ and the ‘statement of cash flow’.

✅ The income statement provides information regarding the businesses’ expenses and revenue during a particular period of time.

✅ The Income statement consists of; revenue, expenses, gains and losses. It tells you how your net revenue gets transformed into net earnings.

It really is that simple! It’s crucially important to gain insight into the financial health of your company.

06/08/2021

If you’ve been working from home the past year, you may have seen the benefits. Today we'll let you know how to send your savings soaring even higher with these tips!

✅ Claim for Office Equipment: You may not be covered by your employer to buy a new desk, computer, chair etc. However, you can claim a tax relief on items you buy yourself! The P87 form allows PAYE workers who are working remotely to claim tax relief up to the total of £2,500 a year.

✅ Change Energy Supplier: Switching energy suppliers could save you hundreds of pounds each year. Consider switching other suppliers, such as broadband and home insurance to keep your long-term savings going up—some services will switch you automatically!

✅ Request a home working allowance: If you work from home you can ask your employer for an extra weekly allowance to cover utilities bills. as with working remotely you are using more of your own electricity, gas and water.

05/08/2021

The tax rules for E-Commerce have changed in the UK. To keep your head from spinning from the changes, let's go through the three key E-Commerce reforms you must know!

ℹ️ The reforms have introduced new VAT calculation and collection obligations on the UK and for overseas sellers.

ℹ️ The £15 VAT exemption on imported goods being sold to online customers in the UK has been withdrawn. Across the whole of the EU, the low value consignment stock relief has been scrapped. As of January 2021, all imports have been liable to 20% UK VAT.

ℹ️ For imported goods from outside the UK in consignments not exceeding £135, the point at which VAT is collected has changed, UK supply VAT will be due on consignments rather than previously being import VAT.

ℹ️ Online marketplaces (OMPs), involved in facilitating sales, will be responsible for collecting and accounting for the VAT. For goods sent from overseas and sold directly to UK consumers without OMP involvement, the overseas seller will be required to register and account for the VAT to HMRC.

04/08/2021

For today’s confusing piece of accounting terminology we’ve got “Accruals”. We’ll be breaking this down for you in three easy steps. 🎉

✅ In finance, the accrual of something, is the adding together of investments or interest over time. They are the accounting entries in which no actual payment has exchanged hands—but you still have profit to declare.

✅ Accruals must be documented as they affect net income.

✅ There are many types of Accrual accounts: accounts payable, accounts receivable, accrued tax liabilities, and accrued interest earned or payable.

We may live in an accrual world—but there’s no reason you can’t be confident in your accounting knowledge. Keep your eyes peeled for more confusing terminology as we’ll be covering just about every term you need to know!

30/07/2021

So, you want to start an Ecommerce business. It’s 2021, the industry is booming—now is as good a time as any. Got an idea? Great!

✅ Choose Your Product
The first step is knowing what you’re going to sell. Next, you need to understand how you’ll be obtaining it. Is it an original idea and do you own the IP? If so, you will have to find a manufacturer to produce it.

✅ If what you intend to sell is someone else's intellectual property (IP) you will need to find a supplier, wholesaler or distributor and operate under the correct property laws.

✅ Research and Prepare
It’s vital to do your market research. Who is your competition? How much do they sell and at what price? This is where you analyze their business and determine how to differentiate your product.

✅ You will also need to outline a business plan. This enables you to organize your thoughts and ideas, makes clear your priorities and will allow you to project growth.

Do you already run an ecommerce business? Need help defining key areas for growth? At Accountables we pride ourselves on our Ecommerce expertise—who needs a CFO when you’ve got Accountables?
https://accountables.com/

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